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Lendumo

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Max. Amount
$2,500
Turnaround time
As soon as the same day

Our verdict

This lender offers fast funding, but interest rates are well into the triple digits, and it’s had multiple lawsuits against it.

Lendumo is a “commercial enterprise and instrumentality” of the Lac du Flambeau Band of Lake Superior Chippewa Indians. It offers short-term loans up to $2,500, with funding usually as soon as the next business day. It also has a rewards program for clients in good standing that can be redeemed in gift cards or put towards your loan. But it has very poor reviews on its Better Business Bureau (BBB) page, and customers complain about rates as high as 700%.

Best for: People who need fast funds in an emergency, can’t qualify for other loans and can repay quickly.

Pros

  • Easy application process
  • Funds as soon as the next business day
  • No minimum credit score to qualify

Cons

  • Triple-digit interest rates
  • No transparency about its rates
  • Poor customer reviews on BBB

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Is Lendumo legit?

Is it legitimate to charge anywhere from 400% to 700% for a loan? Most would agree that rates this high are not reasonable. Sure, Lendumo offers fast funding on small loans, but many customers said it didn’t reveal its actual rates until after they signed the loan agreement.

Lendumo also has multiple class-action lawsuits filed against it for using predatory lending practices and charging interest rates that are illegal in most states. If you need money in an emergency and have bad credit, you’re better off going with a payday loan than risking a loan with this lender.

Where Lendumo falls short

Lendumo doesn’t disclose its interest rates on its website, but reviews say rates range from 400% to 700%+. Plus, many customers say they weren’t made aware of the rates up front and ended up paying back anywhere from three to five times what they originally borrowed. It seems clear this lender is preying on vulnerable people who need a loan fast but have trouble getting one from other sources.

What makes Lendumo shine?

There’s not much to recommend about this lender. Even dissatisfied customers seem to agree that funding was fast, but that’s probably not a good enough reason to take out such an expensive loan. Unless you’re having a big emergency — and know you can repay the loan fast — we can’t recommend taking out a loan with Lendumo. Even then, you could look for an emergency loan with better rates.

Overall, it’s best to consider other forms of short-term financing, or loans that offer quick financing to borrowers with less-than-stellar credit, like Lendumo, but without the extremely high cost.

Lendumo product details

Minimum credit score/credit rangeNo minimum
APRUndisclosed
Loan amountUp to $2,500
TermsUndisclosed
Approval turnaroundAs soon as the same day
AvailabilityNot available in: Arkansas, Connecticut, Illinois, Maryland, Massachusetts, Minnesota, New Mexico, New York, Pennsylvania, Vermont, Virginia, West Virginia, Wisconsin
Fees$30 late fee
$30 NSF fee
Other feesNot stated

Lendumo contact info

Phone number877-558-1999
Customer service hours9 a.m. to 5 p.m. CT (days not specified)
24/7 – Live chat
Emailcustomerservice@lendumo.com
X, formerly TwitterN/A
FacebookN/A

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How to qualify for Lendumo

Lendumo lists these basic requirements to qualify for a loan:

  • Receive regular income
  • Be at least 18 and a US citizen
  • Have an active checking account
  • Not be a military member or dependent of an active military member

How to apply

Follow these steps to apply for a loan with Lendumo:

  1. Fill out the online application.
  2. Verify your information by phone or online.
  3. Review and e-sign your documents.
  4. Receive funds as soon as the next business day.

It doesn’t appear that Lendumo requires a hard credit check to qualify for loan approval.

How Lendumo compares to other lenders

Name Product USFSL Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Finder Score: 4.2 / 5: ★★★★★
Chime SpotMe®
Up to $200
Instant
Qualifying $200 direct deposits into Chime checking account each month. Chime debit or Credit Builder card.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $150 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
OppLoans Installment Loans
Finder Score: 4.7 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day
+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days or instant for a fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
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Lendumo reviews and complaints

BBB accredited No
BBB rating NR
BBB customer reviews 1.04 out of 5 stars, based on 98 customer reviews
Trustpilot Score 4.6 out of 5 stars, based on 12,264 customer reviews
Customer reviews verified as of 22 October 2024

Lendumo has very poor reviews on the BBB, earning 1.04 out of 5 stars. Customers complain of rates as high as 700%, predatory lending practices, poor customer service and difficulty making extra payments. We only found one good (three-star) review on the BBB, saying they got fast cash at a high rate but paid it off quickly and would use the lender again.

The company has a surprisingly high rating on Trustpilot — with almost 80% of reviewers giving a five-star rating — even though the bad reviews are so bad. Still, positive comments included an easy approval and funding process and friendly customer service members. Bad reviews on Trustpilot had essentially the same complaints as reviewers on the BBB.

What do people on Reddit say?

People on Reddit mention that Lendumo is a tribal lender, has super high rates, post links to a class-action lawsuit and recommend borrowers do anything they can to pay off this loan as soon as possible. They also offer a few suggestions of places to get more affordable loans.

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