LendUp Loans Review

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No hidden condition
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Renewal rules
8.6/10
Service quality
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Customer support
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Thinking about to borrow $150 or more in just a few weeks? Are you sick and tired of traditional payday lenders and are looking for a better way to borrow funds? If so, you can think of LendUp, an online lender that offers small dollar loans without the need for credit verification.

But is the company really the best alternative to a payday loan? See what the lender offers, how much its loan costs as well as how the application process works.

What LendUp Offers

LendUp is a straight-line lender with small dollars, short-term unsecured loans for urgent cash needs. When you apply to LendUp, you can choose the loan amount and loan term from 100 to 250 US dollars and from 7days to 30 days. You can only get one loan at a time.

The difference between LendUp and other lenders is in its transparent preliminary assessment that is called LendUp Ladder. This structure allows customers to earn an annual interest rate (APR) of up to 29% over time, as they return their borrowings in a timely manner and complete credit education courses on the official website.

Essential information about rates of interest and terms

APR range

The annual interest rate on LendUp loans is high compared to other types of consumer cash advances. The company has a rule - the cost of a loan should not exceed 15% of the loan amount. The minimum loan size is $100 for 7 days; the maximum is $250 for 30 days. In the first case, the loan rate will be 558% per year (overpayment will be $10.70), in the second - 215% per year (overpayment - $44).

The APR varies for a single-payment cash advances from 134% - 1,252%. For installment loans, it will be 30% - 180%.

Loan amounts

The sum you can borrow varies by the state you live in. Typically, it is a particular sum for some small expenses. For a single-payment cash advance, you can receive from $100 to $500. If it comes to an Installment loan, you can get from $100 to $1,000 for a longer period of time.

Terms

The terms of repayment vary from one week to one month. If you take an Installment loan, you should pay off your debt in a period of 3 months to 12 months.

Extra charges

The fee may not be the same as the one with which LendUp is charged. To get your funds quickly, within two hours of approval or on the same day you apply, LendUp charges an additional fee.

There is a charge for using your debit card to repay the cash advance early. And if your scheduled redemption does not clear your current account, LendUp will charge an additional amount of $15.

A variety of services

Along with payday loan, you can take additional no less beneficial services. Among them, there are credit cards, Oportun, OppLoans and Rise.

The process of application

LendUp is a website and mobile application that allows people with a bad credit history to apply for a short-term cash advance. The company evaluates customer solvency using “big data”: the algorithm developed by the creators collects user information from social networks (Twitter, Facebook, LinkedIn, etc.).

You will then need to answer a few security questions similar to those that you may have to answer when applying for a previous loan or credit card or when requesting a copy of your credit report. Questions may include: “What county did you live in? “Where is your social security number? Which of the following people do you know?“ The lender will reject your application if it cannot verify your identity based on the information you provide.

But the traditional methods in LendUp do not refuse. The potential borrower will have to provide a social security number, bank account number and contact information. If the application is approved, the money will automatically go to the specified bank account. This is a very convenient system of repayment. You will not have to visit any institution to pay off your debt.

To protect itself from unfair customers, the company charges a one-time surcharge of $15 if the borrower's payment is returned by the borrower's bank due to lack of funds in the account.

Before you get a LendUp cash advance you should know

LendUp is a convenient way to get a beneficial cash advantage just sitting on your coach. The company doesn’t require your credit history and unnecessary documents! Prepare your ID, fill out a form and within one business day, the manager will offer you the option of receiving money on favorable terms.

To make it convenient for you to use our services, the lender has created:

  • a simple form of registration;
  • high level of protection;
  • full information on the conditions;
  • online consultation.

Before applying to the lender, pay attention to these essential points:

  • The client must be at least 18 years or older.
  • You should be a legal resident of the USA.
  • It is necessary to have a stable revenue and meet minimum income requirements.
  • Confirm your phone number and an email. We will be glad to get in touch with you as soon as possible.
  • It is significant to have a personal bank account.
  • There should be no active or recent insolvencies.
  • The client mustn’t have debt that cannot be recovered by the current earnings.

Conclusion

Small cash advances can be a real help when it comes to tough financial situations. But remember, small sums of money can’t solve big problems. Besides, better not to lend money from several institutions in order not to be in bigger hock.

According to the NerdWallet personal financial website, a typical payday loan recipient pays $574 per annum in fees Clients with payday money are usually regular customers, and most of them get another loan in the next 30 days. There is nothing wrong with a legitimate company making a profit for providing a service that consumers understand and appreciate, but borrowers should keep in mind that, although LendUp may have a social mission, it is a business, not a charity.

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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
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What is a Quick Online Payday Loan?

This small money debt is the sum you borrow for a short term and return it back just after you get cash from your employer. You can obtain money almost immediately in case you provided the demanded data and need cash without any delay.

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Safe Guaranteed Loans are Obtained Here

Obtain money on the same day from trusted lenders online. SpeedyLoan.net is the legal resource providing the required sums to people who need additional cash in no terms. Our payday loans come up with extended repayment terms, bigger lending sums, and lower APR percentage rate.

You’re a lucky one if you’ve been saving some cash amounts and you have something like 500 $ or even more. Don’t hesitate to ask someone to praise you because lots of Americans don’t have any extra cash and they have to do their best to find money and cover different expenses.

If you’re taking interest in what kind of an emergency you may need to look for additional funds, let us explain it. Imagine the situation when you can’t drive a car because it’s broken. And this example isn’t the only one because there are such factors like weather and unpaid taxes. Your house could be damaged during a storm, and penalties are coming in case you don’t cover bills in time. You need money now and there’s nothing to do with it.

Unfortunately, many difficulties appear and demand a financial solution. You may feel disappointed and lost because your payday is far away from you, and you have to provide a wise decision somehow. You have to find cash to cope with the utility bills, buy meals, and improve health. Around 60 % of Americans are just like you and they’re searching an effective way to get rid of all these financial cracks.

(61 votes, average: 9.6 out of 10)