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LendUp

LendUp

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About LendUp

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LendUp is an online lender that offers single-payment and installment loans along with financial education resources. LendUp operates in seven states, and it considers loan applications even if potential borrowers have poor credit histories. Rates, fees and loan offerings differ by state, so visit LendUp’s website to see what options are available near you.

Pros

  • LendUp Ladder program
  • Various loan options
  • Applying doesn’t affect FICO score
  • Instant decisions 24/7

Cons

  • State loan restrictions apply
  • Only in seven states

Bottom Line

LendUp offers payday loans, personal loans and financial education materials online. It doesn’t have credit score requirements, but you need to be a returning borrower to get access to all of its options.

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What is LendUp?

LendUp is an online lender that specializes in payday and short-term installment loans. The company also provides resources for financial education. Borrowers with low credit scores are welcome to apply; LendUp helps those with poor or no credit build credit history with its optional credit reporting.

LendUp loans are available in:

  • California
  • Louisiana
  • Mississippi
  • Missouri
  • Tennessee
  • Texas
  • Wisconsin

How does LendUp work?

LendUp provides lending services and financial education. Its loan products mostly fall into two broad categories: payday loans and personal loans. However, the company has pages on its website for:

  • Payday loans
  • Cash advances
  • Short-term loans
  • No-credit-check loans
  • Payday advances
  • Online loans
  • Bad-credit loans

LendUp’s payday loans are designed to be paid off in a single payment, while personal loans are set up for multiple installments. Interest and fees vary.

LendUp provides incentives for existing customers to apply for other loans through its LendUp Ladder program. This program lets you earn points to qualify for larger loans at lower rates, although your state’s laws may restrict its availability. Steps that earn points include:

  • Taking out your first loan
  • Making on-time payments
  • Taking financial education courses on LendUp’s website
  • Sharing your LendUp success story

LendUp lets borrowers customize their loan payback plans with options like:

  • Automatic repayment: LendUp can take the funds out of your registered checking account on the due date.
  • Early payment: You can pay off your loan amount early with a debit card, but certain fees may apply.
  • MoneyGram repayment: Using MoneyGram removes potential issues with mailing in your payment. Keep in mind that processing a MoneyGram payment can take one to two business days.
  • Mailing in a check: You can also mail in a check payment without MoneyGram.

LendUp interest rates and fees

LendUp’s loan amounts, rates and fees depend on multiple factors, including your history with LendUp, your credit history and your state of residence. The company refers to its tiered lending program as the LendUp Ladder.

LendUp may charge several different fees, depena

LendUp’s loan amounts, rates and fees depend on multiple factors, including your history with LendUp, your credit history and your state of residence. The company refers to its tiered lending program as the LendUp Ladder.

LendUp may charge several different fees depending on which state you live in. We’ve broken down LendUp’s options for California borrowers below:

  • First-time applicants can apply to borrow $100 to $255 for seven to 30 days (returning customers might be eligible for higher limits). LendUp’s deferred deposit transaction fee does not exceed 15% of the total repayment amount.
    • The sample APR on a $100 14-day loan is 458.86%, for a total repayment of $117.60 if paid on time.
    • The sample APR on a 30-day $250 loan is 214.13%, for a total repayment of $294 if paid on time.
  • LendUp Ladder participants could be eligible for larger loans and lower rates. Installment loans are available for $100 to $400, with terms of up to four months. LendUp’s sample APRs are about 69% for installment loans in California.

If you’re in another state that LendUp serves, check the company’s website to see relevant information.

ding on which state you live in. We’ve broken down LendUp’s options for California borrowers below:

  • First-time applicants can apply to borrow $100 to $255 for seven to 30 days. Returning customers might be eligible for higher limits. LendUp’s deferred deposit transaction fee does not exceed 15% of the total repayment amount.
    • The sample APR on a $100 14-day loan is 458.86%, for a total repayment of $117.60 if paid on time.
    • The sample APR on a 30-day $250 loan is 214.13%, for a total repayment of $294 if paid on time.
  • LendUp Ladder program participants could be eligible for larger loans and lower rates. Installment loans are available for $100 to $400, with terms of up to four months.
    • LendUp’s sample APRs are about 69% on installment loans in California.

If you’re in another state that LendUp operates in, check the company’s website to see relevant information.

LendUp requirements

You can apply for a loan with LendUp by filling out an application on its website 24/7. To apply for a loan, you need your:

  • Address
  • Income
  • Social Security number
  • Checking account info
  • Income verification (only required in some states)

After filling out your application, you get an instant loan decision and could receive funds as soon as the next business day.

LendUp FAQ

Does LendUp affect my credit score?
Applying for a LendUp loan does not affect your FICO credit score, but if you opt for credit reporting, your loan payment history with LendUp may affect your credit score later on.
Does LendUp report to credit bureaus?
LendUp does not report to the three major credit bureaus on most of its loan options. However, if you reach the Platinum level of the LendUp Ladder, you can choose to have your payments reported.
Is LendUp a payday loan lender?
LendUp offers single-payment loans that are functionally similar to payday loans, but it also provides short-term installment loans to qualifying borrowers.
Where is LendUp available?
LendUp is available in California, Louisiana, Mississippi, Missouri, Tennessee, Texas and Wisconsin.
How much can you borrow from LendUp?
LendUp offers single-payment payday loans for $100 to $300. Installment loans are available in amounts of $100 to $500.
Does LendUp check your credit?
LendUp does check your credit, but the company considers applicants with all types of credit history. It’s also worth noting that LendUp’s application process does not have to affect your credit score.

Is LendUp legit?

Yes, LendUp is a legitimate lender that also offers educational resources. If you have a low credit score and are searching for a small personal or payday loan in a state where LendUp operates, its services may be right for you. While LendUp has a low threshold for lending requirements and no minimum credit score, its loans have higher rates and fees than other loan options. Read the disclosures and contract carefully before accepting a loan from any lender.

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LendUp Company Information

Company Name:
LendUp
Website:
www.lendup.com