LendUp Loans Review

LendUp Loans Review logo lendup.com

Editor’s Rating

4.0/5.0

LendUp Loan Key information

LendUp Loans is an online lending platform that offers a fast solution to your financial issues. It takes an instant decision (within 24/7), so you may always rely on this network to connect you with a reliable lender who will provide you with a requested loan amount. You should also take into consideration that every lender has set rates of fees, thus ask about them before finalizing your loan. What is unusual about LendUp Loans is that it also provides a series of educational courses that are specially designed to educate their customers and boost their savvy. 

It is a great lending company that is focused on customers with bad or poor credit history. It was founded by Sasha Orloff and Jake Rosenberg in 2012. This company, also known as Flurish Inc. is an alternative to payday loans, offering personal loans to those clients (borrowers) who have a poor or bad credit score.

Pros and Cons of LendUp Loan

Pros of LendUp Loan

  • You will get your funds deposited into your bank account as soon as the next business day
  • It’s valid company
  • Once approved for a loan you are able to borrow again and the amount of the loan can be larger (if you need it)
  • All credit scores accepted

Cons of LendUp Loan

  • You can borrow from 100-250 dollars
  • Loan term – 7-30 days
  • Serves only a few states
LendUp Loans Review website lendup.com

Is LendUp Loans A Good Choice?

We cannot say that it is a good option for all the customers, as the company has high-interest rates. Not all the states are included in its lending program (keep on reading to find out what states are incorporated in their list). 

This lending network says that is it socially responsible lender” as it provides loans to those clients who do not qualify for prime products, thereby providing them with a great opportunity to build credit and qualify for significantly lower rates.

It uses a ladder system. It means that if you started with a small amount of loan (and paid off on time), the next time you will need a loan, you will be provided with a more significant amount of loan as well as the lower interest rate.

Is LendUp Legit?

Yes. This is a lending platform that helps borrowers to get fast short-term loans even if their credit score is poor or bad. It works on rebuilding the credit scores of its clients. What is more important, it is transparent as it is licensed in every state where it offers its services. In addition to this, it shows its rates, so there is nothing hidden, and you can see how much you will be obliged to pay in addition to your loan amount. 

What Is Important to Know About LendUp?

LendUp was guilty of violating consumer finance. The reason was he failed the report of the payments of his borrowers to the credit bureaus. Later on, he failed APR. It changed fees for some clients as well as did not provide them with the promised access to the higher rungs in its well-known ladder system. As a result, LendUp was obliged to pay $1.8 million to the CFPB’s Civil Penalty Fund and $1.83 million to its borrowers.

What Is LendUp Ladder?

If you complete free educational curses or pay off your loan in time, LendUp will offer you its ladder system. Applicants earn points to get into one of the following ranges: silver, gold, platinum or prime. Once you reach platinum or prime range, you can apply for boosting your credit score.

Are LendUp personal loans right for you?

LendUP is an excellent choice for those who:

– Have a bad or poor credit score

To apply for a loan with LendUp, you should not have a high credit score. It approves everyone who has poor or bad credit. The top-notch goal of this lending platform is to provide loans to qualified applicants when they need it. 

– The fast decision on loan

In comparison with traditional bank institutions, LendUp will not make you wait in a queue or leave the comfort of your home. Instead of this, the application process will take less than 5 minutes, and you can find out whether you are approved for a loan instantly, not leaving the comfort of your home.

– Credit education courses to boost your savvy

LendUp offers free credit education courses to cover all the essential points concerning credit-related rights, how to manage your credit and more.

– Personal online washboard

You can check the status of your loan at any time you need it. All you should do is to log into LendUp’s online platform.

LendUp Loans Application Process

To apply for a loan with LendUp you should:

– Be at least 18 years or older

– Have a checking account with ACH

– Have a stable income as well as provide the proof of income

– Provide social Security number

LendUp Loan offers its service in the following states:

– California

– Louisiana

– Mississippi

– Missouri

– Tennessee

– Texas

– Wisconsin

How Does It Work?

LendUp is designed for those who experience challenges and difficulties in getting approval for their loan requests from traditional financial institutions. Firstly, when you apply for a loan with LendUp, you can borrow from 100 to 250 dollars. However, if you borrow again, you would be provided with more significant loan amounts. 

Concerning the interest rates, they can vary depending on the state you live and the number of times you have borrowed from LendUp. Depending on your state laws and your pay date, the term of the loan could range from 7 up to 30 days. 

You should remember that you have to pay fees in addition to the principal amount of loan you borrow (these fees can be calculated on the LendUp website). 


NOTE

If you are a Texas resident, you will be obliged to pay a Credit Access Business (CAB) fee in addition to the other fees charged by LendUp.


Summary

If you need fast cash to cover your financial issues, LendUp can help you with it. However, you can borrow from 100 to 250 dollars. Later on, if you pay off your loan on time or learn their free educational courses, you will be provided with a more significant amount of credit the next time you borrow.