• Easy-to-Use Loan Calculator
• Fast Application & Fast Decision
• LendUp Ladder Rewards Responsible Behavior
• Fast Customer Service
• Availability
• Credit Card

Easy-to-Use Loan Calculator

LendUp values transparency and is upfront about what a loan with them will ultimately cost, providing consumers with a loan calculator directly on the main page of their website. 

With this calculator, customers can adjust the lending amount, which is typically from $100 to $250 for first-time borrowers, and the repayment term length, which is typically from 7 days to 30 days (varies by state).

Fast Application & Fast Decision

LendUp's application is free and takes as few as 5 minutes to fill out. The application requires: 

• Address
• Income
• Social security number
• Checking account that accepts ACH transfers
• Income verification (in select states)

The application process doesn’t affect your credit score because it doesn’t require a hard credit check with the three main credit bureaus. 

Applicants are given an instant decision.

If your loan is submitted by 5 PM Pacific or 8 PM Eastern on a business day, your funds will be deposited into your checking account within one business day. 

LendUp Ladder Rewards Responsible Behavior

Uniquely, LendUp states that one of their goals is to move beyond a traditional payday loan format (where available), so they encourage responsible financial behavior. As they do so, customers in certain states can borrow larger maximum loan amounts, longer terms, and lower interest rates as they earn more points (where available). In states with installment loans, with successive loans, borrowers can progress all the way up to prime loan rates. 

As you repay your loan, eligible customers move up the LendUp Ladder by avoiding late payment and taking financial education courses, among other things.

With additional LendUp loans and progression up the Ladder, consumers in some states have the opportunity for repayment to be reported to the major credit bureaus to help build consumer credit history. 

Fast Customer Service

LendUp provides clients with an online email form and a physical mailing address for contacting the company. Emails are generally responded to right away with an automated message, and from someone on the LendUp team within an hour or so. No phone number is provided.

Most reviews of LendUp's customer service have been positive, and LendUp has even received positive notice and reviews from several reputable national news sources, including TIME, Fortune, and TechCrunch.

Availability

LendUp loan services are available in more than 20 states to existing customers, and in seven states for brand new customers: 

• California
• Louisiana
• Mississippi
• Missouri
• South Carolina
• Tennessee
• Wisconsin 

The specific terms of the loans will vary from state to state; for example, some allow for longer repayment periods. 

The terms and conditions for each state are clearly outlined, and several states even include links to longer pamphlets officially issued by the states’ Consumer Protection departments. Borrowers should thoroughly review the details for their state before starting the application process or accepting a loan.

Credit Card

LendUp offers a credit card called Arrow Card aimed at helping people with to build credit. 

Additionally, the company is beta testing the Arrow secured credit card from Visa, a card for people with poor credit who have trouble getting a normal credit card. It is secured with a consumer deposit and helps users to establish credit history. 

Currently, both are only available if you get a direct offer, like a direct-mail invitation. Interested parties can join the waitlist on the Lendup.com site. 

• High Interest Rates
• Possible Additional Fees

High Interest Rates

Although LendUp is interested in providing help and more transparent funding than traditional payday loan companies, interest rates are still very high. The annual percentage rate varies depending on the state of the applicant, ranging from 96.82 to 446.90 percent. 

LendUp breaks down that rate for each state as a percentage of the loan amount. While these rates are potentially much better than the rates offered by other payday loan companies, they are still quite high because they are meant for people with subprime credit. 

Possible Additional Fees

LendUp is a lender dedicated to remaining transparent about borrowers' responsibilities, and in accordance with that, state that there may be additional fees to pay. 

In particular, there is a fee for receiving an instant deposit and an insufficient funds fee (NSF) if the money is not in a bank account when payment is due, although the amount of the NSF varies by state.

Although LendUp is a short-term direct lender and therefore charges higher interest rates and fees, the company has set out to change the payday loan system to encourage smart financial decisions and reward responsible borrowing.

A first-time borrower is offered loans of $100 to $250, although that amount may go up depending on the state. Services are available in more than 20 states for existing customers and in seven states for new customers, and the specific terms and rates vary from state to state. 

A reward system called the LendUp Ladder lets customers can earn points when they pay off loans, in addition to other things like completing online courses about credit and money management. 

LendUp has received positive reviews and feedback in the news, with most of the attention focused on its unique approach to the payday lending system.

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