LendUp is a company that offers short-term loans, also known as cash advances or payday loans. They are focused on changing the payday loan system so that customers do not get trapped in a cycle of debt. LendUp offers the LendUp Ladder, which provides the opportunity for customers in many states to earn access to more money at lower rates over time (where available).
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- Easy-to-Use Loan Calculator
- Fast Application & Fast Decision
- Fast Customer Service
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. Applicants are then given an instant decision.
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 receive larger loan amounts, longer terms, and lower interest rates as they earn more points (where available).
Eligible customers move up the LendUp Ladder by paying off their loans on time, taking education courses, and referring friends, among other things.
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.
LendUp and its services are available in more than 20 states. 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. Borrowers should thoroughly review the details for their state before applying and accepting a loan.
The current states where LendUp is in operation: AL, CA, FL, ID, IL, IN, HI, KS, LA, MO, MS, NM, OH, OK, OR, TN, TX, UT, WA, WI, and WY
- Good Credit Not Required
- Up to $250 for first-time borrowers
- Instant Decision on Loan Approval
- Ability to earn better rates over time (where available)
- Direct Lender
- High Interest Rates
- Potentially More Fees
Although LendUp is interested in providing help and more transparent funding than traditional payday loan companies, their interest rates are still very high. The annual percentage rates vary 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.
LendUp is dedicated to remaining transparent about their borrowers' responsibilities, and in accordance with that, state that there are or may be additional fees. 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 repayment is due, although the amount of the NSF varies by state.