LendUp

• Easy-to-Use Loan Calculator
• Fast Application and Fast Decision
• LendUp Ladder Rewards Responsible Behavior
• Fast Customer Service
• Lender Availability
• Payment Options

Easy-to-Use Loan Calculator

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

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

Fast Application and Fast Decision

A LendUp payday or personal loan application is free and takes as few as five minutes to complete. The loan application has basic eligibility requirements that require several pieces of information from each customer: 

• Address
• Income
• A social security number
• A checking account that accepts ACH transfers
• Income verification (in select states)

You don't need to have good credit to be approved to borrow money. The application process uses a soft credit check. This means that applying for a LendUp loan doesn’t affect your credit score with the three main credit bureaus (TransUnion, Experian, and Equifax). 

After visitors complete a loan request, an instant decision is given. You have 30 days from the loan origination approval date to accept the loan agreement and its quoted rates and terms. 

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

LendUp is one of our payday loan alternatives. Uniquely, LendUp states that one of its goals is to move beyond a traditional payday loan format (where available), so it encourages responsible financial behavior. As you repay the loan, eligible customers move up the LendUp Ladder by taking financial education courses and avoiding late payment, among other things.

Customers in certain states can borrow larger maximum loan amounts, with longer terms, and lower interest rates as they earn more ladder points (where available). In states with installment loans, with successive loans, borrowers can progress all the way up to prime loan rates. 

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 credit history, and end up with a better FICO score. 

The Ladder program is currently available in seven states: 

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

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 payday advance and 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 

LendUp personal loans and short-term financial offerings vary from state to state; for example, some states allow for longer repayment periods. 

At lendup.com, 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.

Payment Options

There are a few different options when it comes to repaying your loan. Loan payments can be made with an automatic withdrawal from a checking account or debit card. Additionally, monthly payments can be made via MoneyGram service and check.

• New Borrower Cash Limits
• High Interest Rates
• 2016 CFPB Finding
• Possible Additional Fees
• Same-Day Funding Not Available

New Borrower Cash Limits

It's always beneficial when a lender goes out of its way to offer bad credit personal loans or bad credit payday loans with better terms than other providers. LendUp offers to serve consumers that have a hard time getting funding from a traditional financial institution, whether due to employment status or trouble passing a credit check. This is wonderful. 

However, there is one thing that may hold people back from applying for LendUp's no credit check loans: how much money do they need to borrow?

Depending on your state, first-time borrowers can only take out unsecured loans up to $250. When it comes to emergency loans, we recognize that this amount will be less risky for the lender and easier for the borrower to repay, to start the lending relationship in a positive way. However, what if your car breaks down and it costs more than $250 to fix? What if your water heater dies in the dead of winter and you need funds to replace it? (It typically costs $769–$1,448 to install a water heater). 

If you are stuck in a situation like this and you have bad credit (or unscored credit), LendUp's new borrower financial services will limit how much it can help. 

High Interest Rates

Different types of loans have different interest rates. Although this lender is interested in providing more transparent funding than traditional payday loan companies, LendUp payday loans have rates that are still very high due to the nature of short-term and single-payment loan services. 

This lender offers APRs from 96.82% to 446.90%. Rates and terms vary depending on the applicant’s state and creditworthiness. 

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. 

2016 CFPB Finding

In September 2016, the Consumer Financial Protection Bureau (CFPB) took action against Flurish, Inc. dba LendUp for failing to deliver on company promises. The main issues involved transparency issues and undisclosed information about which states the LendUp ladder perks were available in, the true cost of loans, and failure to report to the credit bureaus, among others. 

The company was required to provide $1.83 million to more than 50,000 customers, end deceptive practices and unlawful advertisements, ensure that annual percentage rate (APR) information is disclosed, and pay a $1.8 million civil penalty. 

Possible Additional Fees

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

In particular, there is an insufficient funds fee (NSF) if adequate funds are not available in a borrower's bank account when payment is due, although the NSF fee amount varies by state.

Same-Day Funding Not Available

Loan funds can be deposited in your bank account starting the next business day. This online lender's website lists options for same-day funding, but both the same-day funding for Wells Fargo checking customers and the 15-minute transfer option are currently unavailable.