Lift Credit
Is This Your Business?Author: Kaitlyn Short
Founded in 2013, Lift Credit, LLC, aka Lift Credit offers online installment loans to people that need emergency cash. No credit check is needed. It doesn't affect your FICO score. Lift's credit services are available to residents of four states with bad credit or unscored credit:
- Utah
- Idaho
- Missouri
- Wisconsin
Borrowers can get up to $2,500 with APRs ranging from 99%–450%.
Basic loan eligibility requirements include:
- At least 18 years old
- State resident (Utah, Idaho, Missouri, Wisconsin)
- No open bankruptcies
- Proof of three months of employment (at current job)
- A color copy of your state-issued ID
- $1,300 monthly income
You can pay off the loan at any time without a prepayment fee.
Customer service is available via phone and email. The company's Contact Us page even states that every question is replied to within 30 minutes or less during business hours.
Top Ranked Companies
The Good
- Same-Day Approval
- Installment Loans
- Benefits for Return Borrowers
- Application All Online
- Lift Credit Education
- Payment Options
- Cancel Options
Same-Day Approval
Once you submit your Lift loan application, you will know pretty quickly whether you are denied or approved. Funds are delivered to your bank account by ACH within one business day.
Installment Loans
Repayment terms for Lift's loan offerings are 3 to 12 months. Not only are installment loans less pressure than a lump sum payday loan, but Lift Credit also offers to customize your repayment plan.
Benefits for Return Borrowers
Lift offers a few programs and benefits for returning customers. These benefit loyal customers.
- Declining Rate Program — Borrowers that make on-time payments for their loan can qualify for Lift Credit's declining rate program, so interest rates can decrease over time.
- Cash Back Rewards — Customers eligible for the rewards program will get cash back for making on-time payments. You can also gain points towards gift cards.
- Same-Day Funding — In some states, returning customers can get same-day wire transfers for an additional fee, if you really need the money NOW. But this isn't available on first-time loans, which require an ACH transaction
- Social Media — Be sure to follow Lift Credit on all social media channels if you are a returning borrower. The lender often posts promo codes for a certain percentage off on your next loan. These were seen on Facebook, and on the Google My Business sidebar for the most recent federal holidays.
Application All Online
Some lenders require a two-step process: online application and then verification phone call with a loan specialist. Most Rise customers can fully complete the application online. This benefits borrowers who have spotty cell phone reception in their area or don't have access to their own phone.
Lift Credit Education
The Lift education page has helpful videos about basic credit things. These short helpful videos explain the concepts in an easy-to-understand way. Also, Lift's website includes a helpful blog and glossary to help people understand how Lift's loans are different from payday and other types of loans.
Payment options
Lift Credit is one of the few online lenders offering debit card payments. This isn't common. In addition to this payment method, borrowers can make payments via ACH, Cashier's check, or money order.
Cancel Options
If you change your mind after being approved for a Lift Credit loan, you can cancel your loan, if you contact by 5:30 p.m. on the same day you were approved.
The Bad
- Cost of Credit
- 4 States Only
- More Competitive Qualifications
Cost of Credit
Lift Credit loans are expensive, but they are less expensive than most payday loans. APRs with Lift cap out at 400 percent. That is where many payday lenders' rates start, only getting higher from there.
Lift is expensive compared to traditional bank loans, but if you can't get approved because of your bad credit, installment loans give you more time to pay back your loan rather than a lump sum.
4 States Only
If you are not a resident of an eligible state, you aren't eligible for a loan.
Additionally, it is confusing whether or not Lift offers loans to Missourians. It dedicates one page to Missouri loans and has tons of other spots online where it refers to its services in three states.
More Competitive Qualifications
The minimum requirements for a Lift Credit loan are a little harder for everyone to meet than a traditional payday loan company. Well-qualified applicants will have a net income of $1,300 per month have been employed for at least three months at their current employer. That may disqualify anyone who needs money real bad because they are out of work.
You can't be accepted if you are in a bankruptcy. You also have to be a resident of the state and provide a color copy of your current, state-issued ID.
The Bottom Line
Lift Credit is far from the worst loan option for people residing in Utah, Wisconsin, Missouri, or Idaho. While this isn't the perfect fit for every short term loan borrower, it is a better option than most competitors available in these areas. It offers a higher max loan amount than several other competitors. The APR is high (though lower than payday-only loans), and the company will work with you to make your own payment plan.
There are lots of things to like about Lift, but we also need some feedback from consumers before we give a full recommendation for this lender. Have you borrowed a loan from Lift Credit? Let us know about your experience with a quick review below.
