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:
Borrowers can get up to $2,500 with APRs ranging from 99%–450%.
Basic loan eligibility requirements include:
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.
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.
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.
Lift offers a few programs and benefits for returning customers. These benefit loyal customers.
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.
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.
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.
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.
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.
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.
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.