Lendup Loans: Fast, Well-Known, & Clear Costs

There are many upsides to borrowing online loans. They are quick, convenient, and accessible. But not all online lenders deliver the best experience. Some have hidden fees. Others have unclear terms and rude customer service. A few are unscrupulous and offer predatory loans.

Lendup is a shining gem in the crowded online lending space. The company helps people seeking quick and fast small-dollar loans. Something noteworthy is that you’ll know the exact loan cost upfront before you apply.

Lendup Loan Review

Lendup is a FinTech company founded in 2012. The founders sought to solve the inherent problems in the financial industry through the use of technology. Some of the company’s services, include Lendup personal loans, payday loans, and credit cards offered through partnerships. They also provide free financial education.

How a Lendup Payday Loan Works

First-time borrowers get to borrow up to $255 for 30 days. To get started, all you need to do is visit their home page.  Here, you’ll find their custom payday loan calculator with a calendar view. You set your own repayment date. The finance charge will be a flat fee regardless of the loan duration.

For instance, assume you’re borrowing $100. If you choose to repay the loan after 8 days, the finance charge will be $17.60 and the APR 917.71%. If you choose a term of 30 days, your APR drops to 229.43%, but the finance charge is still $17.60.

How Does Lendup Compare with Other Payday Lenders?

Most payday lenders impose a fixed APR and charge interest on a daily basis. Say, you find another payday loan lender offering a $100 loan at a fixed Annual Percentage Rate of 365%. The daily interest rate is 1%. If you took their loan for 30 days, the finance charge will be $30. That means that Lendup loans can be cheaper than other alternatives.

Lendup Installment Loans

Instead of one lump payment, an installment loan is repaid in small fixed amounts. Lendup offers personal loans, but you can only obtain about $500 on the first application. The term ranges from 2 to 12 months with interest rates starting at 36%. But they also offer installment loans with lower interest rates to return customers.

Perks of Lendup Loans Online

1. Free Financial Education

Smart borrowers make smart decisions because they are informed. Lendup, through their free courses, will grant you the knowledge you need to navigate the world of lending successfully.

Currently, they have about six courses. You get points on completing each course and passing the simple quizzes. The reward points will help you get cheaper loans and higher loan amounts.

2. The Lendup Ladder

Most lenders don’t reward their core customers for being good. That’s not Lendup’s philosophy. You’ll get rewarded for your on-time Lendup payment.

Once you reach the Platinum and Prime levels, you can obtain a Lendup installment loan with credit reporting to Equifax, TransUnion, or Experian.

What Other Borrowers Like about Lendup Loan

A quick search for “Lendup loan review” turns up many leads. Some are review websites like Trustpilot or Credit Karma. On these sites, customers are saying good things about the company.

Lendup has been hailed for being honest. They have been noted for treating customers not as statistics or cash wallets, but as human beings. Lendup’s reps have been also commended for being friendly and professional.

Lendup Review of Advantages

1. Applying for their alternative payday loan will not put a negative mark on your credit report. Your scores stay intact.
2. Loans are approved fast with money showing up in your bank account by one business day. You’ll solve your emergency in the shortest time.
3. The company offers loans to people with fair or poor credit scores. You can apply with confidence knowing that your loan will have a high likelihood of getting approved.
4. You get your own customer portal that you access from your smartphone or desktop. You’ll track the loan payments, rewards, etc., easily.
5. Some loan companies are quick to roll over your overdue loan. That’s offering you a new loan to pay the initial loan. It’s a slippery move that causes many borrowers to fall into a circle of debt. Lendup works with you to create a repayment plan.

Is Lendup Safe?

The company offers a safe loan process. Remember, there are no rollovers, therefore, there is a lower chance of you falling into a debt trap. Your information is also protected by standard encryption.

Get started by navigating to their website to start your Lendup loan application.