LendUp Loans Review

Finding a personal loan that’s suitable to your income is a difficult task. With so many lenders being out there, it can become confusing as to which one you want to sign with. Signing with a random one may be the easiest, but that doesn’t mean you’re getting the best deal.

When life puts us in financial risk, it’s tempting to get a loan from anywhere possible. But, we’ve found that doing that can be risky. Unless you want lenders to take advantage of your financial situation, it’s best to consider all of your options.

One company we’ve come across is Lendup Loans. They are a short-term loan company that’s been providing services for years. But, we want to take a closer look to see if they’re a good fit for you. Here’s what we’ve found;

Personal Loans

A personal loan is an excellent option for those who need short-term loans. You can get a decent amount of money on your loan that can help cover emergencies. The payback schedule is usually short, but LendUp works hard to get you a suitable repayment plan.

When it comes to loans, it’s important only to borrow as much as you need. Taking too much could cause you to end up in more debt. Plus, personal loans also have added interest, which makes them more expensive. Overall, they are suitable for emergencies or if you have the money to pay them back quickly.

What Can I Expect When I Apply for a Loan at LendUp Loans?

To borrow money from LendUp Loans, you’re going to need to fill out an application. The process is similar to applying to any other type of loan. The only difference is that you may need some personal information as well as your employer’s information.

From there, you’ll need to fill out an application. The application will help them determine if they can accept or deny your request for a loan. Getting approved means that you qualify for the proposed loan. After you get approved, you will need to sign a contract highlighting the terms and conditions of the loan.

Once you sign and accept, you’ll then have the funds deposited into your bank account. After you have the funds, you can expect the payback scheduled to start. Just remember, you’ll have to pay back the loan plus interest and any other fees on time.

Is There a Limit to How Much I Can Borrow From LendUp Loans?

Loan amounts tend to vary state by state. If you want to qualify for the maximum loan, you’ll need to make a certain amount of money per month. Getting an estimate or quote by applying or contacting Lendup Loans support service can help you.

For the maximum amount for a payday loan, you’re allowed to withdraw up to $255 in most states. However, the lower end of the scale is around $100. Although, this amount can vary greatly depending on your monthly income and state of residency.

Are There Any Associated Rates or Fees with LendUp Loans?

Luckily, Lendup does an excellent job of cutting out unnecessary fees. There’s no origination fee, application fee, or anything else. This means you can rest assured when you apply. The only time you may get a fee charged to your account is if you miss a payment.

As for the interest rate, you can expect it to be between 214.13% and 913.71%. The percentage of interest varies a lot, depending on what state you live in and how much you’re borrowing. A rate of over 300% is considered on the medium to large scale.

Are There Consequences for Not Paying LendUp Loans?

Any single payment loans are generally not reported to credit bureaus. There are no late fees for not making a payment on time. However, if you don’t make a payment within 30 days of your loan’s due date, you may be reported to a credit bureau and have that on your history.

This only happens if you miss more than one payment and don’t pay within the 30-day limit. The late payment will be reported and affect your credit score. Plus, it will make getting a future loan hard on you.

Is LendUp Loans A Legitimate Company to Use?

Yes, LendUp Loans is a legitimate company and has been giving out loans for years. The only complaint we were able to see from websites like the Better Business Bureau is that people have stolen their identity. Not from the company itself, but scammers online.

If a loan is taken out in your name without your consent, contact the company immediately. Identity fraud is against the law, and it can do significant damage to your credit score.

Other than that, they have been operating for years without any issues. The interest rates are high, and the total amount borrowed varies by state, but there aren’t any issues with its legitimacy.

To submit an application for LendUp Loans, you’ll need to head to their website. Select the “apply now” button. From here, it will direct you to create an account. Input your email address, a password, and read through their terms and conditions.

Once you get through that, you’ll be able to fill in the rest of the application. Submit your application and read through the documents. You’ll be responsible for agreeing to all the terms and conditions.

After that, you’ll need to wait to be approved. Generally, it takes 1-2 days before you hear a response. If approved, you can expect the funds to be deposited into your bank account within 24 hours.

LendUp Loans Loan Requirements

To even qualify for applying, you’ll have to pass a few requirements. These requirements are set in place to ensure that you can be legally responsible. Although, LendUp Loans has stated that the eligibility requirements vary by state.

Here are the requirements that you need to pass before being eligible even to apply;

• Be at least 18 years of age (19 in some states)
• Be a U.S. citizen, permanent resident, or immigration visa holder.
• SSN (social security number)
• U.S. checking account
• Live in one of the eligible LendUp Loan states.

States Eligible For a Personal Loan

LendUp Loans is only available in eight states across the country. This limits where you can get a loan, and if you will be eligible to apply. To even be able to apply, you must live in one of the following states;

• California
• Louisiana
• Mississippi
• Missouri
• South Carolina
• Tennessee
• Texas
• Washington state

To get a payday loan online, you must first qualify for an investment in a LendUp Loans state. Check the previous section to get an idea of what states are eligible. From there, you can go to their website and use the slider on the main page to select how much money you want to borrow.

From there, select the repay date and click “apply now.” This will redirect you to the “get started” page. Create an account and read over their terms and conditions. Once you agree, you’ll be able to start the application process.

To finish the verifying process, you will need your personal information. Here’s what you should have on hand to make the process go smoothly;

• Full name, date of birth, SSN, drivers license
• Income verification documents such as bank statements, pay stubs, etc.
• Paystubs noting your paycheck dates (for repayment)

What Do You Need To Get A Personal Loan In-Store?

To submit an application, you will be required to do so online. Unfortunately, Lendup Loans doesn’t have any physical stores. This can be a huge downside, as if you’re unfamiliar with using technology, you may not enjoy filling out the online application.

However, LendUp Loans does its best to ensure that the application process is quick and straightforward. In most cases, it will only take five minutes to submit the application. If you are having problems, then contact their customer support.

What Time Does Lendup Loans Operate?

To contact LendUp Loans, you will need to head to their customer support page. Here, you will be given information about your inquiry. If you own a LendUp Loan account, you’ll be able to submit a request through there.

However, if you don’t, you’ll be redirected to either call or email them. LendUp Loans has a mailing address. But, they can’t process any customers or conduct any transactions to or from that location.

Here’s their physical address;

LendUp

1750 Broadway, Suite 300

Oakland, CA 94612

Final Conclusion

LendUp Loans is a good company if you live in an eligible state. They don’t have as full of reach as other lenders, but they do get 24-hour approval and funds. Out of most lenders, they are the quickest to get you the funds you need.

That being said, the fund amount is very low. If you require substantial funds for a more significant emergency or event, then we suggest looking elsewhere. You’ll only be able to get approved for a small loan amount. The maximum does change by state, but you shouldn’t expect it to be more than $250.

Overall, we believe that LendUp Loans is worth the investment if you require quick funds. The loan process is hassle-free, and their representatives can help you get started. As long as you have your personal information on hand, you can even qualify for 24-hour funds.