LendUp Instalment Loan Apply (Review 2020) | Credit Raters
Last updated: 18th Jan 2020

Lend Up Review


LendUp loans specialise in offering two different types of credit products to borrowers with both good and bad credit.

They offer an excellent rewards scheme to encourage responsible lending and customer loyalty and have an outstanding track record at being able to offer credit where other lenders have said no.

Read on for our LendUp review and learn more about how each of their products work, example costs and how you can apply today.

Also Check: LoanNow Loans Review

LendUp Loans In Numbers

LendUp payday loans can be taken for up to $500 depending on your state of residence with the outstanding balance repaid in full on your next pay date. Although interest rates can be high for these loans, the short term nature of them means that the overall amount repaid is actually quite small.

If you’re looking to spread the costs of your repayments out over a longer period of time then consider loans like LendUp instalment loans. Rather than paying back your loan amount in one hut, you’ll reduce the monthly payments over 2-24 months. You’ll also be able to borrow up to $1,000 depending on your state.

As part of this LendUp review, let’s take a look at how these different loans compare:

Loan Type Example Borrowing Amount Example Interest Rate Loan Term Total Repaid (including LendUp loan fee)
LendUp Payday Loans $295 231% 30 days $351
LendUp Instalment Loans $386 53% 12 months $506

Why Use LendUp Loans?

LendUp loans offer a great way to quickly access credit in an emergency with payments available inside 24 hours. They also offer their own in-house rewards scheme – LendUp Ladder. Each time you make loan repayments or clear your outstanding balance, you’ll climb this rewards ladder to earn access to better rates and higher credit limits in the future.

In spite of this, it doesn’t mean LendUp is right for everyone. Here’s a quick glance at the pros and cons of LendUp payday loans:

  • Loans available within 1 business day of acceptance
  • Multiple repayment options including debit card, MoneyGram and check
  • Clear your outstanding balance early without early repayment charges
  • Climb the LendUp Ladder for a range of great rewards
  • Loan deposits are only available on business days
  • Missed repayments will negatively affect your credit score
  • Prepaid debit cards are not eligible for LendUp loans

LendUp Alternatives

LendUp are a great resource if you haven’t got a great credit score and need cash fast but if you’re looking to borrow a higher amount or loans on the same day you apply then LendUp alternatives are available.

Lender Maximum borrowing amount Same day loan transfers? Loan extensions available?
LendUp Payday Loans $500 No No
CashNetUSA Payday Loans $1,000 Yes Yes
Speedy Cash Payday Loans $500 Yes Yes

Remember – you can compare all of these payday loans along with LendUp alternatives right here at Credit Raters in just two minutes.

Eligibility Criteria

LendUp has grown a fantastic reputation for being able to offer payday loans to borrowers from a wide range of financial backgrounds.

However, you’ll still need to ensure that you meet the following eligibility criteria to be considered for loans like LendUp:

  • You must be at least 18 years of age when you apply
  • You must reside in an eligible state (see below)
  • You must have a US checking account that accepts ACH transfers
  • You must be able to comfortably afford your repayments

As part of the LendUp loan application process, you’ll also need to provide a cell phone number as well as your social security details for identification and verification purposes.

Some states also require that income checks are carried out prior to any loans being offered so pay stubs may be needed during your application.

Also Check:

State Availability

Due to the huge diversity in state laws when it comes to offering loans like LendUp, their credit products are currently available for residents in:

California Louisiana
Mississippi Missouri
Tennessee Texas

If you’re state isn’t currently eligible then keep an eye out for further announcements in the future.

Customer support

With LendUp direct lender loans you’ll be always be able to reach out to their customer service team at any stage of your application or loan repayment process.

Their integrated customer messaging service inside your online account means you can email their trained support team at any time. They aim to respond to all queries within 24 hours on business days. Alternatively, you can write to them at their headquarters in San Francisco, although they’re unable to carry out any lending at this address.

How Can I Apply For LendUp Loans?

Applying for LendUp loans takes just a few short minutes. Here’s our step by step guide to applying for LendUp payday loans online.

Create an email username and password so that you can manage your LendUp loans online.

Step 1

Provide LendUp with your name, address, contact details and social security number so that they can begin verifying your application right away. You’ll also need to let them know more about your residential status, as well as your monthly budget and the reason for your loan.

Step 2

It’s then down to you to finalise your application by simply providing your checking details. You’ll then receive an instant online decision and, if accepted, will be able to arrange your cash for the very next day.

LendUp Review – Conclusion

As we’ve seen in this LendUp review, they’re quickly becoming one of the most prominent poor credit payday lenders in the US market. Their intuitive in-house LendUp Ladder system offers borrowers a fantastic incentive to ensure that loans are repaid on time, helping it to become an invaluable resource for higher credit limits in the future.

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