Borrowers can use a LendUp personal loan for a variety of reasons. Common loan uses on its application page include:
- Car expenses
- Hospital bills
- Debt consolidation
- Living expenses
That said, the lender doesn’t require borrowers to provide a reason for applying.
LendUp offers single-payment and installment loans of up to $500 and $1,000, respectively, depending on where you live.
Repayment terms can also vary by state and range from seven to 31 days for its single-payment loans and up to 12 months for installment loans. Approval is instant, and LendUp can transfer the loan funds in as little as one business day.
Single-payment loans come with a fee of up to 25 percent, based on where you live, and installment loans come with a fee that can vary by state. However, not all states allow a fee on the lender’s installment loans.
LendUp doesn’t run a hard credit check on its loan applications. To qualify, you need a checking account that accepts automated clearinghouse transfers. Prepaid debit cards and savings accounts are not accepted.
You also must live in a state where LendUp operates: California, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas and Wisconsin. However, some states don’t have both loan options.
LendUp has a B+ rating with the Better Business Bureau. In 2017, the Consumer Financial Protection Bureau received 14 personal loan-related complaints about LendUp’s parent company, Flurish Inc. The most common issues were related to:
- Not being able to contact the lender
- Problems with the payoff process
- Unexpected interest and fees
Flurish provided a timely response to the CFPB for all issues, closing 10 with an explanation, three with nonmonetary relief and one with monetary relief.
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
You can apply for and close on a loan and manage your account entirely online.
The LendUp Ladder feature allows borrowers to earn points to get the opportunity to apply for larger loans at lower rates. There are four levels: silver, gold, platinum and prime. Borrowers can earn points for:
- Receiving their first loan
- Making on-time payments
- Completing free financial education courses
- Sharing a testimonial video of LendUp
The lender only reports payment activity to the credit bureaus once you’ve reached the platinum or prime levels, and only with a prime-level loan is the reporting automatic.
- People who want to apply for a personal loan without a credit check
- People who need quick and easy cash
- People who live in a state where the lender operates