LendUp Reviews

LenUp is one of the payday lending websites popular nowadays, however they describe themselves as a nontraditional loan company that help people “take the world loan and change it into opportunity”.

Categories: NEW, Business education

LendUp Overview.

LenUp is one of the payday lending websites popular nowadays, however they describe themselves as a nontraditional loan company that help people “take the world loan and change it into opportunity”.

The main goal of the company is to educate their users on successful credit experience and provide them with an opportunity to build up their credits instead of putting people in debts with high rates and interests.

LendUp Features.

The service features their unique “climbing the ladder” program that is determined to help people get out of their debts by receiving payday loans, getting professional educational training on managing their finances, earning points on the website in order to timely repay their loans, and recommendations to friends.

To receive the loan, one has to be first approved by the site. In order to achieve it it’s necessary to fill in the short application form that would take around 5 minutes, defining there the amount needed and the time period during which this sum has to be paid back. The website claims that users can get immediate feedback on their applications due to special algorithm they use.

Once the user is approved by the system, it’s possible to get the loan on the bank account within 15 minutes. Paying back can be organized in advance or cashed out directly from the bank account of the user when the term of repayment comes. The developers of the website state that the terms of received loans are explained very clearly in an easy way, so that everyone can understand it. Furthermore they claim the service doesn’t use any hidden conditions or fees. Also they provide the 30 days tem of delay for people to pay the loan back, and even enable extra time in particular cases.

Types of Loans and Costs.

The service provides 4 otions of loans available for users. They are as follows:

  • Silver option enables customers to borrow up to $250 for 30 days. When this term ends the amount of the loan has to be returned as a whole.
  • Gold loans allow people to take the money of up to $500 and pay it back no longer than within 60 days. It’s possible to pay the whole sum or make payments few times.
  • Platinum plan enlarges the amount of potential loan up to $700 and prolongs the term of repayment to half a year. The customers can make several payments to return the whole sum.
  • Prime option provides the customer with the payday loan of $1000 for 1 year. One can pay the whole sum at once or divide it into few payments, moreover this option includes bonuses, for instance at this point users are able to present their credit history to major bureaus and obtain 29% APRs.

Disregarding of which type of loans you got, there is a calculator on the website, which helps to count how much interest precisely you’ll have to pay by the time you return the whole amount.

The APRs the service charges differ among the loans. The averagee numbers are around 199.53% - 748.77%, however when the person reaches the Prime loans plan, it will be only 29%.

Reviews.

Though the business has started already in 2012, it’s not accredited by the Better Business Bureau, however it lists 11 closed complaints within a period of 3 years, most of which concerned problems with the service and billing.

The reviews from the customers of the service that can be found in internet are various; with a part of people claiming that it’s the best lending company down to the negative reviews most often complaining that the LendUp doesn’t report the credit behavior of prime users to the credit bureaus as they promise, and poor customer support.

Howeevr, despite the complaints the company got featured in the Wall Street Journal, Inc. and Time, and it also holds a Texas Regulated Loan license, issued in November 2013.

The Summary.

It seems that LendUp is really a responsible lending company, however you should always keep in mind that it’s still a payday loans service, such as Rapid Loans Direct, Greenlight Loans, or CashAdvance.com, which means that the target customers of the service are people not only with the excellent credit history, but also with a poor one, or none at all. And on the top of that it will charge high interest for the borrowed money. That’s why it’s better to addres these sort of companies only in the case of the really important and urgent need when there are no other options.

LendUp Reviews

Reviewsmap.com

Sorry, but Your browser doesn't support technologies used on this site.

Please refresh your browser by downloading it via the links below.

Internet Explorer
Chrome
Safari
Opera
Firefox