LendUp is a direct lender that offers online payday loans in 22 different states. LendUp is online only and has no stores, but its loans have rates comparable to those of the average storefront lender. Rates and terms vary depending on the state you live in. You can apply through LendUp’s online portal and receive an instant decision on loan approval. Funds are deposited and in some states, you may be able to get your money in as quick as fifteen minutes.
Unlike many storefront lenders, an online payday loan through LendUp offers more flexibility, both in terms of length of the loan and in the rates you may be eligible to receive. The typical length of a payday loan is 14 days, but you may be eligible to get a longer term, sometimes for up to a month.
LendUp allows you to extend through its online portal. The maximum length you can extend your loan to depends on the state you live in. Its extensions don’t require you to roll over your loan, which means you won’t have to take out another loan to pay the previous one off. Payment plans are also available if you aren’t able to pay off you loan.
One area where LendUp stands apart from other payday lenders is the LendUp ladder, which offers borrowers in eligible states reduced rates by earning points. The easiest way to earn points is by paying back your loans on time, but you can also earn them by taking educational courses, referring friends and sharing your story with LendUp. At the Platinum and Prime levels of the LendUp ladder, which aren't available in every state, you’ll also have the option to have your payments reported to credit bureaus.
The specifics of the LendUp ladder vary from state to state. Some features and some levels of the ladder may not be available where you live, so check the LendUp website before applying if you’re interested in utilizing the LendUp ladder.
To apply for loan through LendUp you’ll need to provide personal information such as your address, income and social security number. In some states you may need to supply proof of income, which you’ll need to upload through its website. If you live in a state where you have to provide supplemental income information, your loan may take longer to process.
You’ll also need to have a checking account that can accept ACH transfers. You can’t use a prepaid debit card or savings account to sign up with LendUp.
If your loan is approved by 5 P.M Monday through Friday, you'll generally receive your funds the next business day. The exact funding time depends on your banks.
Once the loan term expires, LendUp with automatically debit your bank account the amount owed. You may receive a text or email notification about the impending withdrawal. Make sure you have overdraft protection on your account, so you don’t get hit with overdraft fees if you don’t have enough in your account to cover the loan. Once your loan is paid off, you’ll need to wait four days before applying for another one.
LendUp offers some benefits that other payday lenders don’t, including longer terms. If you reach the Platinum or Prime level on the LendUp ladder, which is not available in every state, your payments can be reported to credit bureaus. Still, its rates are high, so a loan from LendUp carries more risk than other options. Before getting a payday loan, make sure you’ve investigated alternatives such as personal loans (especially those from a credit union), getting someone to co-sign a loan with you or an overdraft line of credit.