LendUp Reviews – How Payday Loans Should Work?
Quick Review
Description: Finance, Payday Loans
What We Liked:
The LendUp loans are specifically designed to help even those that have poor or no credit be able to borrow money , The higher levels are allowed to borrow with longer repayment terms and lower interest rates , LendUp can be reach through their customer support via phone or emailWhat We Disliked:
it is limited to 15 states at this timeLendUp loan amounts and the APRs that they give to their borrowers are at par with their competitors. This direct payday loans lending company is far from perfect however, it is considered as one of the best that this industry has to offer. Being allowed to build up points through the LendUp Ladder rewards program helps borrowers to increase the amount that they can borrow and decrease their APR in terms of percentages and interest. This is actually better than what their competitors can offer. In fact, LendUp review says that this is one of the features of the LendUp Ladder rewards program that manages to attract applicants. However, not everybody can avail to this, only those that qualify for it. Imagine, being able to offer instant deposits for qualified applicants! Lendup.com might be a new kid on the block when compared to other lending company’s track record but, this does not mean that it fails to innovate. In fact, one of the strongest suit that leans in favor of this company is its game changing innovations in the Paydays Loans industry.
LendUp Reviews – How Payday Loans Should Work?
ven if LendUp is considered as a new player in the lending business it is a recipient of 2015 Top Ten Reviews Award for Excellence. Curious to know more about LendUp loan? LendUp.com review shares how it was just in 2012 when LendUp Loan opens its LendUp Payday loans to the general public. LendUp Payday Loans is a direct lending company and offers a new approach payday lending through its LendUp Payday Loans service. One of the LendUp Crunchbase innovations is a rewards points system that allows borrowers to borrow more at a lower rate after they were able to accumulate enough points.
These LendUp Loans reviews shares how this online service offers loans of up to $1,000 to help borrowers get through another pay check if they are financially challenge. LendUp loan for first timers are up to $250, however, LendUp Loans reviews did mention that this amount can increase as borrowers pay what they owe and as they build up their points. This is a great strategy because according to those who have file for their Lend Up loan this will help to pull down their APR over time. For those who are curious about the starting APR it is approximately 406 percent or $17 per $100 on the standard 14 day loan. The APR figures may sound high but, this is actually the lowest in the market. There is a chance that this three figures shall be reduce by as little as 36 percent given time.
Review
LendUp Reviews
According to LendUp Loans reviews being given one of the industry’s lowest APR of 36 percent will take some time. This is by far the lowest when compared to the standard APR given by other similar companies. As far as the Lendup Crunchbase is concern, users love the neat, clean and well-organized application program use by this lenders’ system. To gain entry into the application process users are required to provide their personal, banking and income information.
Through the LendUp Crunchbase, borrowers can adjust the amount and duration of their desired loan. They will be able to see the interest rate for these particular loans and when the payment is said to be due. If the borrowers like what they see they can decide whether they will begin the application process. LendUp is known for approving loans within seconds. Borrowers can expect to get their LendUp loans into their checking account faster than other similar companies after it has been approved. Most deposits occur the following day however, for those who are eligible can expect to get their money in as little as 15 minutes after the approval.
Loan terms are usually set at 30 days however, normally the standard term for a payday loan is around 14 days. For borrowers they can expect that deductions for payments when it is due shall be made on the due date. This is automatically deducted from their checking account. For those who cannot pay during their due date they need to inform the customer support service beforehand so that they can get an extension. For those who wish to save money on interest they can do so by paying their loan at an earlier time than scheduled. There is also no penalty for doing so. After all, penalties are usually impose for late payments.
These LendUp Loans are specifically designed to build credit long term. One of the factors that determine a responsible borrower is positive repayment history. LendUp review shares how there are valuable information about this posted on the official website for this company. According to LendUp review is US based and concentrates on the US market as of this time. Even if it’s a young player in the lending market this does not in any way reduce its efficient service.
Some of the LendUp review mentions that this company is offered in a similar way as sort of a game where players can move into the next level and get their rewards. Borrowers are given rewards for referrals. As borrowers’ climbs up the ladder just like a game, they can borrow money at lower rates than usual. In some cases this can be as low as 29 percent. This is a percentage that are usually offered to those with FICO scores of 660 or higher.
Those who are applying for loans are advice to use a secure website. Having a green padlock symbol near the URL address bar means that the webpage is secured. This is clearly seen through the https: sign. This means all communications are secured through this website. LendUp review reveals that this payday loans lending company has this protection over its website. The identity of this company has been verified by COMODO Extended Validation Secure Server based in California.
By the way according to LendUp review, this company collects repayment through direct debit bank transfer or ACH. LendUp review try to collect money multiple times a day. For those who are planning to submit payment at an earlier time than scheduled they have to sign into their account and click on “Pay Now” option. However, this must be done a day before the loan is due. Additional fees shall be deducted from the debit card to cover the cost of the transaction. However, there is no processing waiting time so borrower can apply for a new loan instantly.
For those who want to apply for another loan they can check their loan status by logging on the official website for this service. Borrowers can even customized their loans. Keep in mind that after payment of the last loan has been made allow to have a waiting period of 3 to 4 business days. The processing time is actually determine partially by how fast the banks process the request for these. Once the bank has posted that the borrower can take on another loan, borrowers are notified of this through email.‘
LendUp.com
LendUp review reveals that the website offers good support options. The support team offers wide range of information which includes information about terms and conditions; policies, privacy disclosure, FAQs and the detailed description of the rewards programs. Getting in touch with customer care is easy, borrowers can just send an email or complete the LendUp.com web form. For customers who were able to setup their account, this allows them to gain access to the phone numbers for this lending company.
This payday loans lending company is licensed. This company offers approval to people even for those who poor credit. One of the minor issues given by borrowers is that borrowers have to reach a certain level before this company starts to report the borrowers’ payment history. This is what LendUp Ladder system refers to as Platinum member. This is applicable for those with less than perfect credit. In exchange they will be able to get rates that are not too high. Receiving a response from request for account information is quick and easy as well. No wonder, most users do recommend their services.
This is emphasized as a direct lender which means there is no additional fees that goes to middleman. Even those that were not able to pay back what they owe are still encourage to make an attempt to pay the lender back. If it cannot be avoided, borrowers can sign in and go to their dashboard and extend their loan for up to 30 days from the loan’s initiation. If in case even at the end of the 30 days and there is a need to ask for extension, this payday loans company advices borrowers to contact them about this.
If in case, no payment was made there are some things that can happen and these scenarios might take place. One of them is that the borrowers’ account will be suspended and is not given an access to the lending service for obvious reasons. There might be collection agencies that will contact these borrowers. There are even cases when legal action is needed. In some special cases, the account delinquency shall be reported to the multiple credit bureaus. This is not something that any borrower would like to happen.
These scenario can still be avoided and the consequences associated with it. It cannot be avoided that bad credit scores can be viewed by employers as a factor to avoid employing this particular person. There are some cases when landlords will not allow the person to apply for rents. Suffice to say that having these bad credit scores will means this particular consumer is not viewed favorably. Coincidentally, companies like this are receiving a lot of attention from state and federal regulators. Lending companies were used to be viewed as predatory.
Payment options for this lending company are as follows: Silver Level is where borrowers’ to choose the length of time that the loan will be paid. Making a choice is dependent on what will work best for the borrower. In the Gold Level, the loan is payable in multiple payments. As points that served as rewards are credited, borrowers are given the chance to increase their balance by $50. Reaching Platinum Level offers the same multiple payments plan. However the balances increase to the level of $100 as the rewards points are immeasurably increase. By reaching the highest level which is Prime Level, this means longer term loans. These are offered under fixed rate. This offers the best rates and larger planned purchases. This is the key to experiencing higher credit scores.
LendUp Loans
Not every payday loans lender would offer a decent way to learn about how borrowers can re-build their credit but, this one does. The credit training helps borrowers build their credit instead of being caught up in a vicious cycle of loans and interest especially when it comes to issues on late payments. One of the descriptions given for this company and its LendUp Ladder system is amazing. When loans reach Platinum level these gets reported to the Credit Bureau. Thus, borrowers will be able to improve their credit scores. This is especially helpful for those who have suffered from bad credit or poor credit scores.
Filing a loan via this lending company means avoiding the embarrassing experience of going into a lending office to file for similar loans. This helps to save borrowers the hassle of spending time falling in line to apply for a loan that eventually will get rejected. By being able to apply online, it is easier to know if the loan was approved or denied. There is no extra time spend while figuring out whether the loan was approved or not. For those borrowers who are looking for cash the main issue is to the suspense of waiting and the embarrassment attached to it. Time is of the essence when searching for another company to file for a loan in case they get rejected.
Everything is upfront when it comes to this company, there are no surprises involve. No hidden agendas. Some users cannot wait until such time that they are able to reach Prime status in the LendUp Ladder because this will help them get better interest rates and they are one step away from being given the much desired good credit scores. One cannot avoid the truth that most lenders will not likely approve loans that are made by those who have bad credit. If in case they get approve they will be charge higher interest rates. The result: the lender wins and the borrower is dumped deeper into more loans. It stays a vicious cycle that never ends. The scene just keeps repeating itself.
Debt can trap people and it is not easy to get out of it. This payday Loans Company acknowledges this fact. Lenders most of the time are viewed as the devil incarnate all because they do take advantage of those who cannot afford to pay the high interest rates and fees. Most organizations like the BBB for instance don’t vouch for payday lenders because of high fees or interest rates. No one can blame even the BBB for thinking this way. This is after all the cycle of debt and most lending companies are smacked right in the middle of it. This is one of the industry problems. Suffice to say that the simplest way to explain this lending company is that it rewards borrowers for good behavior. Their program allows borrowers to have access to more money when they level up. They are given longer loan periods with lower interest rates. These are given as an incentive for those who pay back their loan. There is also a corresponding point for those who take free credit education classes.
Loans are deposited either in any of these methods: next business day. Most banks will post the funds a day after. Instant deposit is for those who are eligible for this instant deposit. This is one of the quickest method offered by this market. Imagine having your loans approved within 2 hours. However, in case the card use is not supported by these supported methods they can still use the standard process which as mentioned will be credited the following business day. For those who holds a Wells Fargo account they are eligible to select same day deposit service. However, there is a need to process the loan before 11am PST which is the standard cut off time. The funds will appear on the account by 2pm PST the same day. There is also additional fees charge by banks for those who are eligible for Instant and Same Day deposit options.
LendUp Ladder
The Ladder as referred to by LendUp.com is a reflection of this company’s commitment to fix what this company’s idea of what broken is. This is of course in terms of payday loans. It is the goal of LendUp.com to help customers gain access to more money at lower rates over time. Customers have several options like loan repayment on time and free credit education courses. Here are some couple of ways that borrowers will be able to earn points. Who does not want to climb out of their loans? Even the tagline used by LendUp.com shares that this company invites borrowers to climb beyond these payday loans. This is an invitation to hope for the best.
The incentive to the ladder system is what makes borrowers want to pay on time. Imagine reaching the goal of being able to pay for loans. For being able to pay on time borrowers can expect to get 1000 points. For those who are availing of extended loans they will get an equivalent of 500 points. This means each borrower has the chance to climb on the ladder fast by as much as 1000 points for each month. By the way, those who will begin to file their first loan will get 125 points. An additional of 125 points shall be awarded to borrowers who were able to avail of credit education courses. This only shows that it is not hard to earn extra points to climb up this ladder.
The points that you get to earn while climbing up the LendUp Ladder is not just an indicator of our financial progress. As you accumulate more points on the LendUp Ladder you will achieve different level status like from Silver, Gold, Platinum and eventually the top of the LendUp Ladder which is Prime. Each state has their own rates and notices. This means what will determine your next climb into this LendUp Ladder is the site of the state where you live. In other words, your specific area of residence in a given State.
Suffice it to say that this lender’s deferred deposit transaction fee will not exceed 15 percent of the customer’s total repayment amount. However, if the customer’s payment is returned unpaid by the customer’s bank for insufficient funds, LendUp.com will charge an additional fee of up to $15. This fee is charge for one time only. Furthermore, electronic checks used to repay their deferred deposit loans in California are part of the deferred deposit transaction. By this code and regulation, no customer is required to pay treble damages if the customer’s check does not clear. By the way, deferred deposit transaction is also known as payday loan. This customer cannot be threaten with prosecution and maybe even unlawful if any company will do so.
Review
LendUp Review
One of the most prominent product offers according to LendUp reviews is this company’s commitment to fix broken credit. As a result, borrowers will be able to move up the ladder and regain access to more money at much lower rate than this. The system that this company uses is what it refers to as ladder system. This is a good service for those who think of utilizing payday loans on somewhat regular basis. The amount that you get to borrow money and build their credit. The minimum amount differs from state to state but, in general borrowers, from $100 to $250 and repay in a single payment within a span of 7 to 30 days to start.
For first time borrowers, a 30 day term with an interest rate of 210.48 percent. This may sound like ridiculously high, these rates will decrease over time based on points system. This is what is known as ladder system. Once borrowers are able to move to the Silver rank, borrowers have the option to repay with loans in multiple payments rather than a single payment. Residents of California can borrow $250 maximum at the Silver level where everyone starts. While those in Gold levels are offered $500; whereas those that are in Platinum are offered $750 and $1000 for maximum at Prime. Points according to LendUp review, are given for those who can refer their family or friends. These points are not convertible to cash though. These points will accumulate to reflect what level of the LendUp ladder these borrowers are in.
Something that makes this company stands out from the competition is that it reports to the three major credit bureaus. This is one way of helping customers build on their credit. The fast growth of this company especially in 2014 has drawn big players who want to invest and believe in what this company is aiming for. With a great vision for the future of payday loans, great customer support and great people working under it, it was able to draw good investors. This growing business needs more capital to be able to match consumer demands. This startup has managed to expand its services not just in California alone. From Missouri, Louisiana, Mississippi, Tennessee and Oklahoma this company is about to expand even in New Mexico. The goal was to launch these services in a new state every two weeks.
Last 2014, statistics show that this startup has served about 300,000 consumer LendUp loans. The debts made by lenders allows this company to invest its equity financing its expansion and hiring. From a business point of view, online lending is now becoming one of the most sought after method of filing for loans. There are many benefits of applying for online loans. Amongst the reasons are: convenience since there is no need to fall in long lines to apply for these loans. Applications are not place on hold for a long time since processing time is fast. Borrowers are given the chance to know if they were approved or rejected. This lending company is trying its best to solve the cause of this problem and that is by providing better financial education so that people can get out of debt.
LendUp Payday Loans
Why is LendUp said to be a better alternative than regular payday loans? The answer is simple, LendUp Loans have no hidden fees, no rollovers, has lower interest rates and offers clear terms and conditions. This direct lending company gives borrowers a chance to build their credit after they were able to establish and maintained positive borrowing relationship with this lender. By positive this simply means, borrowers are responsible payers. They pay on time and if they cannot pay during a specific period they do inform this company about this.
These payday loans are available through LendUp.com. Suffice to say, that these loans are offered online and even through mobile devices that have access to the internet. This is why this company provided the website LendUp.com to be able to offer greater convenience to its potential customers. On top of this LendUp.com also offers free credit education courses so that it will be easy for customers to climb the LendUp.com levels. These payday loans are specifically designed to help customers get out of credit not to be trapped under debris of debts.
Just last year LendUp Loans was able to convince prime investors to work with this company. These are big companies which includes Google Ventures, Data Collective among others. LendUp redefines lending as people know it. Instead of pushing Americans go for shark loans this lending company has made it possible to develop a different system that offers transparent lending. Say goodbye to predatory lenders and banks and say goodbye to forever high interest rates. This lending company gives those who are in need for speedy recovery find the short term loan that they are searching for and hoping to find.
This company uses huge data to do instant risk analysis. This way they can assess the credit worthiness of people who have bad credit not because they are slackers when it comes to repayment. These are people who may just be out of their luck cause by circumstances that they cannot avoid. These are people who are responsible borrowers who just happen to make wrong choices and decisions.
LendUp Restrictions
According to a LendUp.com review one of the restrictions imposed by this lender is that they can only offer these LendUp Loan in 15 states as of this time. LendUp reviews reveal that this payday loan company does not offer loan rollovers. Some companies might offer this as a way of avoiding the build-up of unmanageable debt.
LendUp Pros
Despite lacking in Better Business Bureau (BBB) rating and of its short record according to LendUp reviews this payday lender stands a cut above the rest of its competition. LendUp loans have help borrowers stay committed to building credit and pulling themselves out of the vicious cycle of debt and wants. The ladder system that LendUp promotes is enough to encourage people in striving towards the goal of freedom from debt. There are other sites that recommend this lending company. The application process is fast and simple. This company actually makes everything easy for applicants.
To qualify for a loan, individuals must have a checking account that can accept ACH debit and credit transactions. After approval creating an account with this lender is easy. As soon as verification has been made, borrowers are asked to provide this lender with an electronic signature and he is eligible to receive his money. The LendUp loans are specifically designed to help even those that have poor or no credit be able to borrow money. They are also given the chance to build their credit. Most lending companies usually mind their own business and leave the borrower on their own.
LendUp is different than the average lending company because it works with borrowers and guides them through the process of being free from debt. In fact, LendUp reviews mentioned how this company tries its best to motivate those who apply for these LendUp Loans how to get out of debt. In addition to this, they are encourage to strive to a higher level through a point system that it refers to as Ladder levels. Simply put, each time borrowers move into the next level they are given the chance to reach the highest goal. The highest level is reaching Prime. By the time that borrowers reach this level their credit scores are much improve.
The higher levels are allowed to borrow with longer repayment terms and lower interest rates. By the time that borrowers reach the Silver rank they can repay their LendUp Loans in multiple payments instead of just a single payment. Those who live in California can contact the California Department of Business Oversight. This can be through toll free telephone numbers. If borrowers have issues or complaints about their payday loans or what others refer to as deferred deposit transaction.
LendUp can be reach through their customer support via phone or email. Telephone calls are entertained from 9am until 5pm PT from Mondays through Fridays. For those who might have additional clarification and questions they can browse through the FAQs section that answers the most common questions that borrowers ask about. According to Lendup reviews during business hours, emails send will get an answer within the day.
In terms of credibility, LendUp reviews reveal that this company goes to great lengths to assure potential customers that it is different from other lending companies out there. Since there are no complaints posted via BBB some customers view this as plus points for LendUp. This also means that there are no complaints filed under the consumer organization. However, in some cases according to some LendUp review since company is a new one on the payday lending scene some borrowers do doubt if this company is legit. To be fair, since LendUp has a licensed with the California Finance Lender since June 2012. As a Deferred Deposit Originator according to several LendUp reviews this company has been given its licensed earlier in February 8, 2012.
LendUp Cons
One of the disadvantages of using LendUp Loan service is that it is limited to 15 states at this time. The company does not offer its number for those who will only ask questions prior to filing for a loan.
LendUp.Com Review
LendUp reviews say that this company is a socially responsible direct lender absolutely dedicated to helping customers meet their short term needs. This payday loans company helps customers build a solid financial future simply by providing credit building methods. Some comments coming from satisfied costumers did mention that Lendup loans was able to take the word loan and transform it into opportunity. The secret on how LendUp.com helps consumers is by giving them access to LendUp Ladder. This way they would have access to more money at better rates. However, they did not hide the fact that it will take some time before borrowers can arrive at this status. The key on being able to climb this far on the LendUp Ladder is to repay loans on time.
Customers when they register have an access to their personal dashboard, email and text alerts. This will serve as reminder when it is about time to pay for these loans. There is also the fact that the customer support is always there to offer friendly assistance. No wonder even some of the LendUp reviews did mention that once you register for this service you will realize how this company literally cares for its customers.
With such an honest to goodness approach to payday loans and a user friendly website there is really more things to appreciate with this payday loans service than anything else. They even have feedbacks coming from customer that their different approach to lending is a refreshing change from the usual lending service mentality that these loans are all about the money and what they can get out of it. This may sound harsh but, the truth is business is business and there is no room for sympathy in this lending industry. It is not surprising to see comments like these left by those who were impress with LendUp.com.
Looking for a payday loan service with a conscience and social mission to help borrowers? Look no further, clearly this defines LendUp.com to a perfect T. In this day when people suffer from financial setbacks and bad credit score the only option is to look for a decent payday loan lending service. LendUp reviews reveal that this is one of this lender’s strong points that it makes borrowers feel special and hopeful about their financial future.
Is LendUp Legit?
LendUp review reveals that this company is a direct lender that is focused on making it easier for people to reach their desired financial goals. LendUp loans are specifically created to help consumers build their credit by encouraging them apply for small loan amounts. These consumers can also expect to learn more about built in education courses, innovative technology and a great customer support team to back them up.
There are no hidden agenda and hidden fees. On top of this the terms and conditions are clearly stated. LendUp reviews says that because this company was able to leverage technology this was able to redefine the lender’s experience. This users feedbacks catapults this payday lending service as one of the most trustworthy payday loans companies.
Conclusion
LendUp loan amounts and the APRs that they give to their borrowers are at par with their competitors. This direct payday loans lending company is far from perfect however, it is considered as one of the best that this industry has to offer. Being allowed to build up points through the LendUp Ladder rewards program helps borrowers to increase the amount that they can borrow and decrease their APR in terms of percentages and interest. This is actually better than what their competitors can offer. In fact, LendUp review says that this is one of the features of the LendUp Ladder rewards program that manages to attract applicants. However, not everybody can avail to this, only those that qualify for it. Imagine, being able to offer instant deposits for qualified applicants! Lendup.com might be a new kid on the block when compared to other lending company’s track record but, this does not mean that it fails to innovate. In fact, one of the strongest suit that leans in favor of this company is its game changing innovations in the Paydays Loans industry.
