Lendup Review: When it comes to payday loans, most people think these services are just out to scam you, which in many cases they are. The good news is there are a couple payday loan services that are trying to take the scam out of payday loans. LendUp is one of the most popular online loans services, so we decided to compare it against some of the other payday loan alternatives. Here are our top picks for site like LendUp:

Best Short-Term Loan Companies

CASHADVANCE.COM REVIEW

  • CashAdvance.com is one of the more trusted names in payday loans, and works the same as Trusted Loan Network in that it aggregates lenders to help match the best one for you. They offer a wide range of loans and have some of the lowest APRs in the payday loan business. CashAdvance.com also does not require a credit check, but you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day.
Loan Amount APR When You Get Funds Eligible States STL Rating
$100-$1,000 14%-1564%
based on credit score,
length of loan, etc.
Next Day 37 best credit repair

CASHNETUSA REVIEW

  • CashNetUSA is one of the biggest names in short-term loans. If you are looking for just a little cash (between $500-$1000), this is a good loan company to look at. The interest rates are really high, but if your loan amount is low, like $100, you are only going to pay about $15 in interest, no matter the length of repayment. CashNetUSA does require a credit check, and you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day. Here’s our full CashNetUSA review.
Loan Amount APR When You Get Funds Eligible States STL Rating
$100-$1,000 207%-805%,
based on credit score,
history, etc.
Next Day 30 best credit repair

LENDUP REVIEW

  • LendUp is a very new payday loan service, having started in 2012. They currently only operate in 22 states but are continuing to expand. LendUp is a great service for those who plan on taking out several payday loans, since they offer a rewards system that allows you to take out larger loans at a lower interest rate over time. They also offer same-day deposit, which is a great option for anyone who needs cash now. One of the downsides of LendUp is that they charge you $17 for every $100 you borrow, on top of the APR that you are charged. In order to apply for a loan, you will need a bank account, proof of income and social security number.
Loan Amount APR When You Get Funds Eligible States STL Rating
$1,00-$35,000 36%-406%
based on credit score
Same Day 22 best credit repair

PERSONALLOANS.COM REVIEW

  • PersonalLoans.com isn’t a traditional short-term lender, it works more like a traditional loan. Like Trusted Loan Network, PersonalLoans.com aggregates offers from a range of lenders and banks so that you get the best possible offers. Unlike payday loan services, PersonalLoans.com will check your credit score to determine your eligibility. They generally don’t offer loans to anyone who has a score below 580. On the plus side, PersonalLoans.com’s APRs are generally a lot lower since they are more like traditional loans, and let you determine your payback schedule with your lender.
Loan Amount APR When You Get Funds Eligible States STL Rating
$1,000-$20,000 Varies based on credit score, other factors Varies 50 best credit repair

Best for Instant Loans: LendUp

Overview: LendUp is a very new payday loan service, having started in 2012. They currently only operate in 15 states but are continuing to expand. LendUp is a great service for those who plan on taking out several payday loans, since they offer a rewards system that allows you to take out larger loans at a lower interest rate over time. Another great service that LendUp offers that other payday loan sites don’t is instant deposit; you can get your loan in 15 minutes or less.

Price: $17 per $100 borrowed

APR for loan: 36%-406% (depending on credit)

Maximum amount of loan: $1,000 (although you have to start with lower loans, like $250, and work your way up by paying on time.)

Maximum timeframe of loan: 30 days

Typical loan price: If you take out a $250 loan for 30 days, you would owe $293.40, including $43.40 in interest.

Requirements: You need proof of income, a checking account and your paycheck schedule, as well as typical identity info like social security number and photo ID. LendUp does not require a credit check. If you can’t get qualified for a LendUp loan, try a service like OppLoans. Here is our full OppLoans review.

Features: Like most payday loan sites, you can get direct deposit straight to your checking account. LendUp offers same-day and next-day deposits, as well as automatic withdrawals for paying the loan back. The company also offers payment extensions if you can’t make a payment date and no penalty for paying off your loan early, if you want to save on interest.

Customer service: LendUp offers telephone and email support, as well as helpful FAQs, but does not offer an online chat function.

Best for Larger Loans: Rise

Overview: Rise is even newer than LendUp, having started in 2013. Rise is not only trying to change the way payday loans work, but also the financial literacy of their clients. They also offer a rewards system that can lower your APR over time, but you can gain rewards for paying on time as well as taking financial courses and signing up for their credit score program. This commitment to education shows they truly care about the financial well-being of their customers.

Price: $2-$14 per $100 borrowed

APR for loan: 125%-363.86% (depending on credit)

Maximum amount of loan: $5,000

Maximum timeframe of loan: 14 days

Typical loan price: On a loan of $2,600, you would be paying $6,173.16, which includes an interest rate of 225%.

Requirements: Much like LendUp, you will need proof of income, a checking account and your paycheck schedule, as well as typical identity info like social security number and photo ID. The difference is that Rise DOES require a credit check to be approved.

Features: Rise offers the same kind of features that LendUp does, including direct deposit into your checking account, automatic withdrawals for paying the loan back, payment extensions and no penalty for early payoff. They do offer next-day deposits but not same-day deposits.

Customer service: Rise offers the same telephone and email support, helpful FAQs, but also does not offer an online chat function.


What Are LendUp’s Prices?

LendUp loans prices are very affordable compared to other payday loan sites. You pay $17 for every $100 you borrow, and then interest on the loan, which can be as low as 36 percent, depending on your financial information. (LendUp does not check your credit.) Other payday loan sites have minimum interest charges of 100-200 percent. LendUp also rewards you for paying on time and repeat business by allowing you to borrow more as well as lowering your interest rate on your loans.

What Is the Application Process for a LendUp Loan?

LendUp’s applications process is pretty straightforward. You can apply online here. Pick the amount of your loan, how long you need to pay it back (up to 30 days) and go through the application process, which requires some of your financial information. Submit your application and you will get an instant decision on your loan. In order to apply for loan with LendUp, you need a personal checking account, proof of employment, your paycheck schedule and proof of ID.

What Are Common Lendup Reviews from Customers?

LendUp loans haven’t been around long, especially compared to other payday loan sites, but it is already getting a lot of positive feedback because of the way it handles payday loans. Unlike a lot of predatory lenders in the payday loan space, LendUp makes sure you understand the terms of your loan and gives you the right tools to pay it back. It also offers its rewards program, which lowers your interest rate and increases your loan limits for returning customers who pay on time. The only downside that some consumers have commented on is that LendUp is only available in 22 states, so its availability is not as widespread as some of the other payday loan sites.

The only negative press we’ve seen about Lendup is that in September 2016, the Consumer Financial Protection Bureau ordered Lendup to pay more than $3.6 million in fines for allegedly misleading customers about its online lending service.

What’s the Difference Between LendUp and Other Lenders?

The main different between LendUp loans and loans similar to LendUp is its reward system. The goal of many payday loan sites is to keep charging you a bunch of interest on your loans for as long as they can. LendUp actually rewards you for being responsible with your loan. If you are a first time borrower, LendUp will only let you borrow a small amount (usually around $250). If you pay it back on time, not only will it increase your loan limit, LendUp will also lower your interest rate, making it easier to pay back your next loan. It is unusual for a payday loan service to actually reward lenders for properly using their loans.