Pros
- No credit check
- Accepts bad credit
- No prepayment fees
Cons
- Extremely high APRs: 214.13% - 917.71%
- $10 - $15 returned payment fee
- Short payoff periods: 7 - 30 days
- Not available to people without SSN
- Only available in 7 states
Note: LendUp is not currently accepting new applications.
LendUp Review Summary
LendUp loans are expensive short-term loans for people with no other options. LendUp does not do a credit check during the application process, so their loans are easy to qualify for, but they are also very costly. LendUp loans only offer a few hundred dollars in funding, and how much you can borrow varies by state.
Aside from easy approval, the only real upside to LendUp loans is funding within two business days. As a result, borrowers should look elsewhere first, particularly since LendUp only services seven states.
LendUp Personal Loan Terms
 | |
| APRs | 214.13% - 913.71% |
| Loan Amount | $100 - $255 |
| Loan Terms | 7 - 30 days |
| Origination Fee | 0% |
| Prepayment Fee | $0 |
| Late Fee | $0 |
| Minimum Credit Score | Not disclosed* |
| Minimum Income | Not disclosed |
| Loan Purpose | Other |
| Time to Receive Loan Money | 1 - 2 business days |
| Other Requirements |
|
LendUp Interest Rate, Fees & Other Terms
Category Rating: 0.8/5
- APR range: LendUp offers single-payment loans with an APR range of 214.13% - 913.71%.
- How rates are determined: The rate you get with LendUp mostly depends on the state where you live, the amount of money you’re borrowing, and your account history with LendUp.
- Origination fee: LendUp charges a “loan fee” of up to 25% of the amount borrowed, depending on the state where you live. They also have a $10 - $15 returned payment fee.
- Loan amounts & timelines: LendUp offers single-payment loans between $100 and $255 that must be repaid in 7 - 30 days.
LendUp Requirements & Application Info
Category Rating: 3.5/5
- Minimum credit score: LendUp does not have a credit score requirement because they don’t do a hard pull of applicants’ credit.
- Minimum income: LendUp does not disclose any minimum income requirements.
- Age: You must be at least 18 years old.
- Identification: You must have a Social Security number.
- Bank account: You must have a checking account that accepts ACH transfers.
- State: You must live in one of the seven states that LendUp services: California, Louisiana, Mississippi, Missouri, Tennessee, Texas, or Wisconsin.
- Pre-qualification: LendUp doesn’t have pre-qualification, but they do have a calculator on their website to help you estimate your rates. Plus, applying doesn’t hurt your credit score, so you can always apply to see your exact rates and then reject the loan if you don’t want it.
- Ways to apply: To apply for a LendUp loan, you’ll need to fill out an online application.
LendUp Reviews & Transparency
Category Rating: 4.8/5
- Better Business Bureau: LendUp gets an A+ from the BBB. They are not accredited.
- Consumer Financial Protection Bureau: Consumers have filed complaints about LendUp’s loans over 70 times, with concerns including LendUp incorrectly reporting payments as late and customers having trouble dealing with the high interest rates. The last complaint was filed in April 2019, and LendUp has almost always given “timely” responses.
- WalletHub: LendUp has an average user rating of 4.0/5.
- Transparency: LendUp’s rates and fees vary by state, but you can clearly see what terms are available to you by selecting your state on their website. LendUp doesn’t try to hide the fact that their loans are expensive.
Summary: LendUp Scores by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 0.8/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 4.8/5 |
| OVERALL | 9.1/15 |
LendUp Loans vs. Popular Competitors
| Info | LendUp Personal Loan | OppLoans by OppFi | Rise Loans |
|---|---|---|---|
| Reviews | |||
| APRs | 214.13% - 913.71% | 59% - 160% | 60% - 299% |
| Loan Amounts | $100 - $255 | $500 - $4,000 | $500 - $5,000 |
| Loan Terms | 7 - 30 days | 9 - 18 months | up to 26 months depending on the state |
| Minimum Credit Score | Not disclosed* | None* | Not disclosed* |
| Winner |  OppLoans by OppFi | ||
Methodology
In order to provide the most accurate LendUp review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For LendUp, that is California.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
