LendUp is an online payday lender based in San Francisco, California. It markets itself as a socially responsible lender and an alternative to payday loans but its prime rates and terms are only available to repeat customers in specific states and its standard rates and terms are the same as regular payday lenders.
LendUp has an online-only application that can process your application in minutes. If you are approved, you can get money in your account by the next business day. Note that loans must be submitted by 5 p.m. PT Monday-Friday (excluding holidays) to receive funds the next business day. Your exact funding time may vary based on your bank’s requirements. Customers who demonstrate financial responsibility by paying loans on time and taking financial education courses receive points that can qualify them for preferential rates and terms in eligible states.
Interest rates on your first loan vary depending on how much you borrow and whether it is a 7-day or 30-day term. Repeat customers who have made regular on-time payments on their past loans can qualify for lower rates as they progress through a tier system in eligible states. Rates depend on the amount, the length of the loan and the state of residence. They range from 90% to 1200% APR.
The maximum loan for first-time borrowers is $250.
LendUp currently operates in Alabama, California, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maine, Minnesota, Mississippi, Missouri, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming.
The application process can be as fast as 5 minutes. You can get cash the next business day if approved. Loans must be submitted by 5 p.m. PT Monday-Friday (excluding holidays) to receive funds the next business day. Exact funding time may vary based on your bank’s requirements.
LendUp provides borrowers who regularly borrow from payday lenders the opportunity (where available) of gradually improving their rates and terms. This type of loan can be reported to credit bureaus. As you climb "the Lendup Ladder" by paying off your loan and taking out new ones, you earn access to more money at better rates for longer periods of time. At Platinum and Prime levels (in eligible states), you have the opportunity to report payments to credit bureaus, which could increase your credit score.
However, this won't help an occasional or first-time borrower who is stuck with payday-like high-interest rates and small loan amounts. Another real advantage for LendUp customers is that it doesn't have loan rollovers, which protects customers from falling into a cycle of debt.