LendFu is a peer-to-peer marketplace for payday loans and short-term installment loans. The Silicon Valley company, which was founded in 2013, is similar to other peer-to-peer lenders, such as Prosper and LendingClub, but for people with bad credit who don't qualify for prime rates.

How Does LendFu Work?

LendFu's platform allows individual investors to lend small amounts with short repayment terms without the need of using financial institutions as intermediaries.

Instead of using traditional loan underwriting methods, LendFu's platform works as an online prepaid credit card provider. Lenders purchase prepaid credit cards from LendFu and resell them to borrowers for an additional fee. Borrowers can then cash in the prepaid credit card and repay the lenders within the agreed term.

What Are LendFu's Rates and Fees?

Although LendFu doesn't technically issue loans, the equivalent rates it charges in fees range from 26% APR to 365% APR.

How Much Money Can I Borrow from LendFu?

LendFu only deals in small loans ranging from $100 to $1,000.

Which States Does LendFu Operate In?

LendFu is only available in California, but there are plans to expand to other states. Residents from other states can register with LendFu and will be notified when the service is available in their state.

What Is LendFu's Application Process Like?

To apply for a loan, applicants must create an account LendFu, and post a loan request with the amount they want to borrow and the terms they are willing to accept. They then must wait and see whether lenders are willing to fund their loan request. There is no obligation to borrow when requesting a loan and LendFu will not check your credit history, so there's no credit penalty for requesting a loan.

How Is LendFu Better Than Other Lenders?

LendFu is available for all types of borrowers, regardless of their credit score or credit history. It uses prepaid debit cards instead of relying on traditional financial institutions, so its fees and rates are very competitive. The small amounts and creative lending system make it possible for LendFu loans to be processed within 24 hours, just as long as there's enough lenders willing to finance a loan request.

LendFu uses an internal credit score system that is based on your payment history with LendFu. Repeat borrowers who pay on time can qualify for lower rates and fees.

  • Loan Amount
    $100 - $1000
  • Payment Options
    Automatic Payments
  • APR
    23.05% - 35.93%
  • Max Loan Term (Months)
  • Credit Score Range
    560 - 700
  • Immigration Status Considered
    U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
  • Verification Documents Required?
    • Recent pay stubs
    • Proof of citizenship/residence
  • Late Fee Amount
  • No Prepayment Fee
  • Institution Type
    Marketplace Lender
  • Approval Speed (Hours)
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
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0 votes

No doubt, the name is really dumb, but if you live in California or Florida, going to LendFu can be a smart move. Most peer-to-peer lending platforms have minimum credit scores in the mid 600 range. LendFu does not. You can also get your money within minutes once your request is funded, unlike some peer-to-peer lenders that take weeks to forward your cash.You can even borrow anonymously if you hate putting your business out on the street like most peer-to-peer platforms require, although you are much less likely ... to be funded if you go that route. More Less

1 votes

If you can get past this companys weird name, you can reap a lot of benefits. This peer to peer lending company works relatively smoothly. The max you can borrow is $1000, which isnt really that much, but it happened to be just the right amount for me and I was lucky that a lender decided to give me a chance. You can choose between a personal or payday loan, but I chose the personal loan option. My request got filled in two days, so I was happy.

0 votes

I orginally joined LendFu just in case I needed to borrow. I hoped I wouldn't but I knew some big bills were coming. Well, I needed to borrow! I was all set up, so it was quick and easy to get a thousand bucks. It was also equally easy to pay off the thousand. Hoping I don't need more, but if I do, I will go to them.

0 votes

This is a great peer to peer lending marketplace, but keep in mind that you will have to pay off your loans quickly. If you are getting a paycheck soon after and can spare part of it to pay off half of the loan, you will be alright. What you don't want to do is get stuck in a cycle of borrowing and borrowing and borrowing, etc.

0 votes

Breath of fresh air here when I found out that they just don't have any fees. No rollover or cash advance charges, which I've experienced at so many other places. This is quick, simple and painless and really pays off when you just want a little money at a good interest rate.

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