Lendly Loan

Lendly Loan Review

Lendly Loan is offered by Lendly, a direct lender founded in 2019 and based in Dayton, OH. Lendly Loan are available in 12 states across the USA.

Key Takeaways

• Uses a variable APR. This is uncommon for personal loans. If interest rates rise in the future it could make the monthly payments more challenging.
• No origination fee. Lendly Loan does not charge a loan origination fee.
• No late fees. Missing a payment can seriously damage your credit, but Lendly Loan will not charge additional fees if you miss the due date on a payment.

Lendly Loan Pros & Cons

Lendly Loan FAQ

What interest rates and personal loan terms does Lendly Loan offer?

Lendly Loan has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Lendly Loan charge?

What do you need to qualify for Lendly Loan?

When it comes to credit scores, Lendly doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Lendly Loan does not have or does not disclose a minimum annual income eligibility requirement. Lendly Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Lendly Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Lendly Loan.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking or savings account
• Proof of income
• Recent bank statements
• Driver's license

Does Lendly Loan report your account activity to credit bureaus?

Yes, Lendly Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are Lendly Loan legit?

Lendly Loan was founded in 2019. It is an established company that has been in business for 4 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.