Lendly Loan
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| APR | N/A |
| Loan Amount | Up to $2,000 |
| Loan Term (Months) | Starting at 12 months |
Lendly Loan Review
Lendly Loan is offered by Lendly, a direct lender founded in 2019 and based in Dayton, OH. Lendly Loan is available in 12 states across the USA.
- 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.
| Pros | Cons |
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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 interest rates does Lendly Loan offer?
Lendly Loan offers a variable APR personal loan product but they do not disclose their interest rates.
| Personal Loan Amount | up to $2000 |
| Loan Term | Starting at 12 months |
| APR | N/A |
What fees does Lendly Loan charge?
Does Lendly Loan charge an origination fee?
Lendly Loan does not charge a personal loan origination fee.
A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Lendly Loan charge a late fee?
Yes, Lendly Loan may charge borrowers a late payment fee if you miss one of the monthly payments.
Does Lendly Loan charge prepayment fees?
No, Lendly Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | 0% |
| Prepayment Fee | No |
| Late Payment Fee | $0 |
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 are, of course, eligible for the services offered by Lendly Loan. Permanent resident / green card holders are also eligible to apply.
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
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted |
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| Credit Score | 300 - 850 FICO |
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.
Availability
- Alaska
- Arkansas
- Arizona
- Idaho
- Louisiana
- Minnesota
- New Mexico
- South Carolina
- Tennessee
- Texas
- Utah
- Wisconsin
Feature Breakdown
| Late Fee Amount | $0 |
| No Origination Fee | |
| No Prepayment Fee | |
| Origination Fee ($) | $0 |
| Origination Fee (%) | 0% |
| No Interest Grace Period for Late Payment | 0 days |
| No Late Fees |
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