Last Updated: 04/18/2025
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Highlights
APR (Variable APR)
N/A
Amount Range
Up to $2,500
Loan Term (Months)
Up to 1
Lendumo Installment Loan Review
Lendumo Installment Loan is offered by Lendumo, a nonbank financial services provider founded in 2020 and based in Lac du Flambeau, WI. Lendumo Installment Loan are available in 50 states and Washington, DC.
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.
- Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Lendumo Installment Loan.
Lendumo Installment Loan Pros & Cons
| Pros | Cons |
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Lendumo Installment Loan FAQ
What interest rates and personal loan terms does Lendumo Installment Loan offer?
Lendumo Installment Loan has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Lendumo Installment Loan offer?
Lendumo Installment Loan offers a variable APR personal loan product but they do not disclose their interest rates.
What is the maximum loan term you can get with Lendumo Installment Loan?
Lendumo Installment Loan offers loans with terms of up to 1 months.
| Personal Loan Amount | up to $2500 |
| Loan Term | up to 1 months |
| APR | N/A |
What fees does Lendumo Installment Loan charge?
Does Lendumo Installment Loan charge an origination fee?
Lendumo Installment Loan may charge a personal loan origination fee .
Does Lendumo Installment Loan charge a late fee?
Yes, Lendumo Installment Loan may charge a late payment fee if you miss one of the regularly scheduled payments of up to $30.
Does Lendumo Installment Loan charge prepayment fees?
No, Lendumo Installment 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 | No |
| Prepayment Fee | No |
| Late Payment Fee | up to $30 |
What do you need to qualify for Lendumo Installment Loan?
Lendumo Installment Loan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Lendumo Installment Loan does not have or does not disclose a minimum annual income eligibility requirement. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Lendumo Installment Loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Driver's license or other government photo ID
- Proof of identity
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
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| Credit Score | N/A |
Does Lendumo Installment Loan report your account activity to credit bureaus?
Yes, Lendumo Installment Loan reports to the following credit bureaus:
- 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 build your credit.
Does Lendumo perform a hard credit pull?
Yes, Lendumo Installment Loan performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
Are Lendumo Installment Loan legit?
Lendumo was founded in 2020. It is an established company that has been in business for 6 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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Learn MoreSuperMoney Net Recommendation Score
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