Lendumo Installment Loan

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
$0 prepayment fee. Accepts cosigners and coborrowers.	Charges an origination fee. Short loan terms (maximum of 1 month). Small loan amounts (maximum of $2,500). Does not offer pre-approval with soft credit pull. Charges a late fee of up to $30

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 fees does Lendumo Installment Loan charge?

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. Lendumo Installment Loan only considers borrowers who are employed. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

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. APRs for the Lendumo Installment Loan product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

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
• Proof of identity
• Proof of citizenship or residence permit

Lendumo Installment Loan Eligibility Criteria

Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Co-borrowers Cosigners Individual Applications
Credit Score	N/A

Does Lendumo Installment Loan report your account activity to credit bureaus?

Yes, Lendumo Installment 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 Lendumo Installment Loan legit?

Lendumo Installment Loan was founded in 2020. It is an established company that has been in business for 3 years.

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