Lift Credit is a direct online lender based in Provo, Utah, that offers an alternative to payday loans for people with poor or bad credit. The company was launched in 2012 by Travis Hansen and his friend Jake as 2Guys Loans. In early 2015 the company was renamed as Lift Credit.
Lift Credit offers a flexible credit product that bridges the gap between a payday loan and a regular consumer installment loan. The rates are high for a bank loan but inexpensive when compared to regular payday loans. There are no credit checks and terms can be adapted to individual needs and circumstances. To qualify, borrowers must either phone or fill in an online application. A loan officer will then call back to finalize the application process. It's possible for borrowers to get their money in as little as two hours.
Rates range from 99% APR to 450% APR and vary depending on the borrower's credit history with Lift Credit and the length of the loan.
Loan amounts range from $100 to $2,500. Lift Credit does not provide a table of rates based on the term of the loan. In fact, they will not tell you what terms you qualify for until you actually apply for a loan online. Having said that, the maximum term is 18 months. To illustrate, a $1,000 loan for 18 months may cost a minimum of $1,962 ($109 a month) with a 99% APR.
Currently, Lift Credit only operates in Utah, Wisconsin and Idaho.
The application process is either online or over the phone. Once completed, a Lift loan officer calls the borrower and explains the terms and rates available. To qualify, borrowers must be at least 18 years old, a resident of Idaho, Wisconsin or Utah, have a bank account that is at least five months old, a monthly income of at least $1,300 (before taxes), been employed for at least five months in their current employment and not be a member of the military.
Lift Credit is available to borrowers with poor and bad credit but offers much lower rates than traditional payday lenders. Rates range from 99% APR to 450% APR, which is as much as half the average rate in the industry. The application process is done online and cash is deposited directly to your account. Lift Credit lowers the rates and improves the terms of borrowers who pay off their loans and can show a solid pay repayment history. There is no penalty for paying early, in fact borrowers can save on interest by doing so.