LendUp Loans Personal Loans

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The average LendUp customer has a credit score of 550, makes $40,000 to $45,000 a year and has a debt-to-income ratio of 58%, according to the company. People typically use the loan for emergency expenses, says Shultes. Single-payment loans are paid back in full on a certain date, while installment loans are paid back in equal portions over a period of time. Let’s look at cost examples for both: Single-payment loan: On average, LendUp says, a borrower takes $295 and pays it back in 1 month with a fee that is 19% of the amount borrowed. That works out to: Fee: $56. Single payment due: $351. Annual percentage rate: 231%. Installment loan: On average, a LendUp borrower takes $386 for 12 months at an APR of 53%, according to the company. That works out to: Monthly payment: $42. Total interest: $120. Total amount due: $506.

Loan Information

Multiple loan options for bad-credit borrowers, but rates can be as high as payday loans.

Loan Requirements

Have a checking account that accepts ACH transfers. Live in one of the states where LendUp currently accepts borrowers: California, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Wisconsin. LendUp doesn’t check your credit score for approval. It only requires that you have a checking account, a valid phone number and address. The company scans your bank transactions and looks at data from Experian’s Clarity Services, a bureau that collects information on consumers with low credit scores, says Anu Shultes, CEO of LendUp.

Loan Contact

https://www.lendup.com/

+Information

LendUp offers three tiers of loans: single-payment loans, installment loans with rates above 36% and installment loans with rates below 36%. Loans with rates above 36% are classified into silver, gold and platinum, while loans below that rate are called prime loans.

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