LendUp no longer offers single-pay or installment loans.
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LendUp has ceased offering single-pay or installment loans.
LendUp has stopped offering new loans. The lender previously offered high-interest installment and single-payment loans.
Updated on Dec 22nd 2021.
The majority or all of the products we feature come from our partners who compensate us. This affects the products we review as well as the place and way the product is displayed on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and .
LendUp is an online lender that offered the highest-interest single-payment and installment loans to those with low credit scores, has stopped originating new loans as per the announcement made in December 2021 by the Consumer Financial Protection Bureau. LendUp has agreed to stop offering loans to settle a lawsuit filed by the bureau earlier in 2021. The lender was the subject of numerous enforcement actions by the CFPB throughout the years.
The loans it provided were modest generally a few hundred dollars — with interest rates that reached the highs of 1,250 percent. There are small loans that have lower rates at other online lenders, credit unions and banks.
>> MORE:
Alternatives to LendUp
Banks, online lenders and credit unions may provide small loans to borrowers with imperfect credit or none at all. Take a look at these options, along with , if you need cash fast.
Online lending
Some lenders online offer personal loans for bad-credit borrowers, or those who have FICOs that are lower than 630.
generally have higher rates than banks and credit unions. The online lenders with the highest focus on consumer don’t have to be more than 36%..
The lender offers loans starting at $1,000 and requires a minimum credit score of 560. The lender also offers credit-building tools as well as a discount to set up automatic payments.
Offers loans starting at $300 to those with fair credit (630 to 689 FICO) or with no credit. The maximum loan APR is 35.99 percent.
The company offers installment loans to those with poor or no credit to cover things like emergencies, immigration expenses and home weatherization. Its loans are only available in a handful of states, and loan amounts and rates differ by purpose and state.
>> COMPARE:
NerdWallet’s ratings are determined by the editorial staff. The scoring formula considers factors we consider to be beneficial to the consumer, such as impact on credit score, rates and fees customers’ experience, and ethical lending practices.
The ratings of NerdWallet are based on the opinions of the team of editors. The scoring formula is based on aspects we consider to be consumer-friendly, including impact on credit score, rates and fees, customer experience and ethical lending practices.
The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula is based on aspects we consider to be beneficial to consumers, including the impact on credit scores rates and fees, customer experience and ethical lending practices.
Est. APR 20.05-35.99 percent
Est. APR 11.69-35.93 percent
Est. APR 18.00-35.99 percent
The loan term is between 1 and 5 years
A loan term ranging from between 3 and 5 years
A loan term ranging from 2 to 5 years
Amount of loan: $300-$12,000
Loan amount $1,000-$50,000
Loan amount $1,500-$20,000
Min. credit score None
Min. credit score 560
Min. credit score Non e
See if you pre-qualify for a personal loan – without affecting your credit score
Simply answer a few questions to receive customized rate estimates from several lenders.
Credit unions
We offer personal loans that start as low as just a few hundred dollars but you have to be a member of the organization to take out a loan.
These non-profit institutions may have lower borrowing requirements than banks. They take income and credit as part of your whole financial picture, which includes your past history as a credit union member, in assessing the details of your loan application. Federal credit unions cap APRs at 18%..
The program, which is primarily for family members of military personnel and their families, provides loan amounts of as little as $250.
Minimum loan amount is the minimum amount for loans is $500. The credit union serves employees of specific telecom companies, employees of the state of Oregon and people who live or work for Lane County, Oregon.
Credit unions offer loans for up to $2,000, with a maximum APR of 28% and repayment terms between one and 12 months. They’re not as popular as personal loans however hundreds of credit unions offer these.
Banks
Two major banks provide small-dollar loans.
The loan ranges from $100 to $1,000, for a cost of $15 or $6 per $100 that is borrowed.
lets customers get up to $500 in loans for the cost of a flat $5.
Both loans are available only to customers who are already customers and can be repaid in three monthly installments. Both banks check your credit score by using an application to get the loan.
What are the things to look for when a lender
NerdWallet recommends using a lender who:
Reports on your credit score and payments to the three major credit bureaus. On-time payments help you build credit.
Caps APRs at 36% This is the most expensive rate that an affordable loan could have as per the majority of consumers’ advocates.
Provides terms for repayment of at least a few months, so that you have time to repay the loan in addition to the other costs.
What do you need to be aware of about LendUp
LendUp has an established history with consumer and business oversight bodies. Through the years the organizations have claimed LendUp of breaking consumer protection laws and ordered the lender to pay millions in refunds and penalties.
Here are the run-ins LendUp has encountered with regulatory agencies:
In 2016, LendUp agreed to pay $2.68 million in fees, refunds, and penalties in order to resolve a lawsuit against the California Department of Business Oversight, which alleged that LendUp was in violation of its state’s installment as well as payday loan laws.
In 2016 in 2016, the CFPB ordered the company to repay $3.63 million in fines and refunds due to misleading the borrowers. The CFPB stated that LendUp offered some customers incorrect information regarding the actual cost of LendUp loans and advertised that all borrowers could receive lower-cost loans even though they weren’t able to, and advertised that the company made payments to credit bureaus even though it didn’t. LendUp also didn’t divulge certain fees in its APR, making loans appear less expensive than they actually were.
In a 2020 lawsuit in 2020, the CFPB stated that LendUp had made loans that violated the Military Lending Act beginning in October 2016. The law prohibits lenders from issuing loans with annual percentage rates above 36% to active-duty service members and their dependents. According to the suit, LendUp made over 4,000 loans with higher interest rates for more than 1200 secured borrowers. LendUp settled the case in 2021, agreeing to make payments of $300,000 to customers and a $950,000 penalty.
In September 2021 The CFPB announced another lawsuit against LendUp in connection with alleged violations of the consent order from 2016 prohibiting the company from misleadingly promoting the benefits of borrowing and promoting that borrowing again from LendUp would lead to lower rates. The lawsuit also accuses LendUp of not providing timely in some cases as well as not adequately describing the reasons for credit denial on the notices in others. The allegations would place LendUp in violation of fair lending laws. In exchange for settling the lawsuit, LendUp agreed to stop making new loans, halt collection on certain loans and to pay a $100,000 civil penalty.
About the writer Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.
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