Lendup is a state licensed socially responsible direct lender company that is designed to help borrowers get out of the debt cycle and become more credit worthy. It provides loans which help you build your credit worthiness. Lendup is considered as a better alternative to payday loans. It raises over $ 50 million from Victory Park Capital to disrupt payday lending. This adds up to the $18 million in equity funding it has raised from investors including Data Collective, Google Ventures ,QED and others.Lendup aims at making the loan experience for non banking for individuals more transparent and fair.Lendup targets those individuals looking for a speedy fix to a short term financial need the simplest way to borrow money without much hassle and at lower interest rates.Lendup positions itself as a technology savvy direct lender using technology and big data to ensure consumers with poor or no credit access short term, small dollar loans and build their credit while doing so. Big data also helps Lendup carry out risk analysis and assess credit worthiness of its customers.
Lendup charges a variety of APRs for their loans which according to their official website ranges from 199.53% to 748.77%. You may however access to APRs as low as 29% when you reach the Prime tier.
How does Lendup Work?
The Lendup process works in three steps as mentioned below:
- Apply online in a very short time, as little as 5 minutes
- Being an online lender, Lendup uses a proprietary algorithm to provide you with an immediate response
- In not more than 15 minutes, your money will have been deposited in your account. There are no hidden costs.
Material composition of Lendup
According to the information provided on Lendup’s official website, no mention of its components is provided.
The Benefits of Lendup
- There is no involvement of middlemen. You deal directly with Lendup
- There is no spam as your personal is kept private and secure
- You are rewarded for your responsibility such that when you get to pay your loans in time, you get 1000 points that can help you climb the Lendup ladder giving you more access to money at lower rates over time where applicable
- Ease of deposit of cash into your bank account which is easily accessible while you are on the go or from your laptop
- It offers free Online Credit Education Courses Which also boosts you up the ladder
- Application is fast and it takes as short time as 5 minutes
- It provides 15 minute deposit option with small affordable fees
- Instant decision making
- It offers loans at lower rates
- No hidden costs or fees
- With Lendup you can easily access loans on your mobile
Drawbacks of Lendup
- It can take up to four days for with people with good credit to be approved for loans
- You may be inconvenienced when you need money urgently
- Loans for users with non-participating banks are not provided instantly on application
Instructions for using Lendup
When you realize you are really in need of cash and at the same time you are short of cash, you simply need to log onto their website which is provided in their official page, log in your details and provide the information needed. After successful application then you are good to go.
The precautions associated with using Lendup
So far there have been no reviews or reported precautions to take while using Lendup as it is considered safe to use.
The side effects of Lendup
Lendup is a direct lender company that has no side effects.
Does Lendup interact with other medication?
Lendup is a licensed company that helps people borrow loans at affordable rates and is safe to use by any individual undertaking any medication.
You may at one time or the other found yourself in a situation whereby you need to borrow money. Of course you would want to borrow money from lenders with suitable terms of payment such as the costs involved, rate of interest and terms and conditions. Lendup being a especially responsible lending company provides you with a solution to access loans at affordable interest rates and at the same time earn points for repaying your loans on time, taking online educative courses and even referring friends.