Pros / It offers longer payoff terms.
Cons / LendUp’s services are only available in seven states.
Verdict / LendUp has decent rates, but it’s not very widespread and doesn’t have many other services.
LendUp is one of the smaller payday lenders we reviewed. It only offers its loans in nine states, which is the fewest of any lender we reviewed. In the past year or so, it has reduced the number of states it operates in and has begun offering additional services like credit cards.
The loans LendUp offers compare well to those at payday lenders like Check Into Cash. Because each state has its own laws about how much payday lenders can charge, fees vary depending on where you live. The highest fee we saw LendUp charge was $25 per $100 borrowed, which is about average. The lowest was $17 per $100 borrowed. This range is small mostly because the company serves so few states. LendUp doesn’t operate in many of the states with especially strict payday loan regulations, but it doesn’t appear to take advantage of states with lax regulations.
LendUp offers smaller loans than other lenders, with a maximum amount of $500. If you need a loan for a costly emergency expense, you may be better off using another lender. Loan terms range from 14 to 30 days.
In addition to loans, LendUp offers resources and tools to improve financial health in the form of the LendUp Ladder. This gives you points for each loan you successfully pay off and for taking any of the financial courses it offers. As you move up the ladder, you get better rates and higher loan amounts, and at certain levels, your loans are reported to the credit bureaus. Like most payday lenders, LendUp doesn’t typically report to the credit bureaus, and getting loans that are reported can help you build your credit, giving you access to lower interest rate loans through banks.
LendUp has also begun offering credit cards with a similar goal of helping borrowers with bad credit improve their scores. It has relatively low APRs and small credit limits that can be increased by making on-time payments. If you’re interested in its credit card, you need to sign up for a waitlist, as it is not widely available yet.