About LendUp

By HighYa Staff

Searching for a reputable payday lender may seem impossible, but LendUp claims to provide a solution. Instead of causing individuals to become trapped in debt through extremely high interest rates and fuzzy terms, LendUp is a socially responsible direct lender that can help you build your credit, and gain access to more money over time.

But does LendUp live up to these expectations? Let’s take a look.

Understanding How LendUp Works

If you’re one of the millions of Americans who work hard but find themselves “locked in the short-term debt trap,” LendUp claims to provide a solution. Instead of keeping you trapped in debt, LendUp has a unique system in place that allows you to quickly access payday loans, and to earn points for things like repaying your loan on time, taking education courses, and even referring friends. The company calls this “climbing the ladder,” and the program spans four different tiers:

  • Silver – Borrow up to $250 for as long as 30 days. Will need to be repaid all at once.
  • Gold – Borrow up to $500 for as long as 60 days. Multiple payments can be made.
  • Platinum – Borrow up to $700 for as long as 6 months. Multiple payments can be made.
  • Prime – Borrow up to $1,000 for as long as 12 months. Multiple payments can be made. On top of this, once you reach the Prime level, you can report your repayment behavior to the major credit bureaus and may be eligible for APRs as low as 29%.

When you’re ready to apply for a LendUp loan, the process works in three steps:

  1. Apply online in as little as 5 minutes.
  2. Since LendUp is a direct lender, they use a proprietary algorithm to provide you with an immediate response.
  3. Your money can be deposited directly into your bank account in as little as 15 minutes. LendUp claims that their loans contain no hidden fees or rollovers, and feature clear terms and conditions.

When it comes time to repay your loan, you can either pay your it in advance, or LendUp will automatically withdraw the payment directly from your bank account.

As part of their commitment to socially responsible lending, LendUp claims to understand that they only succeed when you’re able to repay your loan, so they’ve created an environment to work with you when the unexpected happens. This includes loan extensions up to 30 days, and even beyond this as decided on a case-by-case basis.

LendUp Pricing & Refund Policy

LendUp charges a variety of APRs for their loans. As of the time of this writing, this ranged anywhere from 199.53% to 748.77%, although once you reach the Prime tier, you may have access to APRs as low as 29%.

What Do Other Consumers Have to Say About LendUp?

LendUp has been featured in TIME, the Wall Street Journal, Inc., and more, and has been in business since 2012. However, the company is not listed with the Better Business Bureau, and online customer reviews were few and far between during our research.

Despite this, some of the most common complaints we encountered cited difficulty reporting your LendUp loans to credit reporting agencies, and that there is no direct phone number to contact someone at the company. With this said, it appears LendUp responds to complaints quickly.

What’s the Bottom Line About LendUp?

Similar to Rapid Loans Direct, Greenlight Loans, CashAdvance.com, and others, LendUp is a short-term payday lender, regardless of how socially responsible they claim to be. This means they charge very high interest rates for their loans, which are essentially the same as competing payday lenders. And as we’ve recommended in the past, it’s best to stay away from these types of loans if at all possible.

With this said, LendUp does seem to take a “kinder, gentler” approach to payday lending, with 30-day extensions available, and even beyond depending on your situation. So if you absolutely must take out a short-term payday loan, LendUp appears to be a solid choice.

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Read 137 LendUp Customer Reviews and Complaints

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Average Consumer Rating: 2.8
Rating Snapshot:
5 star: 53 4 star: 8 3 star: 3 2 star: 10 1 star:  63
Bottom Line: 46% would recommend it to a friend
Showing 1-11 of 137
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  • 8 out 9 people found this review helpful

    Simply Amazing

    • Minnesota,
    • Jul 7, 2015

    I just reached gold status and can now take out $300 vs $250 and the pay back amount got cheaper. I've used this twice a month for the past 3 months with no problem. I do agree with the first review above me when they take the money out of your account it could be faster so you can take out another loan right away. I personally pay the $10 to use my card so I can take another out Right away. If I could save $10 by having them take it out right away that'd be amazing. I'm very excited to work my way up the ladder so they can start reporting it so I it'll build my credit. LendUp has saved me financially and has thought me how to be more responsible with my money. Not to mention I do everything from my mobile device. Could it be any more convenient and easy? Thank you LendUp truly a blessing of a company.

    Bottom Line: Yes, I would recommend this to a friend

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  • 10 out 10 people found this review helpful

    Two thumbs up!

    • Dallas,
    • Oct 15, 2014

    Easy and fast! They don't make you feel like a loser because you made financial mistakes in the past. They sincerely want to help you rebuild your credit if you are now choosing to be responsible and accountable with your finances moving forward. I totally recommend!

    Bottom Line: Yes, I would recommend this to a friend

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    • Dec 20, 2014

      Kristy,

      They want me to send my monthly payment on a green dot card and say they will then deposit money into my account. Is this legit?

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  • 10 out 11 people found this review helpful

    So far so good.

    • Texas,
    • Jul 7, 2015

    I was looking to build my credit and credit karma suggested I try a loan with LendUp. I got approved and got my money the next day as they stated. As I was reading into it they state it doesn't get reported to credit agency until you take out bigger loans. I don't need the money and don't want to be having to take out a loan after every paycheck so I'm going to stop at just one loan. It was very simple though and if anyone were to really be stuck in a rut this is the site I would recommend them to. Sorry to anyone who gave them bad reviews because you didn't get approved. Maybe it's time to re evaluate your finances.

    Bottom Line: Yes, I would recommend this to a friend

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  • 7 out 9 people found this review helpful

    Socially Responsible lending- at last!

    • Bay Area, CA,
    • Nov 15, 2014

    I recommend that people truly read the LendUp website - they are far more fair about their lending, because they give you a steady path towards a financial recovery. Each successful loan moves you up the Ladder, towards lower costs and higher limits, and eventually towards 3- bureau credit reporting. I can't find anyone else that comes close, for credit challenged borrowers.

    My highest recommendation. Also, their client service is second to *none* - friendly, knowledgeable, and responsive to questions. If you have concerns, contact them and they will answer anything you need. Know what you are getting - but know they will deal with you with fairness and compassion.

    Bottom Line: Yes, I would recommend this to a friend

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  • 2 out 3 people found this review helpful

    LendUp is a very good company and nothing like a payday loan

    • Navasota, TX,
    • Jul 9, 2015

    LendUp is very good company with no hidden fees who are loyal to their customers. They truly work with you by asking you how much money you need and you give them your own timeframe on when you can pay it back. They put the money in your account and then when that clears, I get another loan. I love them.

    Bottom Line: Yes, I would recommend this to a friend

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  • 7 out 7 people found this review helpful

    Really easy

    • California,
    • Jul 9, 2015

    Long story short, I forgot to pay my cable bill and it was due to be disconnected the next day. I took out a loan with lend up for $150 so I could pay my bill and avoid the horrendous re-connection charges. The process was easy. I just entered my persona, bank, and employment info and was approved within minutes. I don't think my credit score had anything to do with it, it's only at 575. LendUp took the payment right out of my account (took 3 days, but who cares) and I didn't have to do anything. If I ever find myself in need of another payday loan, I'm going straight back to LendUp.

    Bottom Line: Yes, I would recommend this to a friend

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  • 5 out 5 people found this review helpful

    Great. I will always use them

    • Hemet, CA,
    • Jul 11, 2015

    Needed money, didn't think it would work. Sent me $100 really fast, same day. Thanks Lendup.

    Bottom Line: Yes, I would recommend this to a friend

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  • 5 out 5 people found this review helpful

    Great service

    • Washington,
    • Jan 12, 2015

    Simple and quick. One suggestion for the negative reviews. You have to have a checking account in good standing. This is so they can automatically take their payment on the due date. If you do not have proof of income and a verifiable checking account you will not be approved. I found this to be a great service.

    Bottom Line: Yes, I would recommend this to a friend

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  • 8 out 8 people found this review helpful

    There shouldn't be any bad reviews!

    • Houston, Texas,
    • Jan 22, 2015

    I found this site on CreditKarma because I was in need of $300 just to get me to my next payday. So I applied online and let me tell you that I have a credit score of 538. I applied and was approved instantly and the money was in my account the next business day. A lot of people probably haven't filled out the information correctly and some say they were scammed but LendIp never asks for you to purchase a green dot card or anything the reviewers have claimed. So most likely it seems as if they were scammed by another company.

    Bottom Line: Yes, I would recommend this to a friend

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  • 6 out 6 people found this review helpful

    Super easy

    • Vancouver, Washington,
    • Jan 29, 2015

    Was a simple process. They just need the correct information. Was reviewed and approved.

    Bottom Line: Yes, I would recommend this to a friend

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  • 6 out 7 people found this review helpful

    Excellent company

    • Los Angeles, CA,
    • Jun 19, 2015

    I haven't had any problems with LendUp. My first time applying online was on January 8th, 2015 for $250.00. It was an emergency at my apartment, as we have until the third of the month to pay rent. On the 4th, our manager charges a late fee. My credit is bad and LendUp instantly approved me. I would like to recommended two other legitimate cash advance or Pay Day Loans. I was also approved for Check 'n Go, and Cash Central. They seem legitimate.

    Bottom Line: Yes, I would recommend this to a friend

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