My husband and I stumbled across Lendup from Credit Karma. Like others we were in a financial bind due to an accident, so we gave it a try. Plus it said they report to the credit bureau so why not help our credit. We take a loan out and continue to do this 10 times, thinking it's making our credit better. We no longer needed the loan but we thought we were helping ourselves. After the 10th time we finally reach platinum level. Now we get the opportunity to be reported to the credit bureau.
We wasted so much money in interest. Not only does it take ten loans, but in order for you to have it reported you must take out an additional loan. Yes the current loan we had was literally pointless. To get it reported you have to take out a $200 loan with installments of $30 a month. You must take out the original loan ten times to even get the second loan. There is no way around it, as we have found out. But to get it reported you must pay an additional $5 month fee.
Not only that, but we needed a 2 day extension one month and they said they were not able to do so. So they try to take the money from our account except it wasn't able to go through. So when we get paid two days later we pay the loan. We then try to take it out again thinking we're doing good. But no, we are no longer allowed to, because they couldn't get their payment on the due date.
I'm furious and of course you can't speak to anyone, so you have to email. The lady then tells me if we want to take the loan out again I will need to open another bank account to use for the loan. They had no problem receiving our payment from the original bank account we used but they couldn't use that account to deposit money back. We've already paid so much in interest we didn't want to waste what we paid, so we opened up another account just so we could get the loan that reported to the bureau. Yes it was stupid but after paying their interest on ten loans, we were finally at the spot where we had to get it reported, because our credit really needed some help.
This company is a total scam, just looking for people who are in need of help and thinking they are benefiting themselves when in reality you're not. We've done the installment loan twice and still no report on our credit. We are paying it off and have already reported them for falsifying information. And this past week we've received 7 emails stating we overpaid and are due for a refund, but all we need to do is update our current bank account. If you have other options, then please do not try Lendup, you'll regret it.
Bottom Line: No, I would not recommend this to a friend
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