LendUp Personal Loans Review of February 2024

Last Update: March 11, 2023 Loan Reviews

LendUp doesn’t provide loans anymore. If you are looking for a loan, please visit our marketplace.

LendUp in a nutshell

LendUp is a type of improved payday loans companies. Use LendUp, and companies like it only if you can’t get a personal loan and your chances are payday loans only. Payday loans are predatory. They typically offer up to $1,000, with an APR of 400%, and people very often come in a debt cycle. Personal loans typically offer over $5,000, and APR is 5.99% to 35.99%. If we have to define LendUp and companies like them, this will be between personal and payday loans. Typically these companies offer about $1,000 to $5,000, and APR is between 36% to 400%. But these companies seem that don’t want you in a debt cycle. They offer much more flexibility. This means that if you can’t get the loan on time, they will offer you options to delay it, opportunities to skip a payment, refinance options. Some of them work with you to increase your credit score by providing you educational materials or reporting your positive payment history to bureaus. Some of them agree to lower the APR for people who pay their loans on time. Approving these loans is much easier for people with really bad credit. We at ElitePersonalFinance don’t list payday loans and auto title loans and recommend people to avoid them. We list only a few companies of these improved payday loans. We recommend them only if you really can’t get a personal loan.

Loan Amount:$100 – $500
APR:150% – $1,000% for Single-Payment Loans
30% – 180% for Installment Loans
Min. Credit Score:0
Approval:< 1 Day
Origination Fee:Up to $25%
DTI Ratio:N/A
Check rates

What You have to Know about LendUp Loans?


If a customer’s payment is returned unpaid by the customer’s bank for reasons such as insufficient funds, LendUp charges a one-time returned check fee of $10 to $15.

  • No application fees.
  • No pre-payment fees.
  • No returned check fees.
  • No annual fees.

LendUp qualification criteria:

  • 18 years old,
  • U.S. citizen, permanent resident,
  • SSN or passport,
  • Min. credit score: 0,
  • A bank account that accepts ACH transfers,
  • Employment or income verification in some states,
  • To live in one of the states where LendUp operates.

Other Facts about LendUp

  • LendUp offers unsecured loans.
  • The company reviews your bank transactions and looks at data from Clarity Services.
  • Type of credit check: LendUp won’t check your credit score.
  • LendUp is not so flexible because of its late fee.
  • LendUp provides flexibility. You can extend payment time on lump-sum loans without a late fee.
  • LendUp offers financial education to help you increase your credit report.
  • Reports some installment loan payments to Experian, Equifax, and TransUnion.
  • LendUp helps you build credit by reports to Experian, Equifax, and TransUnion.

Best for

  • People with really bad credit.

The Application Process

  • Register and check your rate. There are no application fees and no obligations.
  • Check your terms select the offer that works best for you, and finish your application.
  • Verify your info.
  • Receive your funds.

LendUp vs. Other  Loans for Really Bad Credit

Loan Company:Amount:Min. Credit Score:APR:
LendUp$100 – $500030% – 1,000%
OppLoans$500 – $4,000059% – 160%
BadCreditLoans$500 – $10,00005.99% – 35.99%

Now Let’s Review LendUp in Details

Here at ElitePersonalFinance, we’ve reviewed plenty of online lenders that offer all kinds of products, from payday loans to installment loans and even large personal loans up to $35,000. Payday lending portals are the most common on the Internet, making up most of what we have reviewed and what you might find on an Internet ad.

LendUp is different. They’re not a lending portal: they’re a lender, licensed in states across the country. If they’re not in your state, don’t worry: they’ll be in your state soon. They pride themselves on being a socially responsible lender, promising not to leave you rolling down the “chute” into deeper and deeper debt.

Their main selling point is the “ladder,” which allows people to get better rates and “points” toward a higher service level. Not only this, but borrowers can eventually start to borrow loans that will appear on their credit history. This is much different from a typical payday lender, where the loans don’t appear anywhere on their credit report, and the payments don’t count toward their credit score.

We’re going to review LendUp and look critically at what they are offering: is it a scam? Is it worth it? We’re about to find out.

What is LendUp?

LendUp is a direct lender based out of the USA. Because they lend money directly over the Internet, they have the ability to set their own terms for how much the loans cost and what benefit the loans have to the borrower.

It is currently available in the following states: Alabama, California, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maine, Minnesota, Mississippi, Missouri, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming.

They offer two main types of loans: short-term loans and installment loans. Short-term loans are the types of loans you see very commonly on a payday loan website or at your payday dealer: small loans that cost a fair bit in interest and have additional finance charges associated with them. A short-term loan requires that you pay the entire loan, in full, on the due date. If you cannot do this, you will be charged exorbitant l