As another reliable alternative lender, LendUp offers unsecured loans that range from $100 to $500. Loan duration is up to a month for single-payment loans and several months for installment loans. If approved, you can also receive funding in as little as one business day.

LendUp offers single-payment loans and installment loans. Their single-payment loans are like payday loans. The only difference is that they are cheaper. Their installment loans come with lowers APRs than their single-payment loans but are still more expensive than traditional personal loans. It’s like short-term installment loans.

LendUp doesn’t disclose their APRs correctly on their site. And their APR is not easy to find because they are affected by many factors: the amount, the type of the loan, the credit score, and the state.

We and many other leading financial sites tried to find it, but the truth is that all sites list different values. This means that there is no exact answer. But roughly, things look like that:

• Single-payment loans: Up to $500 ; APR: 150% – $1,000%.
• Installment loans: Up to $400 ; APR: $30% – $180%.

Through its LendUp Ladder, you can also rebuild your credit profile. Each time you make on-time loan payments and complete its free education courses, points are credited to your account. As you reach new milestones, you’re able to access increased borrowing amounts and can also have your credit history sent to major credit bureaus. The program is designed to help borrowers increase their credit scores and receive more favorable loan terms.

Its milestones look like this:

• Silver members can receive up to $250 for a single-payment loan.
• Gold members can receive up to $250 for a single-payment loan and up to $200 for an installment loan.
• Platinum members can receive up to $250 for a single-payment loan and up to $500 for an installment loan.
• Prime members can receive up to $250 for a single-payment loan, up to $500 for an installment loan, and up to $500 for a Prime loan.

Platinum members can also opt into the credit reporting program, while Prime members are automatically enrolled. LendUp’s alternative loans are only available in select states. These include: California, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, and Wisconsin.

Pros:

• Loans are available to those with bad credit.
• Receive funds in as little as one business day.
• LendUp has no annual income requirement.
• Installment loan APRs are extremely affordable and range from 30% to 180%.
• Through its LendUp Ladder, you earn points that can lead to larger borrowing amounts and help increase your credit score.
• LendUp offers credit education courses that aim to increase your financial knowledge.

Cons:

• Single payment loans have APRs that range from 156.43% to 1,016.79%.
• Loans can have fees upwards of 20% of the amount borrowed.
• Loans are only available in California, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, and Wisconsin.

Best for: Really Bad Credit