LendUp No Longer Offers single-pay or installment loans.

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LendUp has ceased offering the option of single or installment-based loans.
LendUp has stopped offering new loans. The lender previously offered single-payment and high-interest installment loans.


Last updated on Dec 22, 2021

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LendUp is an online lender offering one-payment and high-interest installment loans to those with low credit, is no longer able to originate new loans as per the announcement made in December 2021 by the Consumer Financial Protection Bureau. LendUp agreed to stop making loans in order to settle an action brought by the bureau earlier in 2021. The lender was the focus of several enforcement actions by the CFPB in the past.
The loans they offered were modest -- usually a few hundred dollars, with interest rates that reached as high as 1,250 percent. You can find small loans that have lower rates at other online lenders, credit unions and banks.
>> MORE:
Alternatives to LendUp
Banks, online lenders, and credit unions are able to provide small loans for borrowers with weak credit or no credit history. Take a look at these options, along with , if you need cash fast.
Online lender
Certain online lenders offer personal loans to borrowers with poor credit or those who have FICOs that are lower than 630.
tend to have higher prices than credit unions and banks. The online lenders with the highest focus on consumer don't have to be more than 36%..
offers loans that start at $1,000 and require a minimum credit score of 560. The lender offers credit-building tools as well as a discount for setting up automatic payments.
Offers loans starting at $300 for those with fair credit (630 to 689 FICO) or no credit. Loan APRs are capped at 35.99%.
makes installment loans for borrowers with poor or no credit, for items like emergencies, immigration expenses or home climateization. The company's loans are only available in few states, and loan amounts and rates differ according to the purpose and the state.
>> COMPARE:
NerdWallet's ratings are evaluated by our team of editors. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.


The ratings of NerdWallet are based on the opinions of the team of editors. The scoring formula is based on factors we consider to be beneficial to consumers, including impact to credit score, fees and rates, customer experience and responsible lending practices.


The NerdWallet ratings are decided by our team of editors. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score rate and fees, customer service and ethical lending practices.


Est. APR 20.05-35.99 percent

Est. APR 11.69-35.93%

Est. APR 18.00-35.99 Percentage

A loan term ranging from 1 - 5 Years

Loan term 3 to 5 years

Loan term 2 to 5 years

Loan amount $300-$12,000

Amount of loan: $1,000-$50,000

Loan amount $1,500-$20,000

Min. credit score None

Min. credit score 560

Min. credit score Not e






Find out if you're pre-qualified for an individual loan without impacting your credit score
Answer a few simple questions to receive an estimate of your personal rate from a variety of lenders.



Credit unions
They offer personal loans that start as low as just a few hundred dollars however, you must be a member in order to get one.
These non-profit institutions may have lower requirements for borrowing than banks. They look at income and credit as a part of your overall financial picture, which includes the history of your credit union member, in assessing their loan application. Federal credit unions limit APRs at 18%..
, which serves primarily military members and their families and their families, provides loan amounts of as little as $250.
Minimum loan amount is $500. The credit union serves employees of certain telecom companies as well as employees of the state of Oregon as well as those who live in the county or are employed by Lane County, Oregon.
are credit union loans that can be up to $2,000 with APRs capped at 28% and repayment terms between one and twelve months. They're not as well-known as personal loans, but numerous credit unions provide these.
Banks
Two major banks offer small-dollar loans.
The loan ranges from $100 to $1,000, with a fee of either $15 or $6 for each $100 that is borrowed.
allows customers to borrow up to $500 for the cost of a flat $5.
Both loans are available only to current customers and repaid in three monthly installments. Both banks check your credit score by using the time you apply in for the loan.
What are the things to look for when the creditor
NerdWallet suggests using a lender who:
Checks your credit and reports your payments to three major credit bureaus. Timely payments help you build credit.
Limits APRs to 36 percent The most expensive rate that an affordable loan can get, according to most consumer advocates.
Provides terms for repayment of at least a few months, to give you time to pay back the loan and still keep up with your other expenses.

What do you need to learn about LendUp
LendUp has a long track record with consumer and business oversight agencies. Through the years, these organizations have claimed LendUp of violating consumer protection laws and demanded that the lender pay millions in refunds and penalties.
Here are the run-ins LendUp has had with regulatory agencies:
In 2016 LendUp agreed to pay $2.68 million in fees, refunds and penalties in order to settle a lawsuit filed by the California Department of Business Oversight and alleged that LendUp violated the state's installment and payday loan laws.
In 2016 the CFPB ordered the company to pay $3.63 million in fines and reimbursements for deceiving customers. The CFPB stated that LendUp gave some consumers incorrect information regarding the actual cost of LendUp loans they advertising that all borrowers could get low-cost loans but they didn't, and claimed that it made payments to credit bureaus even though it didn't. The company also failed to disclose some fees in its APR which made loans look cheaper than they were.
In a 2020 lawsuit in 2020, the CFPB alleged that LendUp had issued loans which violated the Military Lending Act beginning in October 2016. The law prohibits lenders from granting loans with annual percentage rates of more than 36% to active duty service or their family members. According to the lawsuit, LendUp made over 4,000 loans with higher rates to more than 1,200 insured borrowers. The lender settled the suit in 2021, agreeing to make payments of $300,000 to customers as well as a penalty of $950,000.
In September 2021, the CFPB issued a second lawsuit against LendUp for allegedly violating the consent order from 2016 prohibiting the company from misleadingly promoting the benefits of borrowing and promoting that borrowing again from LendUp will result in lower rates. The suit also claims LendUp of failing to provide timely in some cases, and not accurately describing the reasons for credit denial on notices issued in other. That accusation would put LendUp in violation of the Fair Lending Act. In order to settle the case, LendUp agreed to stop making new loans, halt collection on certain loans and to pay a $100,000 civil penalty.




About the writer Annie Millerbernd is an individual loans writer. Her work has appeared in The Associated Press and USA Today.







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