LendUp no longer offers single-pay or installment loans.

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LendUp has ceased offering single-pay or installment loans.
LendUp has stopped offering new loans. LendUp used to offer high-interest installment and single-payment loans.


Last updated on Dec 22, 2021.

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LendUp the online lender who offered one-payment and high-interest installment loans to those with low credit scores, has stopped originating new loans in accordance with an announcement in December 2021 from the Consumer Financial Protection Bureau. LendUp was able to cease making loans in order to settle an action brought by the bureau in 2021. The lender was the subject of multiple enforcement actions from the CFPB in the past.
The loans it offered were small generally a few hundred dollars, with interest rates that were up to 1,250%. Small loans with lower rates at other lenders online such as credit unions, banks and credit unions.
>> MORE:
Alternatives to LendUp
Online lenders, banks and credit unions may offer small loans to borrowers with imperfect credit or with no credit history. Think about these options as well, especially in case you need money fast.
Online lender
Certain online lenders offer personal loans for bad-credit borrowers, or those with FICOs below 630.
tend to have higher prices than credit unions and banks. The online lenders with the highest focus on consumer don't have to charge more than 36%.
The lender offers loans that start at $1,000 and requires a minimum credit score of 560. The lender offers credit-building tools as well as a discount to set up automatic payments.
Offers loans starting at $300 for customers that have good credit (630 to 689 FICO) or no credit. The loan APR is capped at 35.99%.
makes installment loans to borrowers with bad or no credit, for items like emergencies, immigration expenses as well as home weatherization. Its loans are only available in one or two states and loan amounts and rates vary by purpose and state.
>> COMPARE:
NerdWallet's ratings are determined by our team of editors. The scoring formula considers aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.


NerdWallet's ratings are determined by the team of editors. The scoring formula takes into account aspects we consider to be consumer-friendly, including the impact on credit score, rates and fees, customer experience and ethical lending practices.


The NerdWallet ratings are decided by our team of editors. The scoring formula considers the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, customer service and responsible lending practices.


Est. APR 20.05-35.99%

Est. APR 11.69-35.93%

Est. APR 18.00-35.99 Percentage

Loan term 1 to 5 years

A loan term ranging from between 3 and 5 years

The loan term is 2-5 years

Loan amount $300-$12,000

Loan amount $1,000-$50,000

Amount of loan $1,500-$20,000

Min. credit score None

Min. credit score 560

Min. credit score Non e






Check if you are pre-qualified for a personal loan and it will not affect your credit score
Answer a few simple questions to receive an estimate of your personal rate from a variety of lenders.



Credit unions
offer personal loans that start as low as several hundred dollars, however, you must be a member in order to get one.
These not-for-profit institutions can have lower borrowing requirements than banks. They take income and credit as a part of your overall financial picture, including your history as a credit union member in assessing their loan application. Federal credit unions cap APRs at 18%.
, which serves primarily family members of military members, offers loan amounts that start at $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 and work in Lane County, Oregon.
are credit union loans for up to $2,000, with a maximum APR of 28 percent and repayment terms ranging from one and 12 months. They're not as common as personal loans, but numerous credit unions provide them.
Banks
Two major banks provide small-dollar loans.
provides $100 to $1,000 for a cost of $15 or $6 per $100 that is borrowed.
Customers can take out loans up to $500 with an annual fee of $5.
Both loans are available only to current customers and repaid in three monthly installments. Both banks will check your credit score using an application to get the loan.
What to look for in the creditor
NerdWallet suggests borrowing from a lender that:
Examine your credit report and makes payments to the three major credit bureaus, since on-time payments can help build credit.
Caps APRs at 36 percent, which is the most affordable rate a loan can have as per the majority of consumers' advocates.
Offers repayment terms of at least a few months, to give you time to repay the loan and still keep up with the other costs.

What do you need to know about LendUp
LendUp has an established history with consumer and business oversight bodies. Through the years, these organizations have accused LendUp of breaking consumer protection laws and demanded the lender repay millions of dollars in penalties.
Here are some of the issues LendUp has had with regulatory agencies:
In 2016, LendUp was able to pay $2.68 million in fees, refunds and penalties in order to resolve a lawsuit against the California Department of Business Oversight and alleged that LendUp did not comply with California's installment laws and payday loan laws.
In 2016 The CFPB ordered the company to repay $3.63 million in fines and reimbursements for deceiving borrowers. The CFPB alleged that LendUp provided some customers with incorrect information regarding the actual price of LendUp loans, boasted that all borrowers can receive lower-cost loans but they didn't, and also claimed that the company made payments to credit bureaus, even though it wasn't. The company also failed to disclose some charges in its APR, which made loans appear less expensive than they actually were.
In a lawsuit dated for 2020, the CFPB stated that LendUp issued loans which violated the Military Lending Act beginning in October of 2016. The law prevents lenders from issuing loans that have annual percentage rates that exceed 36% to active-duty service or their family members. According to the lawsuit, LendUp made over 4,000 loans with higher interest rates over 1,200 secured customers. LendUp settled the case in 2021, agreeing give consumers $300,000 as well as a penalty of $950,000.
In September 2021 in September 2021, the CFPB announced another lawsuit against LendUp in connection with alleged violations of the consent order of 2016 that prohibited it from misrepresenting the benefits of borrowing including advertising that repeat borrowing from LendUp would lead to lower rates. The lawsuit also accuses LendUp of failing to provide prompt responses in some instances and failing to accurately describe the reasons for credit denial on the notices in others. This accusation could put LendUp in breach of the fair lending laws. In order to settle the case, LendUp agreed to stop making new loans and stop the collection of some loans and to pay a $100,000 civil penalty.




About the writer: Annie Millerbernd is an individual loans writer. Her writing has been featured on The Associated Press and USA Today.







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