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 no longer offers new loans. LendUp used to offer single-payment and high-interest installment loans.


Updated on Dec 22nd, 2021

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LendUp the online lender who offered one-payment and high-interest installment loans for borrowers with bad credit, is no longer able to originate new loans as per an announcement in December 2021 from the Consumer Financial Protection Bureau. LendUp has agreed to stop offering loans in order to settle the lawsuit brought by the bureau earlier in 2021. The lender was the subject of several enforcement actions by the CFPB over the years.
The loans it offered were small generally a few hundred dollars -- but with interest rates that reached as high as 1,250%. You can find small loans that have lower rates with other online lenders, credit unions and banks.
>> MORE:
Alternatives to LendUp
Banks, online lenders and credit unions can offer small loans to those with poor credit or with no credit history. Think about these options as well, especially when you require cash quickly.
Online lending
Certain online lenders offer personal loans for borrowers with bad credit, or those with a FICO below 630.
tend to have higher prices than credit unions and banks. Online lenders that are more focused on consumers won't cost more than 36%..
The lender offers loans that start at $1,000 and is required to have a credit score of 560. The lender also offers credit-building services and discounts for automated payments.
The company offers loans beginning at $300 for those that have fair credit (630 to 689 FICO) or with no credit. Loan APRs are capped at 35.99%.
makes installment loans to borrowers with bad or no credit, for items like emergency expenses, immigration costs as well as home weatherization. Its loans are available in only few states, and loan amounts and rates vary according to the purpose and the state.
>> COMPARE:
NerdWallet's ratings are determined by our team of editors. The scoring formula considers the factors we believe to be beneficial to the consumer, such as impact on credit score, fees and rates customers' experience, and ethical lending practices.


The NerdWallet ratings are decided by the team of editors. The scoring formula considers aspects we consider to be beneficial to consumers, including impact on credit score, rates and fees, customer experience and responsible lending practices.


The NerdWallet ratings are decided by our editorial team. The scoring formula is based on aspects we consider to be beneficial to consumers, including impact to credit score rates and fees, the customer experience and responsible lending practices.


Est. APR 20.05-35.99%

Est. APR 11.69-35.93 percent

Est. APR 18.00-35.99 percent

Loan term between 1 and 5 years

A loan term ranging from between 3 and 5 years

The loan term is 2-5 years

Loan amount $300-$12,000

The loan amount is $1,000-$50,000.

The loan amount is $1,500 to $20,000

Min. credit score None

Min. credit score 560

Min. credit score Non e






Check if you are pre-qualified for an individual loan and it will not affect your credit score
Answer a few simple questions to receive personalized rate estimates from multiple lenders.



Credit unions
They offer personal loans that start as low as several hundred dollars, but you have to be a member in order to get one.
These institutions that are not for profit may have softer borrower requirements than banks. They take income and credit as a part of your overall financial picture, including your history as a credit union member when evaluating their loan application. Federal credit unions cap APRs of 18%..
It is designed to serve primarily family members of military personnel, offers loan amounts that start at $250.
The minimum loan amount is 500 dollars. The credit union caters to employees of certain telecom companies as well as employees of the state of Oregon as well as those who live the county or are employed by Lane County, Oregon.
Credit unions offer loans for up to $2,000, with an APR cap of 28 percent, and repayment terms of between one and 12 months. They're not as well-known as personal loans, but hundreds of credit unions offer them.
Banks
Two major banks offer small-dollar loans.
The loan ranges from $100 to $1,000, with a charge of $15 or $6 per $100 that is borrowed.
Customers can borrow up to $500 for an annual fee of $5.
Both loans are only available to existing customers and are paid back in three installments. Both banks check your credit score by using the time you apply for the loan.
What should you look for in a lender
NerdWallet recommends borrowing from a lender that:
Checks your credit and reports payments to the three main credit bureaus. Timely payments can help build credit.
Limits APRs to 36 percent The most expensive rate that an affordable loan can have as per the majority of consumers' advocates.
Repayment terms that are at minimum a couple of months to give you time to repay the loan while keeping up with the other costs.

What you need to be aware of about LendUp
LendUp has an extensive history of dealing with consumer and business oversight organizations. Over the years they have been accused of LendUp of breaking consumer protection laws and ordered the lender to repay millions of dollars in penalties.
Here are some of the issues LendUp has encountered with regulatory agencies:
In 2016, LendUp agreed to settle $2.68 million in fees, refunds, and penalties to settle a lawsuit filed by the California Department of Business Oversight, which alleged that LendUp did not comply with the state's installment and payday loan laws.
In 2016, in 2016, the CFPB ordered the firm to repay $3.63 million in refunds and fines for misguiding borrowers. The CFPB stated that LendUp gave some consumers inaccurate information about the true price of LendUp loans and advertised that all borrowers could get cheaper loans when they couldn't and also claimed that the company paid its payments to credit bureaus, even though it wasn't. The company also failed reveal certain fees in its APR making loans look cheaper than they actually were.
In a lawsuit filed in 2020, the CFPB claimed that LendUp issued loans which violated the Military Lending Act beginning in October of 2016. The law prevents lenders from granting loans that have annual percentage rates above 36% to active-duty service or their family members. According to the lawsuit, LendUp made over 4,000 loans with higher rates over 1,200 protected customers. LendUp settled the case in 2021, agreeing give consumers $300,000 as well as a penalty of $950,000.
In September 2021, the CFPB announced another lawsuit against LendUp for allegedly violating the 2016 consent order barring it from misrepresenting the benefits of borrowing and promoting that borrowing again from LendUp could result in lower rates. The lawsuit also charges LendUp of not providing timely in some cases as well as not adequately describing the reasons for denial of credit in the notices that it sends out in other. That accusation would put LendUp in breach of the fair lending laws. To settle the lawsuit, LendUp agreed to stop making new loans, halt collection on some loans and to pay a civil penalty.




About the author: Annie Millerbernd is a personal loans writer. Her work has appeared on The Associated Press and USA Today.







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