Many experts are sure that LendUp loans are very similar to such a financial program as Check Into Cash. Because each state has its own laws about how much payday lenders can charge, fees vary depending on where you live.
The highest fee we saw LendUp charge was $25 per $100 borrowed, which is about average. The lowest was $17 per $100 borrowed. This range is small mostly because the company serves so few states. LendUp doesn’t operate in many of the states with especially strict payday loan regulations, but it doesn’t appear to take advantage of states with lax regulations.
According to the LendUp policy, its loans provided cannot be bigger than $500. If you need a loan for a costly emergency expense, you may be better off using another lender. Loan terms range from 14 to 30 days.
In addition to loans, LendUp offers resources and tools to improve financial health in the form of the LendUp Ladder. This gives you points for each loan you successfully pay off and for taking any of the financial courses it offers. As you move up the ladder, you get better rates and higher loan amounts, and at certain levels, your loans are reported to the credit bureaus. Like most payday lenders, LendUp doesn’t typically report to the credit bureaus, and getting loans that are reported can help you build your credit, giving you access to lower interest rate loans through banks.
LendUp has also begun offering credit cards with a similar goal of helping borrowers with bad credit improve their scores. It has relatively low APRs and small credit limits that can be increased by making on-time payments. If you’re interested in its credit card, you need to sign up for a waitlist, as it is not widely available yet.