LendUp
LendUp
LendUp is a company that offers three tiers of loans to users and calls itself a better alternative to payday loans. It offers different routes to users to build credit and acquire reduced rates. It was founded back in 2012. The three tiers of loans provided are single-payment loans, installment loans with rates less than 36%, and those with rates above 36%. Loans above the rate of 36% are termed as platinum, silver, and gold, whereas the ones below the 36% mark are called prime loans.
One of the things to note is that LendUp does not analyze your credit score to give approval. The only necessities are an address, checking account, and valid phone number. They run a scan of your bank transactions through Experian’s Clarity Services, which is a bureau that gathers information regarding consumers with below-average credit scores. On average, LendUp customers have a credit score of 550 and have a 58% debt-to-income ratio. The company lets its borrowers increase the duration of a loan without an additional fee, which is rarely seen among other lenders. They also claim to sanction funds on the same day that the request is made.
