LendUp Personal Loans Review

Advertiser Disclosure

LendUp was founded in 2012 as a smart alternative to payday loans that could help consumers break the cycle of sky-high-interest debt. Through their dynamic personal loans and unique “points” system, the company boasts that they have saved their customers over $200 million in interest and fees so far while dramatically improving their lives.

The company’s main product is a personal loan geared toward borrowers with bad credit who may not be able to get approved elsewhere. LendUp lets you apply for their loan products online and from the comfort of your home, and they even promise an instant decision 24 hours a day.

If you owe big money and are tired of paying high interest rates that make everything a struggle, a short-term loan from LendUp may be exactly what you need.

LendUp Personal Loans: Key Takeaways

  • Despite LendUp’s stated intent, interest rates can be as high as payday loans or even higher in some cases. For single payment loans, they range from 134% to over 1,000%. But for installment loans, rates range from 30% to 80%.
  • Loans are typically available in amounts up to $1,000, but it varies by state.
  • Repay a single payment loan in less than 30 days or an installment loan in up to 12 months.
  • LendUp works with borrowers in California, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Wisconsin. You need a valid bank account to qualify.
  • Repay your first loans on time to qualify for lower rates on subsequent loans.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

LendUp Personal Loans: An Alternative to Payday Loans

While LendUp doesn’t offer low rates or affordable terms to borrowers, they do offer something many lenders don’t — a way out of the payday loan cycle. While LendUp rates can be as high as 80% on their installment loans and considerably higher on single-payment loans, the company allows consumers to pay off payday loans and build their credit along the way.

With each loan they pay off, borrowers earn “points” that can help them qualify for lower rates down the line. Better yet, the company lets them earn even more points for completing their free online personal finance courses. LendUp calls this “climbing the ladder,” and they offer financial education and tools all along the way.

One big upside of using LendUp is the fact they don’t check your credit report or your score before they approve you for a loan. This means that nearly anyone can qualify — an important feature for consumers left with few options.

LendUp single payment loans are also available without any fees, which helps them stand in stark contrast when compared to payday loans. With LendUp, the ultimate goal is using the funding to pay off payday loans and start saving for the future. By avoiding fees and hopefully building your credit score along the way, this company can help you get on the path toward better credit later on.

Here’s an example of how one of LendUp’s single-payment loans might look:

As a side note, also be aware that LendUp is launching its own credit card soon. This new card is on a waitlist, but it will be available to consumers with less than perfect credit without a security deposit. The company says monthly fees will also be no more than $5 per month.

LendUp: What to Watch Out For

The biggest downside of working with LendUp is an obvious one — their interest rates are sky high. If you’re hoping to consolidate high-interest debt into a new loan and save a lot of money in the process, you won’t find that kind of help with LendUp. The main goal of the company is helping consumers earn their way out of the payday loan cycle through responsible credit use. Unfortunately, they have to charge high rates to make up for the astronomical risk they take on.

Also note that, although some of LendUp’s loans do report to the three credit reporting agencies, there are much better ways to build credit that cost a lot less. For example, you could always apply for a secured credit card that reports to the three credit reporting agencies instead. A secured credit card requires you to put down a cash deposit, but you can recoup your deposit later with responsible credit use. But while it’s a great credit building tool, a secured card won’t help you escape the payday loan cycle.

This brings us to our final point. Only some of LendUp’s offerings report to the three credit bureaus. Their installment loans all do, but only their top tier single-payment loans report. Because of this, the starter loans you’ll get at the beginning of the process won’t help you build credit right away.

Who Are LendUp Personal Loans Good For?

  • Consumers stuck in payday loan hell.
  • Bad-credit borrowers who want a chance to secure lower interest rates as they prove they can use credit responsibly.
  • Borrowers who can’t get the money they need anywhere else.

How We Rate LendUp


At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how LendUp stacks up:

LendUp at a Glance
Overall Rating
🌕🌕🌗🌑🌑
Affordability (interest rates, fees, and terms) 🌕🌑🌑🌑🌑
Availability (credit requirements, geographic reach) 🌕🌕🌕🌑🌑
Ease of Use 🌕🌕🌕🌑🌑
Transparency 🌕🌕🌕🌕🌑

How to Apply for a Loan from LendUp

Since LendUp doesn’t check your credit report or your score when you apply for a loan, the application process is simple. Once you determine you live in a state that is serviced by LendUp, you can enter the amount you want to borrow, agree to a monthly payment amount, and hit “apply now.”

From there, you’ll be prompted to create an online account using your email address. Once you have a new account, you can apply for a loan by submitting:

  • Your full name
  • Social Security number
  • Phone number
  • Date of birth
  • Residential address
  • Housing status
  • Housing payment

If you’re approved for a loan, you will likely find out right away. Even better, you can have your money automatically deposited into your bank account in just a few business days.

Advertiser Disclosure

The Bottom Line

If you are tired of throwing all your money into payday loans that only buy you weeks at a time, it’s important to find some way out — even if it’s not ideal. LendUp Personal Loans can be the solution you’re looking for since they let you borrow money at lower rates as you earn more “points” through responsible credit use.

Before you pull the trigger, however, it’s crucial to compare your options and see if there are ways you could get out of debt at a lower cost. Our guide to loans for bad credit can help you learn about other lenders that may be able to help.

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