Lendup.com: 2020 Review

Lendup.com: 2020 Review

LendUp.com is an American financial company founded in 2012 by Sasha Orloff (CEO) and Jake Rosenberg (CTO) in San Francisco California that offers two products nationwide, but availability varies by state:

  • Payroll loans.
  • Installment loans

It appears based on a North American statistic that 1 out of 3 Americans is rejected by traditional commercial banks when applying for a loan and that 47% of American families cannot cover an emergency expense of $400.00.

These indicators place a desirable market of possible clients for any company that dedicates itself to the business of the loans.

Even though it works just like any other loan company, it has some original characteristics of this company:

  • It issues 2 VISA credit cards issued by TAB Bank and Beneficial State Bank, with grace periods more extended than the usual ones from other banks with interest rates between 20% and 30% (very similar to other loan companies in even loan sharks).
  • It offers free courses on personal finance.

As an additional fact, even though it is a loan company, currently, its income is higher through its credit cards than through the loans themselves, so there is a complete division dedicated to them. These financial strategies have allowed them to position themselves very well in the North American market because even though their interest rates for loans are not lower than other companies dedicated to loans, the conditions they demand are very liberal.

  1. Direct lender.
  2. No good credit required.
  3. Required information takes less than 10 minutes.
  4. Immediate decision.
  5. Attention 24/7.
  6. Approval in less than 24 hours.

Using the website, any applicant can apply for this type of loan. The loan application does not affect the credit score. The board of directors and executives of this company are well-known people with extensive experience and most of them with excellent results in the financial world of the United States, which has made this company grow rapidly and currently has more than 250 employees.

Lendup.com: 2020 Review A Quick Snapshot

Loans OfferedPayroll loans/Installment loans
Minimum/Maximum Amounts$100.00 to $5,000.00
Eligibility/Credit ScoreNo minimum credit score
APR17.6% - 52.14%
FeesBad Credit Loans is not a lender, and it doesn’t charge users any fees for its services.
Timeline For ApprovalAs little as 24 hours in most cases
How Secure Are they?
Uses 128-bit SSL protection. The platform also makes use of electronic signatures.


  • No hidden fees and all terms are well specified.
  • The requested information is very well detailed.
  • The online system is fully protected.
  • The applicant can choose the amount of the loan and the date of repayment.


  • Not all applications are accepted; the acceptance level is still low.
  • The applicant may qualify for a low rate loan, depending on his or her credit score.
  • They have a credit check-called a ladder, which starts with low credit amounts.
  • Only available in 24 states (2019 data).

Who should apply?

Anyone who has been rejected by traditional banking and wants to improve their credit history. LendUp has mechanisms for this based on its ladder concept. But you must have a bank account that accepts ACH transfers, proof of employment and a social security number. The company does not place restrictions, but some states do, which may prevent loans from being made to people with social security income or retirees. Within the loan scheme, there are acceptance fees and penalties for non-compliance. Acceptance varies by state plus a verification fee of up to $5.00. A $15.00 penalty will be assessed if you do not have sufficient funds in the automatic refunds; also, if you pay by debit card, there is a surcharge.

Final Verdict

This type of loan should only be requested by people who really cannot access the traditional banking loan system. Even if from any point of view this company falls into what is called ‘loan sharks’ it has the advantage that anyone who cannot pay will not be pursued by thugs, perhaps by lawyers. The above is based on the fact that if the company charges a minimum of 17.6% per month it indicates that the annual interest would be about 210%.

Using this company or any other company that uses this type of system, from any point of view, should be the last option or when there is an emergency, and there is no other alternative. The above is not an indication not to use this type of loan alternative, only that initially, the amounts granted are so low that they must first consult among their acquaintances and friends (if the bank has already rejected you) before using this type of loan.

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  • APR RateVaries
  • APR Rate6% - 35.99%
  • APR Rate99% -199%
  • APR RateN/A
  • APR Rate5.99% - 35.99%
  • APR Rate17.6% - 52.14%
  • APR Rate1.0 - 2.5%
  • APR Rate5.99% - 19.07%
  • APR Rate5.99% - 35.99%
  • APR Rate3.99% - 35.99% (fixed)
  • APR Rate5.99% - 35.99%