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LendUp has ceased offering Installment or Single-Payment Loans

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LendUp has ceased offering Installment or Single-Payment Loans

LendUp is no longer offering new loans. The lender previously offered single-payment and high-interest installment loans.

Updated on Dec 22nd, 2021

A majority of the products we feature come from our partners, who pay us. This influences which products we write about and the location and manner in which the product appears on a page. However, it does not influence our evaluations. Our opinions are our own. Here is a list of and .

LendUp the online lender that offered high-interest installment and single-payment loans for borrowers with bad credit, is no longer able to originate new loans in accordance with a December 2021 announcement from the Consumer Financial Protection Bureau. LendUp has agreed to stop offering loans to resolve the lawsuit brought by the bureau in 2021. The lender was the subject of multiple enforcement actions from the CFPB throughout the years.

The loans it provided were modest — usually a few hundred dollars, with interest rates that reached up to 1,250%. Small loans with lower interest rates at other online lenders as well as credit unions and banks.

>> MORE:

Alternatives to LendUp

Banks, online lenders and credit unions may offer small loans to borrowers with imperfect credit or with no credit history. Take a look at these options and, in addition , in case you need money fast.

Online lenders

Some online lenders have personal loans for borrowers with bad credit, or those with a FICO below 630.

generally have higher rates charges than credit unions and banks. The most consumer-focused online lenders will not charge more than 36%.

The lender offers loans beginning at $1000 and requires a minimum credit score of 560. The lender provides credit-building tools and a discount for automatic payments.

Offers loans starting at $300 to customers with decent credit (630 to 689 FICO) or with no credit. The maximum loan APR is 35.99 percent.

makes installment loans to borrowers with bad or no credit, for items such as emergencies, travel expenses as well as home weatherization. The company’s loans are available in only one or two states and loan amounts and rates vary by purpose and state.

>> COMPARE:

NerdWallet’s ratings are determined by the editorial staff. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.

The ratings of NerdWallet are based on the opinions of the editorial staff. The scoring formula is based on the factors we believe to be a good choice for consumers, such as impact to credit score, rates and fees as well as the customer’s experience and ethical lending practices.

NerdWallet’s ratings are determined by our editorial team. The scoring formula considers the factors we believe to be a good choice for consumers, such as the impact on credit score rates and fees, the customer experience and responsible lending practices.

Est. APR 20.05-35.99 percent

Est. APR 11.69-35.93%

Est. APR 18.00-35.99%

A loan term ranging from between 1 and 5 years

A loan term ranging from 3 to 5 years

Loan term 2 to 5 years

Amount of loan: $300-$12,000

Loan amount $1,000-$50,000

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

Min. credit score None

Min. credit score 560

Min. credit score, not e

See if you pre-qualify for an individual loan and it will not affect your credit score

Simply answer a few questions to get customized rate estimates from several lenders.

Credit unions

They offer personal loans that start as low as a few hundred dollars, however you must be a member to borrow.

These non-profit institutions may have lower requirements for borrowing than banks. They take income and credit as part of your financial picture, including your past history as a credit union member, when reviewing their loan application. Federal credit unions limit APRs at 18%.

It is designed to serve primarily military members and their families It offers loan amounts that start at $250.

The minimum loan amount is $500. The credit union is available to employees of certain telecom companies, employees of the state of Oregon and people who live the county or are employed by Lane County, Oregon.

Credit unions offer loans with a maximum of $2,000, with a maximum APR of 28 percent, and repayment terms of between one and 12 months. They’re not as well-known as personal loans however, many credit unions offer them.

Banks

Two major banks offer small-dollar loans.

provides $100 to $1,000 with a fee of $15 or $6 per $100 the borrower.

Customers can borrow up to $500 for an annual fee of $5.

Both loans are available only to customers who are already customers and can be repayable in three monthly installments. Both banks check your credit score using a when you apply in for the loan.

What to look for in the creditor

NerdWallet suggests borrowing from a lender that:

Reports on your credit score and payments to the three main credit bureaus, since on-time payments can help build credit.

The APR cap is set at 36%, which is the highest rate an affordable loan can have as per the majority of consumers’ advocates.

Provides terms for repayment of at least a few months, to give you time to pay back the loan in addition to other expenses.

What to be aware of about LendUp

LendUp has an extensive history of dealing in dealing with both business and consumer oversight agencies. Through the years, these organizations have accused LendUp of infringing on consumer protection laws, and ordered the lender to pay out millions of dollars in refunds and penalties.

Here are some of the issues LendUp has encountered with regulatory agencies:

In 2016 LendUp agreed to pay $2.68 million in fees, refunds and penalties to resolve a lawsuit against the California Department of Business Oversight and alleged that LendUp was in violation of California’s installment laws and payday loan laws.

In 2016 the CFPB ordered the firm to repay $3.63 million in fines and refunds due to deceiving customers. The CFPB claimed that LendUp offered some customers false information about the real cost of LendUp loans and advertised that all borrowers could receive low-cost loans when they couldn’t and advertised 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 appear to be less expensive than they were.

In a 2020 lawsuit that was filed in 2020, the CFPB alleged that LendUp issued loans which violated the Military Lending Act beginning in October 2016. The law prevents lenders from issuing loans with annual percentage rates above 36% for active-duty military or their family members. According to the suit, LendUp made over 4,000 loans with higher rates to more than 1,200 insured customers. The lender settled the suit in 2021, agreeing give consumers $300,000 and a penalty of $950,000.

In September 2021 in September 2021, the CFPB has filed a new lawsuit against LendUp for allegedly violating the consent order of 2016 that prohibited it from misleadingly describing the benefits of borrowing, for example, advertising that repeated borrowing from LendUp would lead to lower rates. The suit also charges LendUp of not providing timely in some cases and failing to accurately describe the reasons behind denials of credit on the notices in others. This accusation could put LendUp in violation of the fair lending laws. In exchange for settling the lawsuit, LendUp agreed to stop making new loans and stop the collection of certain loans and to pay a $100,000 civil penalty.

About the writer: Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.

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