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Personal Loans

Alternative Sites and Companies That Offer Loans Like LendUp

LendUp was launched in 2012 to provide funding for those with “not-so-great” credit scores. While LendUp may seem like a better option than your typical payday lender, the APR you are charged can be more than 915%!

We do not recommend taking out loans with rates over 36%, let alone 900% or more. For this reason, we’ve reviewed some alternative lenders to LendUp that come with much lower rates.

Companies Like LendUp

LendUp Alternative Options

Upstart logo

  • Rates from 8.13% – 35.99%1
  • Loan amounts from $1,000$50,0002
  • Requires a 620 credit score or better
LendingPoint Logo

  • Rates from 9.99%35.99%
  • Loan amounts from $2,000$25,000
  • Requires a 585 credit score or better

Comparing LendUp to Upstart

Upstart is a great alternative to LendUp as they offer competitive rates, a large range of loan amounts, and funding as fast as one business day. You will need a credit score of at least 600 to qualify depending on which state you live in.

  • Credit score category: Fair, bad
  • Soft credit pull to check rates: Yes
  • Deposit time: As fast as one business day
  • Origination fee: 0% – 10%
  • Late fee: $5 or 15% of payment (whichever is higher)
  • Repayment terms: 36 months or 60 months

Comparing LendUp to LendingPoint

LendingPoint is a lender that offers personal loans for those with fair credit. To be eligible, you’ll need to have a minimum credit score of 585 and a minimum annual income of $20,000. With rates under 36%, LendingPoint is a good LendUp alternative if you qualify.

  • Credit score category: Fair, bad
  • Soft credit pull to check rates: Yes
  • Deposit time: As soon as the next day
  • Origination fee: 0% – 6%
  • Late fee: $30 after being 15 days late
  • Repayment terms: 24 – 48 months

LendUp Overview

On the surface, LendUp looks like a typical lender. It offers short-term loans and charges a fee that translates into a high APR.

How the Ladder System Works

Through its unique ladder system, LendUp gives borrowers a chance to lower their rates with each loan transaction. Borrowers who reach the top of the ladder can reduce the APR on a loan significantly.

When you apply for an initial loan through LendUp, the maximum you can borrow is $250 (may vary by state). If you are issued the loan, you start off in the Silver tier. You have 30 days to make the full payment, after which you can advance to the Gold tier.

In the Gold tier, you can borrow as much as $255. You can make multiple payments on the loan and your annual interest rate is likely to be lower.

If you reach the Platinum level, you can borrow up to $400. In addition, your payments can be reported to the major credit bureaus which, if you make on-time payments, can help your credit score.

Along the way, LendUp offers reward points for taking educational courses and referring friends. This can help move you to the upper tiers more quickly and qualify you for a lower annual rate.

Rates and Fees

While LendUp purports to offer lower annual rates than other lenders, you can still expect to start off with a triple-digit rate.

LendUp also claims to be more transparent when it comes to fees. It tells you upfront what you will pay and there are no other hidden fees. Fees vary from state to state.

Application Process

Applying for a loan from LendUp works like other lenders – you fill out a short application online that includes your contact information, banking information, Social Security number, and proof of income.

LendUp doesn’t do a hard pull of your credit, but it does want to verify that you have the capacity to repay the loan, so it will want to see a copy of your paystub or a bank account statement showing direct deposits.

If you are approved for a loan, the funds can be transferred to your checking account within 15 minutes for an additional fee; otherwise, you can expect them within one business day.

The Bottom Line on LendUp

As you can see, LendUp has taken a “socially responsible” approach to a controversial lending market. They are still expensive, but the company wants to create a path for troubled borrowers to eventually get out of debt and even provide a way to build up their credit.

Recap of LendUp Alternatives

If you are seeking alternatives to LendUp, here is a recap of lenders you may want to consider:

LenderRates (APR)Min Credit Score
Upstart7.35% – 35.99%1620+

1 The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

2 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.