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Personal Loans

Lift Credit Review: Why You Should Be Wary of the Offers

At some point or another, most people will find themselves in urgent need of cash. If you’re looking to get access to a personal loan for an emergency, an online service like Lift Credit can be appealing.

Lift Credit is different from other payday loan lenders in that you don’t have to repay the entire amount on a specific date. Instead, you make installment payments on a schedule that works for you.

However, like other fast-cash lending and payday loan companies, Lift Credit comes with high interest rates and a number of other strings attached. These rates are much higher than our recommended maximum of 36%. Before taking out a Lift Credit Loan, be sure to understand the total loan cost and compare alternative options.

In this review:

Getting a Lift Credit Loan

Lift Credit provides loans in Utah, Idaho, and Wisconsin. Lift loan amounts range from $100 to $2,500, and it’s fairly easy to apply and take out a loan.

To be eligible, you need to meet the following qualifications:

  • At least 18 years old
  • An annual income of at least $1,300 (provide proof of three months of employment)
  • No open bankruptcies
  • A resident of Idaho, Utah, or Wisconsin

If you meet those qualifications, you can fill out the online application for a Lift Credit loan in about five minutes. Once you’re done with that, you’ll be asked to upload supporting documents. You need your two most recent paystubs from a current job, along with a color copy of your valid driver’s license.

If you submit your application and information during business hours, you’re likely to hear back within 30 minutes — and you can have your money deposited directly into your bank account the day after you apply.

With Lift Credit, you don’t have to worry about having a spotty credit history. If you have poor credit, and you can’t get fast cash any other way, this might be an alternative that can help you get the funding you need — as long as you have a job and can prove your ability to make payments.

Basic Information: Rates, Terms, Fees, & Limits

  • Rates: 99%450%
  • Terms: 3 to 12 months
  • Fees: No origination fee or prepayment penalties
  • Limits: $100 to $2,500

Lift Credit allows borrowers to customize a repayment schedule based on their needs.

For example, customers who borrow $500 for four months will end up making eight biweekly payments. Assuming an annual percentage rate (APR) of 399%, your payments will be $112, and you’ll end up repaying $896 — nearly $400 in interest alone.

Benefits of Lift Credit

For those who are looking for quick funding and a repayment schedule on their own terms, there are some advantages to using Lift Credit. Additionally, Lift Credit offers certain perks you might not find with traditional payday lenders.

  • Fast cash: The main advantage of Lift Credit is you can receive your loan proceeds quickly. You don’t have to wait for lengthy underwriting processes or credit checks. If you want to find other quick financing options that may be more affordable, check out our guide to quick loans.
  • Interest rate discounts: When you make on-time payments, you get 1% off your rate. You receive this discount in the form of cash back or gift cards.
  • Can qualify with bad credit: You don’t have to worry about whether you have good credit with this loan. As long as you can prove your income and don’t have open bankruptcies, you are likely to qualify.

Even with these benefits, though, it might be better to look for other alternatives. A secured credit card or bad credit personal loan may be a better option since they typically have lower interest rates.

Downsides of Lift Credit

Even though Lift Credit seems like a good option, the reality is there are some distinct disadvantages. Here’s what to know before you decide to fill out an application:

  • Very high APRs: The lowest APR is 99% — which is much, much higher than what the best personal loans offer.
  • Only available in three states: Lift loans are only available to residents of Idaho, Utah, and Wisconsin.
  • Spotty customer service: Even though Lift Credit claims to put customers first, some customers complain of long waits and approvals that don’t come within the advertised time frame.

In general, payday loans like those offered by Lift Credit are dangerous because you can easily get caught in a debt cycle. Because of the high costs, you pay a lot in interest, and you might come to rely on this debt to keep you afloat from month to month.

Before choosing Lift Credit, consider other options. Your bank or credit union might have a policy of offering accountholders small-dollar loans for much lower interest rates. You might be able to get a soft credit pull with your bank or credit union before you commit, just to find out if you qualify.

Additionally, you might be able to use community resources if you are in dire straits, such as when you need money for a utility bill or housing. Exhaust all potential resources before relying on payday loans or lending companies like Lift Credit.

Bottom Line

Lift Credit provides loans to people who have poor credit but need money fast. If you have good credit, Lift is certainly not your best option, since you should be able to get better terms from other lenders. Even with Lift’s interest rate discount, there’s a good chance you can get a lower rate elsewhere.

If you have bad credit and haven’t been able to get a loan elsewhere, Lift Credit might be your only choice for fast cash if you live in Idaho, Utah, or Wisconsin. Carefully consider before you move forward with this type of loan, though. Lift makes it easy to borrow again in the future, and it can be harmful to your finances if you get caught in a cycle of high-interest debt.