With the tough economic times that we face today and even tougher times ahead, everyone needs help financially. That’s why there are a number of lending institutions that can help you secure a loan for no collateral. If you look in the right places, you’re bound to find a couple of great lending institutions, like LendUp.
Thanks to technology, today, you can secure a loan straight from your phone in the comfort of your home. There are a number of lending apps among other online lending companies that you can get financial help from. These are particularly useful resources during a time of such great global uncertainty.
LendUp is one of those online lending companies that you can secure a loan from today. To find out more about their services, fees, and how you can apply for the loan, you should read on. You only need about five minutes to get a loan from this lending site.
What To Expect
The first thing that should fill your mind when you visit these lending sites and apps is the terms of the loan. First of all, don’t expect a big loan if you’re looking to get a loan from LendUp. They basically provide small, short-term loans for people who don’t have the credit to secure a bank loan.
That means that LendUp is a good place to get a loan if you have a poor credit score. The team doesn’t do a hard check on your credit. The loan application typically takes around five minutes to complete and to receive an answer on. Plus, you can apply from anywhere with your phone, laptop or any other such device.
How Much You Will Get
There’s a limit for this loan. Unlike banks, where your score determines how much you get, everyone starts at the same spot. The general assumption is that everyone who uses this landing service has poor credit. So, no matter what your credit score is, even if it is great, you will start off at the base amount.
For first-timers, you get a loan of up to $250. You, however, have to pay the full amount in 15 days. For example, if you took a loan on the 31st of March, your loan is due on the 15th of April. Your loan doesn’t affect your FICO credit score, either negatively or positively. So, this is not a way to build credit.
How To Apply
To apply for this service, you have to meet certain criteria, of course. First, you have to be 18 years old as the lender wants to ensure that they are dealing with a grown-up and someone who can be held responsible for the loan.
The next requirement you have to meet to apply for this loan service is that you have to be in the US. And, not just that, you have to be in a state where LendUp has its services running. The last part is you need to have an active checking account, an email address, and a proven source of income.
Now, before you hit that application button, you first need to be sure that you can pay the loan in the short timeline given. If you can, you can easily begin the application process here. Again, it takes only 5 minutes. Also, you have 24/7 customer support, so feel free to start at any moment.
When it comes to the fees, the service also prides itself with a no hidden fees policy; what you see is what you get. For example, for the $250 loan you get, as a first-timer, you pay a fee of $44, which means you’ll have to pay a total of $294 after 15 days when your loan is approved.
Anyone today knows emergencies and rise up out of nowhere. And, in many cases, you may not have a reserve to help cater to such emergencies when they do arise. That’s why having lending services like LendUp comes in handy. Best of all, you can get the loan from the comfort of your home, with a credit score that isn’t great.