We often require some extra money. In the modern world, this is not an insoluble problem. All of us use loans. Living in debt has become not just normal, but necessary for everyone. But there are so many forms of getting money and lenders that give them. It’s quite easy to get lost.
The Pew Charitable Trust’s 2010 report shows, that payday loans are the most popular loan form. 12 million Americans, 5,5% of the whole population took advantage of the online payday loan. And LendUp is one of leading payday loan providers in the US.
Personal Money Service
There many companies offering the same services like LendUp does. One of them is Personal Money Service. This is a financial key to your emergent money needs.
This company is a loan matching service. Their task is to help you find the most suitable loan.
It means it is not them who are taking the decision about your loan, but a lender himself.
With PersonalMoneyService.com the application process takes less than 10 minutes and a few more minutes to receive the answer of the lender. If you select this service, you choose the ability to get an online loan whenever you need no matter where you are.
One of the lenders like LendUp is Karrot. It was introduced in 2014 by Kabbage Inc. and it takes advantage of the same success formula as Kabbage Inc. does.
It is concentrated on income and cash flow verification. To verify the income of the borrower, Karrot seeks access to bank account and social network accounts. It proposes the loans worth from $5 000 to $35 000.
The repayment period of this alternative to LendUp is 36 or 60 months. Karrot does not lower your credit score. In order to apply one need to verify loan amount and term.
Later on, the company will thoroughly check all your information. If your application gets approved, you will get a loan as soon as the next day.
Among other companies that are offering a loan solution, there is also CreditLoan. Being similar to Personal Money Service, this company is also looking for the suitable loan.
CreditLoan helps find a reliable provider, who will give you a payday loan. The borrower should fill one or more forms with private data.
Later the service checks if your data meets its loan qualification criteria, it redirects you to a lender. This LendUp payday loan alternative is not responsible for loan terms and does not warrant the consent of any application.
Is LendUp a Good Loan Alternative?
There are traditional and alternative payday loans, like LendUp. Let us compare the traditional payday loans with LendUp.
- The traditional loans often have extra fees and traps.
- If you do not pay it in time, you may have to roll your balance over. It means taking a new loan in order to pay the old one and paying on debts as a result. The more often you do it, the bigger becomes the fee you have to return.
- LendUp is opposed to rollover fees and does not require a fee for extensions (some loans include the possibility of 30-day extension).
The traditional payday loans lend the small sums. You can return your loan from 7 to 14 days after getting it. It is hard to pay it back so fast. If you fail, you have to pay the rollover fee. LendUp gives more time to repay the payday loan. It is more cash flow friendly.
More About LendUp
LendUp payday loan service was launched in 2012. It is currently available in 22 states, but offices in other states are constantly opening. LendUp is the best option for the borrowers who plan to take a couple of loans, as it has the reward system. The company rewards the responsible customers.
Over a long period of time, you will be able to borrow larger sums with the lower interest rate. If you are the new customer, you can get a loan worth only $250. This sum is growing if you pay it back on time. The interest rate will go down as well.
This service is also a good option for those who need extra cash urgently, as it gives a deposit on the very same day. The only flaw of it is that you are charged $17 for every $100 borrowed plus the APR. To apply for the payday loan, you should have a bank account, social security number, and income certificate.