We often need some extra money. In the modern world, this is not an insolvable problem. All of us use loans. Living in debt has become not just normal, but necessary for many people. So many forms of getting money and lenders are now available that it’s quite easy to get overwhelmed.
The Pew Charitable Trust 2010 report shows that payday loans are the most popular loan form. Twelve million Americans, 5.5% of the population, took advantage of an 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 as LendUp. One of them is Personal Money Service. This is a financial key to your emergent money needs.
This company is a loan connecting service. Their task is to help you find the most suitable loan for your needs.
They do not make the decision about your loan; it’s up to the lender.
With PersonalMoneyService.com, the application process takes less than 10 minutes and you will receive your answer from the lender shortly after that. If you select this service, you choose the ability to get an online loan whenever you need no matter where you are.
Another lender like LendUp is Karrot. It was introduced in 2014 by Kabbage Inc. and it takes advantage of the same success formula that 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 loans worth from $5,000 to $35,000 based on those details.
The repayment period of this alternative to LendUp is 36 or 60 months. Karrot does not lower your credit score. In order to apply, you need to verify your required loan amount and term.
Later on, the company will thoroughly check all your information. If your application is approved, you will get a loan as soon as the next day.
CreditLoan is another company offering loan solutions.
Like Personal money Service, CreditLoan helps find a reliable provider for your payday loan. The borrower should fill one or more forms with private data.
The service then checks that your data meets its loan qualification criteria and, if it does, 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.
- Traditional loans often have extra fees and traps.
- If you do not pay it on time, you may have to roll your balance over. This means taking out 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 the fee you have to repay will be.
- LendUp is opposed to rollover fees and does not require a fee for extensions (some loans include the possibility of a 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 difficult to pay it back so fast. If you fail, you have to pay the rollover fee. LendUp gives you more time to repay your payday loan, and so is more cash-flow friendly.
More About LendUp
LendUp’s 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 a reward system. The company rewards responsible customers.
Over a long period of time, you will be able to borrow larger sums with lower interest rates. If you are a new customer, you can only borrow $250. This sum will increase 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 is deposited into your account on the very same day. The only issue is that you are charged $17 for every $100 borrowed plus the APR. To apply for a payday loan, you should have a bank account, social security number, and income certificate.