iQuanti: For years, LendUp offered single and multi-payment installment loans to borrowers working to improve their credit. But as of summer 2021, the company is no longer offering loans. Luckily, there are many loans like LendUp that can get you quick access to cash. If you're a former LendUp borrower or were interested in using their services, here's what you should do now that LendUp is out of business.
Research other lenders
There are plenty of LendUp alternatives that offer competitive rates, fast funding, and opportunities to build your credit score. As you search for other lenders, remember to review:
- Interest rate: You'll not only want to know the amount you'll owe in interest but if the rate is fixed or variable. A fixed-rate loan means you'll have a consistent interest rate throughout the entire repayment period. A variable interest rate means it's subject to change with economic conditions, and you may end up paying more than anticipated.
- Lender credibility: To confirm a company's legitimacy on their website, make sure they have a lock to the left of the web address indicating the site is secure, there's a physical address listed, and they have an updated privacy policy available. It's also wise to check reviews and see if the company is listed on the Better Business Bureau website. And always be wary of lenders that pressure you to secure the loan immediately.
Explore alternative loan options
Former LendUp borrowers have many alternative loan options to choose from. Here are some loans that can get you access to money quickly:
Installment loans
With installment loans, you'll receive a lump sum of money that you'll work to pay off in regular installments over a set period. The major benefit of these loans is that you'll know exactly how much you'll pay each month and the date at which the loan will be considered paid in full.
Title loans
If you own your car and have access to its clean title, you can leverage the car's title to get quick access to money. A title loan lender will accept the car's title to secure your loan, and you'll be able to continue driving your vehicle while you work to pay it back.
But be extra cautious and make sure you can afford to pay back the title loan. If you can't, the lender can repossess your vehicle and leave you without a mode of transportation.
Cash advances
Cash advances are meant to get you quick access to money to help you cover expenses until your next payday. These loans can be helpful in a pinch if you need to pay bills or get groceries before your next paycheck hits. Then, you can repay the loan plus lending fees using your upcoming paycheck.
The bottom line
LendUp was only one of many quick loan options for those who are working to build better credit. If you were a LendUp borrower or were considering getting a LendUp loan, you should consider looking at other lenders and loan options. Be sure to compare key loan elements like the interest rate and repayment terms and protect yourself by verifying the lender you're working with is a legit company. By following these tips for assessing new lenders and loans, you'll be on your way to locking in a new loan in no time.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: What Borrowers Should Do Now That LendUp Has Gone Out of Business
