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LendUp, an online lender that offered high-interest installment and single-payment loans to borrowers with poor credit, no longer originates new loans, according to a company spokesperson. The company did not offer a reason for the change.
The loans it offered were small — usually a few hundred dollars — with interest rates that reached as high as 1,250%. You can find small loans with lower rates at other online lenders, credit unions and banks.
Online lenders, banks and credit unions can offer small loans to borrowers with imperfect credit or no credit history. Consider these alternatives, along with , if you need cash fast.
Some online lenders have personal loans for bad-credit borrowers, or those with a FICO below 630.
tend to have higher than banks and credit unions. The most consumer-focused online lenders won’t charge more than 36%.
offers loans starting at $1,000 and requires a minimum credit score of 560. The lender offers credit-building tools and a discount for setting up automatic payments.
offers loans starting at $300 to borrowers with fair credit (630 to 689 FICO) or no credit. Loan APRs are capped at 35.99%.
makes installment loans to borrowers with bad or no credit for things like emergencies, immigration expenses and home weatherization. Its loans are available in only a handful of states, and loan amounts and rates vary by purpose and state.
offer personal loans for as little as a few hundred dollars, but you have to be a member to borrow.
These not-for-profit institutions can have softer borrower requirements than banks. They consider credit and income as part of your whole financial picture, including your history as a credit union member, when reviewing your loan application. Federal credit unions cap APRs at 18%.
, which serves primarily military members and their families, offers loan amounts as low as $250.
minimum loan amount is $500. The credit union serves employees of certain telecom companies, employees of the state of Oregon and people who live in or work for Lane County, Oregon.
are credit union loans for up to $2,000 with APRs capped at 28% and repayment terms between one and 12 months. They’re not as common as personal loans, but hundreds of credit unions offer them.
Two major banks offer small-dollar loans.
provides $100 to $1,000 with a fee of $6 or $15 per $100 borrowed.
lets customers borrow up to $500 for a flat $5 fee.
Both loans are available only to existing customers and are repaid in three monthly installments. Both banks check your credit score with a when you apply for the loan.
NerdWallet recommends borrowing from a lender that:
LendUp has a long track record with consumer and business oversight organizations. Over the years, these organizations have accused LendUp of violating consumer protection laws and ordered the lender to pay millions in refunds and penalties.
Here are the run-ins LendUp has had with regulatory agencies: