Loans Like Lendly: Many Americans require loans and credit. The demand for loans is increasing day by day. It’s been estimated that around 13 million people in the US take each year, small cash loans. Despite the fees involved, people are still ready to pay it because they need urgent money.
Lendly is the most popular company in the lending industry. They provide short-term loans to people and earn customers’ trust nationwide. They got high ratings, with a score of 4.7 stars on Trustpilot.
If you are searching for good terms and conditions for a loan but failed to meet the requirements to qualify for Lendly, don’t worry. We have mentioned the alternatives that are worth considering. In this article, we will explain to you every important information about lending loans so that you can find the right one according to your needs.
- 1 What is Lendly?
- 2 Loans like Lending Club
- 3 Loans similar to Lendly
What is Lendly?
Lendly specializes in providing small cash loans of up to $2,000. It offers features like automatically deducting loan payments from your paycheck. They have a unique feature where they interact directly with your employer’s payroll deposit.
The loan plans and repayment option depends on the state you live in and your employment details. For example, they can use direct debits through the ACH system or withdraw funds from your paycheck if your employer is partnered with Lendly.
This can be helpful for those who forget their payment due date for their Lendly loans and are comfortable with giving the lender control over their spending.
How does Lendly work?
Lendly is a company that works with banks to provide personal loans to people who need quick money and have difficulty accessing credit. Many of these individuals are considered ‘’underbanked,’’ which means they have limited access to traditional banking services.
Lendly has developed a platform that connects loan repayments with borrowers’ payroll direct deposits. This can help borrowers to improve their credit scores over time.
This company aims to make the loan origination process faster, more efficient in detecting and preventing fraud and ultimately improve customer experience.
Loan Companies Like Lendly
Many alternatives to installment loans, like Lendly, exist when you need extra financial support. PayDayDay and other similar platforms connect users with lenders who offer various types of loans. These platforms often categorize loans based on specific goals, which online applications can take.
This platform provides short-term loans from lenders that require repayment within 2 to 3 weeks. They don’t need a credit check, and minimum credit scores are rarely specified. The loan amount is from $100 to $8,000, and funds will be transferred within one business day. Here are some pros and cons:
|No early prepayment fees or entry fees.||Short repayment terms for most loans.|
|Minimal personal data is required, and no credit checks.||High-interest rates.|
|Fast funding within one business day.||Potential for getting trapped in a cycle of borrowing.|
|Loan amounts between $100 and $8,000.|
|Real-time online application process.|
Upgrade is a company that offers various benefits to average borrowers. The Upgrade provides loans ranging from $1,000 to $50,000, ensuring borrowers can access various loan sizes. They provide quick funds to borrowers.
The Upgrade also requires reasonable and accommodating credit, making it accessible to borrowers with a credit score of at least 560. This allows individuals with lower credit scores to be still eligible for loans.
The Upgrade offers a direct payment feature for debt consolidation loans, simplifying consolidating multiple debts into a single loan.
Borrowers should provide this information: identity, income proof, and soft credit check to ensure they can repay the loan. Then the funds will be deposited into the borrowers within 1 to 3 days.
Upgrade loan repayment terms range from 24 to 84 months, providing borrowers with a flexible period to repay the loan.
|Direct payments for debt consolidation||Interest rates can be relatively high|
|Wide range of loan amounts to meet various needs||Origination fees add to the overall cost of the loan|
|Fast funding process|
|Accessible to borrowers with low to fair credit scores|
Affirm is a company that helps you when you need financial support that can’t be delayed. It allows you to make online purchases on platforms like Amazon, best buy, and Nordstrom and pay for them later.
This company provides you the service ‘’buy now, pay later’’.
The APR for Affirm depends n the shopping platform from where you shop. For example, Amazon and Reloton charge no interest. Other platforms may have APR ranging from 0% to 30%, and the first payment is typically due a month after the purchase.
Affirm offers you 3 to 60 months for repayment. Additionally, there is an option for a more flexible and easy repayment plan, where you can repay the loan by splitting the payment into four parts with 0% interest.
The loan amount in Affirm ranges from $50 to $17,500, with no specific minimum amount required. This platform doesn’t charge any extra fees for their services. They don’t require a minimum credit score, but Affirm performs a soft credit check and reviews your credit report. The application process can be done online, and funds will be disbursed quickly.
|Fast loan funding and straightforward application process||Interest rates can be high|
|No fees charged||Short repayment terms for some payment plans|
|Multiple options for loan repayment|
|Accessible for borrowers with different credit scores and limited credit history|
Loans like Lending Club
LendingClub is a platform suitable for borrowers with a bad credit history, as the minimum credit score requirement is 600. They offer loan amounts up to $1,000 and $40,00. Before taking a loan, ensure an origination fee ranges from 3% to 6% of the loan amount.
A good thing about LendingClub is that it is available in 50 states. Before taking a loan, it is important to consider the reputation, interest rates, and fees of alternative options before deciding on LenfingClub.
|No prepayment penalties||The origination fee for all borrowers|
|Recently became a federally-regulated bank||Higher rates and fees compared to other online banks|
|Simple application process||FTC lawsuit in 2018 raises concerns about past practices and credibility|
|Available in all 50 states|
Here are some loans like Lending Club:
- Sofi – Best for Range of Lending/Banking Products
- Prosper – Best for Peer-to-Peer Lending
- Upstart – Best for Poor Credit
- One Main Financial – Best for Customer Service
Loans similar to Lendly
1. Prosper personal loans
Prosper is a peer-to-peer lending platform that provides personal loans. It was started at the same time as LendingClub. Historically, it offers slightly lower interest rates and origination fees compared to LendingClub. However, it can take an additional day to receive the loan funds.
Prosper doesn’t offer loans below $2,000. The important to note at, a person who live n Lowa, North Dakota, and West Virginia can not use Prosper.
|APR||6.99% to 35.99%|
|Min. credit score||600|
|Loan amount||$2,000 to $50,000|
2. Upstart personal loans
Upstart is a direct lenders platform that initially operated as a peer-to-peer platform. They provide lower interest rates. If you have just started to build your credit, Upstart will still approve you for the loan.
When evaluating your loan application, these lenders will consider your education and career in addition to your credit score. Upstart has some of the highest origination fees compared to other lenders. It’s important to know that Upstart is not available in West Virginia.
|APR||4.60% to 35.99%|
|Min. credit score||300|
|Loan amount||$1,000 to $50,000|
3. LightStream personal loans
LightStream is an online lender that provides personal loans at the lowest interest rates. One good thing is that they don’t charge any fees, including late fees and prepayment penalties. LightStream has strict qualification criteria, which can make it more difficult to get approved for a loan.
Additionally, when you request a rate quote from LightStream, it may impact your credit score. It is only advice to consider the LightStream as an option for the loan when you have already been prequalified for similar loan options, such as SoFi, and possess an excellent history. LightStream is available nationwide.
|APR||7.99% to 24.49%|
|Min. credit score||Good to excellent credit|
|Loan amount||$5,000 to $100,000|
Loans like lending point
|Lender||Best for||Key features|
|LendingPoint||Changing your payment date||Loan amounts from $2,000 – $36,500|
Rates from 9.99% – 35.99%
Prequalify without affecting your credit score
|Upgrade||Fair credit||Loan amounts from $1,000 – $50,000|
Rates from 8.49% – 35.99%
Prequalify without affecting your credit score
|LightStream||Excellent credit||Loan amounts from $5,000 – $100,00|
Rates from 7.99% – 25.49%
No origination fee
|SoFi||Good credit||Loan amounts from $5,000 – $100,000|
Rates from 8.99% – 25.81%
No origination fee required
|Happy Money||Credit card debt||Loan amounts from $2,000 – $36,500|
Rates from 9.99% – 35.99%
Prequalify without affecting your credit score.
Advantages of Lendly
- No extra fees.
- Fast funding.
- No early payment penalties.
- It can build credit.
Lendly loans review
Lendly provides loans of up to $2,000 to people who need financial support. It acts between you and CCBank, like an intermediary who approves loans and offers services. Lendly understand that many Americans face problems finding a loan with low-interest rates and fees. They aim to help people who need financial support without putting a strain on their credit history or finances.
Can you pay off the Lendly loan early?
If the other lender approves you, you can repay the Lendly loan with their funds. However, it is important to contact Lendly and confirm whether there are any prepayment penalties or additional fees for paying off your loan early. This will help to understand the potential costs or charges associated with closing your Lendly loan ahead of schedule.
Is Lendly loan legit?
Lendly is considered to be the legitimate provider of personal loans. The borrower who meets their requirements gets an installment loan of up to $2,000.
Lendly has received a B rating from the Better Business Bureau (BBB), an organization that evaluates businesses based on their trustworthiness and performance.
Lendly’s loans are facilitated through Capital Community Bank, a Federal Deposit Insurance Corporation (FDIC) member, ensuring regulatory oversight and protection.
When Can I refinance my Lendly Loan?
You can refinance your loan after making some payments and making a good credit history. Waiting for lower interest rates or an improved credit score before considering refinancing will be good. Refinancing will be evaluated on your situation.
Why Choose Lendly?
Lendly loans are best for those struggling to get a loan due to their credit history. They provide reasonable repayment terms and conditions. Lendly loans are a good alternative to average payday loans because they offer lower rates than other providers offering similar loan types like car repair, title, or payday loans.
How soon can I get my money with Lendly?
Lendly provide money within 1 business day or 24 hours after accepting your application and confirming all the information you have provided.
Are Lendly alternatives legal?
The recommended companies, such as loans like Lendly, are completely legal. They are registered and authorized to operate in all states. This means they are under supervision and regulation to ensure they follow the necessary rules and regulations. These companies received many positive reviews and ratings from satisfied customers, which adds to their credibility and reputation.