I'm going to start out by saying I've literally NEVER needed these loans. I've solely taken them out for over a year to work my way up the LendUp "ladder" so to speak. I started out taking monthly $250 loans, and ALWAYS repaid them on time. Each time you repay your loan, you get more points and work your way up to lesser rates & longer terms of repayment. I can't complain whatsoever. The whole reason I wanted to reach the Platinum level that I have is for the simple fact that fast cash in the event of an emergency is no longer easily available NOR cheap these days. If I ever find myself in a financial bind.. Whether it be myself or for someone else... I now have $1,250.00 of available cash credit that is deposited straight into my account the following business day. I use it all the time and have never had any issues in either received my deposited loans into my account nor in repayment. I've even contacted customer service a couple of times for simple questions, and each time I've gotten to speak to a rep. I will admit the wait times are long, but it could have been that the site was undergoing technical difficulties that day. I like that it takes me less than one minute to agree to have the loan deposited into my account the following business day.. There really is no ongoing process after you've made an account and have successfully confirmed your bank information. I don't have to get an expensive and risky title loan, or really deal with anyone in the event I need cash. Recently, I actually needed the clutch replaced on one of our cars, and we like to buy clutch kits from an independent local manufacturer that only accepts cash. As soon as we noted the clutch was a problem on my lunch hour one day, I signed into my LendUp account and in less than 2 minutes had agreed to the terms of receiving $700 the following day. Next morning... There it was. We had our clutch, and had the option to repay our loan in installments of $130.00 per month. No penalties if you repay early, and if anything, you are charged a lesser rate than for your initial term! Recently, I received an email from them that I was overcharged interest on a loan I had paid back early, and they informed me they'd be crediting my account $36.00, AND THEY DID! It was in the account the following day. What I will also admit to is that since reaching platinum level, I've had the option of LendUp reporting my repayments to the credit bureaus, which I declined (yes, it's an option you can select or decline!). I opted not to because I've read it's reported as a credit card rather than an installment loan... So it's like being approved for a $1,000 credit card and immediately maxing it out prior to receiving it, and repaying it slowly. HIGH utilization on top of hard inquiries. Don't do LendUp to build credit... More so for fast available emergency cash that you are SURE you'll be able to afford to repay. Just my 2 cents!
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I guess I should have read the fine print, but I took out two loans and repaid very quickly, only to find out that you have to do this MANY more times before it shows up on your credit report. Not a good way to rebuild credit in the loan category! I wish Credit Karma would recommend better alternatives.
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