Loans like Lendly: what they are and why to get them

Loans and credit are in high demand among Americans. It is estimated that up to 13 million U.S. citizens or residents use small cash loans each year, and the trend appears to be growing. These are millions of fees that users are always ready to pay, especially for emergency loans.

Lendly is one of the best known names in the lending industry. It is an American provider of short-term loans with an excellent reputation and customer trust (4.7 stars on Trustpilot) throughout the United States.

If you want to get great loan terms but don't yet qualify for Lendly, don't be disappointed. We have put together a list of good alternatives, and in this guide we will tell you about each of them.

Loans like Lendly: the best deals

As an installment loan provider, Lendly offers loans between $1,000 and $2,000 to customers with low to excellent credit scores. It's a fairly flexible option, but not always easy to get.

That's why we've gathered the best alternatives to Lendly loans so you can check and choose the best options to meet your financial needs. We reveal what you can expect from these loans, how easy they are to obtain, and when they are particularly attractive. We invite you to explore these pages further!

PayDaySay

Installment loans are not the only way to get additional financial support. PayDaySay is a platform that specializes in finding lenders that offer different types of loans and classify them specifically for each purpose. In addition, the lender operates as a mobile app and accepts online applications.

In this case, the range goes beyond installment loans and includes loans for moving, car repair, paying medical bills, emergencies, debt consolidation, major purchases, and home improvements. Of course, payday loans are the fastest way to get money.

The app works in all states except New York, California, West Virginia, and Arkansas.

On PayDaySay, customers can take advantage of the following terms and conditions: APR 59% to 2,200% for small loans and APR 6% to 36% for long-term loans (up to 70 months). Loan amounts range from $100 to $5,000, but in other cases can be as high as $10,000. Fees depend on the lender.

Short-term loans must be repaid within 2 to 3 weeks. No credit check is usually required and minimum scores are rarely specified. Loans are disbursed within one business day. To summarize the lenders, here are the pros and cons:

Advantages:

• Obtain between $100 and $8,000.
• Little personal information is requested and no credit check is conducted.
• Real-time online application
• Rapid financing
• No early repayment or administrative fees

Disadvantages

• High interest rates
• Short repayment periods for most loans
• Possibility of falling into loan traps

Affirm

Affirm is widely considered a sensible way to eliminate the financing gap in a specific situation that cannot wait. Its purpose is to allow people to shop online on platforms such as Amazon, Best Buy and Nordstrom and make payments later.

Its main function is to allow people to use afterpay to their advantage.

The APR depends on the purchasing platforms: for example, Amazon and Reloton do not charge an interest rate. Other payment plans may charge an APR from 0% to 30%, with the first payments to be made one month after purchase.

There are plans from 3 to 60 months. In addition, you can opt for a more faithful repayment plan, paying in four installments with a 0% interest rate.

Fortunately, loan amounts range from $50 to $17,500 (but there is no minimum limit) and no fees are ever charged. No minimum credit score is required, only a credit check and credit report analysis. Online application and rapid financing are guaranteed.

Advantages :

• Multiple loan repayment options
• No fees
• Quick financing and easy application
• Accessibility for borrowers with different scores and limited credit history.

Disadvantages:

• Short repayment periods
• Interest rates can be high

Upgrade

Upgrade offers much to the average borrower. Among duplicate loans Lendly offers loans from $1,000 to $50,000, guarantees fast financing, fair credit requirements and affordable fixed interest rates for borrowers with a credit score of at least 560.

APRs range from 7.96% to 35.97%, while application fees start at 1.85% and go up to 8%. The loans are not restricted to people with high credit ratings, which makes it easier to access credit.

The minimum loan amount is sufficient to cover some urgent needs, and direct payment is provided for debt consolidation loans. Each borrower undergoes an identity and income check as well as a credit check, and funds are deposited within 1 to 3 working days.

The repayment period varies from 24 to 84 months.

Advantages:

• Very attractive loan amounts in almost all cases
• Direct payments when users consolidate their debts
• Accessible to borrowers with low or average credit ratings
• Rapid financing

Disadvantages:

• Appraisal fees increase the total cost of the loan.
• Interest may be higher.

Best Egg

Best Egg is a lender that focuses on secured and unsecured loans and makes them available to people with decent credit. It is one of the few loans like Lendy that may be suitable for credit card refinancing, debt reduction and major purchases.

Amounts vary from state to state, but in most cases are between $2,000 and $50,000, with repayments in 3, 4 or 5 years. Best Egg's APR ranges from 8.99% to 35.99%.

If you are wondering if you qualify for a loan, the first thing to check is the minimum credit score, which must be no lower than 600. Then, pre-qualification is done through a questionnaire that will allow you to qualify for a loan. Next, pre-qualification is done through the installment facility. Prequalification is done through a flexible credit check. Loan disbursement takes one to three working days.

Users may be charged an initiation fee of 0.99% to 8.99% and a check return fee of $15. Overall, we can summarize the lender with pros and cons:

Pros:

• Affordable loan amounts for many reasons, including home improvement projects, moving to a new apartment, paying off debt, etc.
• Free access to credit scores using users' Best Egg accounts
• Ability to increase credit score through regular payments

Disadvantages:

• Not available in West Virginia, Vermont, Iowa, and Washington, D.C.
• Application fees
• No rate reduction available

Upstart

Discovering Upstart is a good thing for anyone with a damaged credit history and a less-than-perfect credit score, because this lender stands out from the crowd. First, it is about getting low interest rates and being able to finance purchases of different sizes.

Upstart offers amounts from $1,000 to $50,000 and never requires a minimum credit score. It also accepts people whose credit history is too short to qualify for other loans and those who are completely new to credit.

The estimated APR ranges from 5.42% to 35.99%, and loans are made with repayment terms of 3 to 5 years. Upstart uses not only your credit information, but also your education, place of residence, and work history to decide who is eligible for credit.

Although this is an affordable option in terms of interest, Upstart may still charge fees: a 0-10% origination fee, a late fee of 5% of the outstanding amount (or $15), and a returned check fee of $15. Financing is disbursed the next business day, and pre-qualification is available for a small fee.

Upstart loans are active in all states except Iowa. The pros and cons of this lender can be summarized as follows:

Advantages:

• Easy qualification
• Quick funding
• No credit checks to interfere with credit
• Ability to change the payment date
• Valuable advice on managing finances

Disadvantages:

• Fees that make loans more expensive
• Limited payment options
• Cannot co-lend or co-sign for a secured loan

SpeedyCash

Speedy Cash is another option similar to Lendly loans, with its telephone, in-store and online application options. The lending institution offers a wide range of loan types, including title loans, installment loans, lines of credit, prepaid cards, and payday loans.

The most common types of loans are payday loans and installment loans. SpeedyCash finances your needs on the same day.

Don't expect a low APR: on Speedy Cash the APR can be several hundred percentage points, with an average APR of almost 150%. Users also incur a number of fees, such as additional transaction fees. These are calculated on the basis of daily interest.

Speedy Cash accepts users with poor or good credit and does not impose a minimum credit score. Amounts from $50 to $26,000 are available with a 72-hour satisfaction guarantee. This means that you can change your mind within this time frame and there are no return fees.

In addition, users can repay loans in the short term (up to one month for payday loans) and up to 60 months.

A credit check is conducted at the time of application. In general, users are asked to provide their bank account, address and name, ID, income document, and date of birth. Unfortunately, the lender does not operate in many states.

It operates in 28 U.S. states, including Ohio, Oklahoma, Illinois, Alabama, Texas, Colorado, Mississippi, Missouri, New Mexico, Nevada, South Carolina, and Wisconsin.

Pros:

• Numerous application options
• No upfront payment fees
• Automatic payments
• Immediate financing
• Easy to qualify

Disadvantages:

• Very high annual interest rate
• Additional fees

Check Into Cash

Check Into Cash specializes in payday loans with a repayment period of up to 31 days and is known for its quick decisions and next-business-day financing. Although it operates in only 22 states (including Alaska) and does not offer all types of loans in all of them, it is rapidly expanding its reach.

Loan amounts range from $50 to $5,000, depending on the type of loan and the limit set by the state. Interestingly, payday loans charge no interest, only fees: a fixed fee of $10 to $30, a late fee of $25 to $30, plus 5 percent of the loan amount if the delay exceeds 15 days.

Payday loan APRs range from 400% to 1,000%, and most loans have a 14-day repayment period. Users are subject to a thorough credit check, but there is no minimum limit for obtaining a loan. To apply for a loan, you must have a national insurance number, ID, active bank accounts, personal and address information, and proof of income.

Benefits

• Quick and easy application
• Wide range of personal loans
• Immediate decisions

Disadvantages

• High expenses
• Insufficient credit limit
• Inactive in many states

Avant

Avant is a fast cash provider (within one business day) for urgent cash advances and is available to borrowers with both bad and good credit. With an APR between 9.95 percent and 35.95 percent, it offers loans between $2,000 and $35,000 to people with a credit score of at least 550. The repayment period varies from year to year. The repayment period varies from 1 to 2 years.

The repayment period varies from 1 to 5 years, and pre-qualification requires only a simple credit search. Financing is disbursed within one business day. As for fees, Avant charges an application fee between 0% and 4.75%, a $25 late fee, and a $15 check return fee, which is still lower than other providers.

Loans like Lendly provided by Avant are made in all states except Hawaii, Vermont, Iowa, Massachusetts, New York, and West Virginia.

Advantages:

• Easy to qualify
• Ability to change payment date
• Mobile app to manage the loan
• Rapid financing

Disadvantages:

• No co-signed or joint loans
• Opening fee
• No rate reduction

Spot Loan

Spot Loan is one of the alternatives to Lendly loans, famous for its short-term solutions of up to $800 and not too high fees. Its loan offers repayment terms of up to 10 months, but most loans are repaid within a few months.

The APR can be as high as 490%, but there are no application or early repayment fees. Spot Loan finances you in two business days and requires only valid bank accounts, an ID, a driver's license and a minimum annual income of $12,000.

Spot Loan is reported to major lending institutions and allows you to build your credit. However, there is no credit check. The minimum loan amount is $300.

The loan provider does not disclose the lower credit score limit for obtaining the loan.

Benefits:

• Active in 39 states
• Low fees
• Affordable rates and terms
• Credit reconstruction
• Easy to apply for and qualify for

Disadvantages:

• High annual interest rate
• Small loan amount
• No possibility of prequalification with flexible credit check

What is Lendly?

Lendly is an online lender specializing in small loans up to $2,000. It is known for its convenience and features, such as automatic deduction of payments from your paycheck and direct interaction with your employer's paycheck deposit.

Lendly varies repayment plans and options depending on employment status and details. For example, if the employer is a partner, direct ACH (Automatic Clearing House) debits or withdrawals are available.

This is especially useful for clients who tend to forget about Lendly loan deadlines and have no problem ceding control of their expenses to the lender.

Why is Lendly so popular?

Although Lendly is a regular financing company for financial emergencies and purchases, there are some aspects that set it apart. One of these is that it goes well beyond credit history and credit score.

It is often frustrating for young borrowers to find that many lenders will not allow them to use their services simply because they have not used credit long enough.

Lendly focuses on your work history rather than your credit rating and payments. In addition, a painless application and approval process makes Lendly loans so attractive.

With Lendly loans, an application is submitted in 5-10 minutes, a decision is made within a day, and loans are funded the next business day after you provide all the necessary documentation. The urgency of the need for money also affects how quickly the loan is disbursed.

Why choose Lendly?

Lendly loans are ideal for people who have difficulty qualifying for other loans and are looking for suitable repayment terms. People choose them when they face unexpected expenses and do not have sufficient income or cannot afford to spend every last penny.

In addition, Lendly loans are an excellent alternative to average payday loans because of Lendly's rates: the Lendly APR can be as low as 1,000%. While you are likely to pay nearly 175% of Lendly's APR, many car repair loans, title loans or payday loans may be more expensive from other providers.

Lendly loan details

Lendly is a legitimate lender, rated B- by the BBB and operating in 26 U.S. states, offering personal loans up to $2,000. It is backed by a legitimate bank. Most Lendly APRs are as low as 200%, an interest rate competitive with many other lenders.

For Lendly loans that are not paid by direct payroll deposit, the APR can be as high as 220%.

You can choose the terms of the loan. These range from 20 to 52 payments twice a week. The minimum age to get a loan with Lendly is 18, lower than most companies, and the lender considers all credit scores.

A driver's license, a valid checking or savings account, recent bank statements and proof of income must accompany the application.

There are no additional fees, which offsets the high APR. If Lendly were to charge fees to its users, Lendly loans would become ridiculously expensive. The absence of fees makes this provider a good option. Reporting to the credit bureaus helps customers build credit for better loan terms in the future.

Advantages of Lendly

Let's summarize all the advantages of Lendly loans:

• No additional fees.
• Opportunity to build credit.
• Quick financing.
• No early repayment penalty.

When to avoid Lendly loans

In addition to the positive aspects, Lendly has some disadvantages that you should be aware of before applying for a Lendly loan.

First, the loan amounts are too small. Amounts between $1,000 and $2,000 are rarely attractive to an urgent credit provider. If you need a loan of a few hundred dollars, you cannot do it because the lower limit is $1,000. If you need more, you cannot always qualify for $2,000.

Overall, these amounts do not make much sense.

Second, Lendly loans are only available in 26 states, and you cannot postpone the payment date by more than 29 days. Lendly is too strict to allow this, and even one day's delay reduces your credit score. Lendly rates are also higher.

Finally, Lendly loans are not always useful for building credit, as Lendly only reports to Experian.

Written by

Irene Scott

Insurance

I’ve worked for more than 5 years as a Credit Analyst and more than 4 years as an Internal Auditor for one of the leading global financial institutions. I have been exposed to the credit review process, various banking products, financial security topics, corporate governance, operational risk, and the internal control framework of a complex, multinational organization.

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