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San Francisco-based payday loan company LendUp is trying to change the face of payday lending from predatory to productive by offering a credit-building points system, reporting timely payments to the three major credit bureaus and not charging fees. LendUp is a good service for anyone who thinks they'll be utilizing payday loans on a somewhat regular basis.

Application Process

To qualify for a loan with LendUp, you must have a valid checking account that accepts ACH debit and credit transactions. Applying for a loan is a fast, simple process. After creating an account with LendUp, you will fill out an online application that requests personal information including your social security number, information about your income, why you're requesting a loan and your bank account details. Once your information has been verified, you will need to provide an electronic signature and then you're eligible to receive your money. It can take as little as 15 minutes from when you start the application for the money to be deposited into your checking account.

Something that makes LendUp stand out from the competition is that it

reports your payments to the three major credit bureaus — TransUnion, Experian and Equifax — to help customers work on building up their credit.

Loan Rates and Fees

LendUp's payday loans are designed to help those with poor or no credit borrow money and build their credit. Amount minimums and maximums differ from state to state, but in general you can borrow any amount ranging from $100 to $250 and repay in a single payment within 7 to 30 days to start. Rates are about as high as you'd expect from a payday loan service, but LendUp promises they will decrease over time based on a points system called the LendUp Ladder, which moves you through the ranks of Silver, Gold, Platinum and Prime. The more points you earn, the higher your rank becomes and the more money you are able to borrow with longer repayment terms and lower interest rates. After the Silver rank, you will have the option to repay your loan in multiple payments rather than a single payment.

LendUp Ladder - Click to enlarge

Category: Payday loans

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