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lendup


A number of people in the US find themselves short of cash as the salary day approaches. Taking traditional bank loans is not an option for them as it not only takes time but also there is a minimum amount that they must borrow that is greater than their actual requirements. This results in increased cost of the loan. That's where most people turn to payday loans.


Payday loans are short term loans that amount from a few hundred dollars to a couple of thousand dollars. The loan amount is credited to the borrower's account. Once the borrower receives the monthly income, the loan amount is automatically debited from the account.

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Payday loans are short term loans that amount from a few hundred dollars to a couple of thousand dollars. The loan amount is credited to the borrower's account. Once the borrower receives the monthly income, the loan amount is automatically debited from the account.

However, there are certain cons of obtaining paydays loans from traditional payday loan providers. Most of the payday loan providers charge a high rate that are fixed, offer opaque loan terms and conditions, and show complete disregard to an individual's ability to pay the short loans. Moreover, Some payday loan providers register the company outside the US due to a customer loses federal protections and rights.

LendUp is an online company that offer alternative to small-dollar short-term payday loans. The online company is dedicated to offering short-term finance solutions that help customers to stay afloat during the financial difficulties. Some of the ways that the online company is better than payday loan providers is listed below.

Transparent Terms and Conditions – Unlike payday loans the terms and conditions of LendUp are clear and transparent. The online lender encourage individuals to borrow responsible. The policies of the company intend to facilitate the customers in paying back the loan, instead of making money by getting the customers deeper into the debt hole.

Customer Support and Help – LendUp work with borrowers in case they are facing difficulty in paying back the loan.

Unlike traditional payday loan lenders, the company do not set debt traps for the borrowers through offering automatic rollovers and other means.

Licensed and Regulated Online Lender – The online company is licensed and complies with federal and state regulations in the US. Dealing with a licensed company offer legal protection to the burrowers from unfair lending practices.

Incentives for Responsible Borrowers – Finally, LendUp offers lenient terms and conditions to responsible buyers. They lower the rates and increase the maximum loan amount for responsible borrowers who pay back the loan on time. In contrast, most payday loan lenders charge the same high rates to borrowers despite their past credit history.

The most unique incentive offered by the online selling company is the LendUp Ladder. This incentive option offer borrowers opportunity to avail loans with lower rates and increased loan amount. As the borrowers move up the ladder, they are able to obtain more money at declining rates and for longer periods of time.

FINAL REMARKS!

Overall, LendUp is certainly a great online lending company that helps individuals in times of financial duress. The company offer short-term loans at lower rates for responsible borrowers. It's mantra is to make money by helping people pay back the loan instead of getting them deeper into the debt hole.