LendUp or Elevate: which is the best payday loan for you?


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April 26, 2018

Payday loans can be quite risky. The typical interest rate is around 400.00%, depending on the Consumer Financial Protection Bureau. This high rate could put you in more debt than you can afford.

But you might be in desperate need of cash to cover an unforeseen expense before your next paycheck. If you don’t have enough emergency savings and your credit rating is too low to qualify for a personal loan, a payday loan might be your only solution.

Made To lend Where The rise of Elevate offer a safer solution? Here’s all you need to know.

To lend

Although LendUp follows a payday loan structure, it promotes itself as being accountable and transparent. For example, the company has a education platform where he teaches potential and current borrowers about the pros and cons of short-term credit.

While the education component is great, there are some important factors to consider before borrowing from LendUp.

Benefits of a LendUp Payday Loan

Getting money fast is the number one reason you would choose a company like LendUp. But they also have other advantages.

  • They offer payment plan options if you are having trouble repaying the loan.

  • If you pay off your installment loan, you could increase your credit score.

  • The lender has an incentive program called LendUp Ladder. You get points when you take out LendUp loans and pay them back on time. As you accumulate points, the lender will reward you by allowing you to borrow at progressively lower rates.

Disadvantages of a LendUp Payday Loan

As with any payday loan, there are some downsides to keep in mind.

  • The prices are high. As of April 24, 2018, for example, a week-long loan of $ 250 in California would have interest of $ 44, which works out to an APR of almost 920%. Be sure to check the most up-to-date rates for your state on the LendUp website.

  • Depending on where you live, LendUp may not be available.

  • You are limited to smaller loans, up to $ 250 with a lump sum loan or up to $ 1,000 with an installment loan.
  • Your maximum repayment term is 30 days with a lump sum loan.

Elevate

Elevate has two financial offerings to help people get the money they need fast: Elastic and Rise. Elastic is a bank line of credit for which you pay a 5% or 10% cash advance fee. Rise is more like LendUp in that it issues unsecured installment loans.

For the sake of side-by-side comparison, we’ll focus on Rise. Here are some pros and cons of a Rise loan.

Benefits of a Rise Loan

Rise offers many benefits for those in need of quick cash:

  • You can request a seven day payment extension if you cannot pay on time.

  • You have five days to change your mind if you decide you don’t need the loan.

  • The company will provide you with free access to your TransUnion credit score.

  • If you borrow from the company more than once, your interest rates could go down.

Disadvantages of a Rise Loan

As with any loan, there are downsides to consider.

  • Rates are better than many payday lenders, but still high, ranging from 36.00% to 299.00%, as of April 24, 2018. Visit To augment for the most recent information.

  • Payments are made every two weeks instead of monthly.

  • Rise loans are not available in all states.

LendUp or Elevate: comparison of interest rates, conditions and fees

Although LendUp and Elevate’s Rise are similar in their loan offerings, there are some details that should be considered before applying. Here is a simple table to go over the main differences between each lender:

Amount of the loan Interest rate Costs Term
To augment $ 500 to $ 5,000 36.00% to 299.00% Information on fees is provided in your loan agreement 5 to 26 months
To lend $ 100 to $ 1,000 From approximately 30.00% to over 900.00% Returned check fee of $ 10; administrative fee of $ 50 or 5% of the amount funded (whichever is less) 7 days to 1 year

LendUp or Elevate: which loan is right for you?

LendUp and Elevate’s Rise both offer payday loan alternatives. However, even these alternatives have high interest rates. If you’ve already decided to take out a loan, choose the company that best suits your financial situation and minimizes your risk.

If you need a small loan quickly, LendUp loan options might be the best choice if you don’t have good credit. A few hundred dollars in cash might help if you can’t pay the rent because you’re waiting for a paycheck. However, the lender offers short repayment terms, so make sure you can pay off your debt quickly and on time.

Alternatively, Elevate’s Rise might be the best option if you are looking for a more traditional lending experience. You can borrow more and have a longer repayment period. This is useful if you need a large sum of money to do renovations or pay for a wedding, for example.

Just be aware that both lenders can offer you high rates. It doesn’t matter if LendUp or Rise offers lower rates, you are still required to pay a lot of interest. Make sure to research other personal loan companies and explore your options carefully.

Note: Student Loan Hero has independently collected the above information regarding LendUp and Rise loans. Neither the lender has provided or reviewed the information shared in this article.

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How is the student loan hero paid

How is the student loan hero paid

Student Loan Hero is indemnified by the companies present on this site and this compensation may have an impact on how and where the offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the market.

Advertiser Disclosure

Hero Student Loan Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site presents products from our partners as well as from institutions that are not advertising partners. While we endeavor to include the best offers available to the general public, we do not guarantee that this information represents all products available.

PRICES (APR) Amount of the loan
4.99% – 19.63%1 $5,000 To $100,000
4.37% – 35.99% $1000 To $50,000
5.94% – 35.97%* $1000 To $50,000
99.00% – 199.00%2 $500 To $4000
5.99% – 24.99%3 $5,000 To $40,000
9.99% – 35.99%4 $2,000 To $36,500

NMLS # 1136: general conditions apply

1 Includes AutoPay discount. .
2 Includes AutoPay discount. .
3 Includes AutoPay discount. .
4 .
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