Loans Like Lendly: 8 Best Alternatives
Over the past few years, the Lendly Loans platform, which offers payday loans of $1,000 to $2,000, has been steadily gaining popularity. However, despite its advantages, it also has several significant drawbacks that may make you want to consider alternative applications and platforms.
If you want to borrow more than $2,000, are looking for a personal loan, or don’t qualify for Lendly Loans, one of the companies described below may be right for you. Read the details about how each one works to choose the best option.
8 Best Lenders Like Lendly
Below we’ve described eight lenders with the best deals for different borrowers. So even if you have a low FICO score, you may be able to find an option that fits your needs.
Note that these financial institutions provide different types of loans like Lendly, so they may have very different interest rates, fees, and amounts you can borrow.
PayDaySay is one of the most popular platforms for people with bad credit because it has a broad base of lenders and allows you to lend money to almost anyone. Here you can get personal, payday, business, or emergency loans ranging from $100 and $1,000 for several weeks to several years.
You won’t need to provide proof of your official employment or income level to borrow money. All you need to do is fill out a prequalification application on the company’s website, give your name, address, phone number, and Social Security number, and the app will show you offers from dozens of lenders willing to lend you money. Your task is to choose the most suitable option and sign the loan agreement, and then you will receive funds in your account within one working day.
This app has only one disadvantage. Since PayDaySay provides mostly payday loans, its APR range may be up to 800%. In addition, you will often need to pay back the borrowed funds within 2-3 weeks, which can be challenging if you are in a difficult financial situation.
The main advantage of this app, which borrowers often mention, is the lack of requirements for users. Here you can get a loan even with a low FICO score in any state, as PayDaySay conducts only a soft credit check.
This is an excellent alternative to Lendly Loans for those who want to borrow a few hundred dollars until their next paycheck.
Upstart is one of the few personal loan lenders that lend money to people with low FICO scores for any legal purpose from car repair to covering medical bills. Here you can get $1,000 to $50,000 for three or five years at an APR of up to 36%.
What else do you need to know about this lender?
- Upstart works in every state except Iowa.
- You must have at least 560 FICO points to borrow from this company.
- It usually takes up to one business day from when your application is approved to the moment funds are credited to your account.
- The company charges an origination fee of 0% to 10% and a late fee of up to 5%.
- You can apply to pre-qualify on the organization’s website and find out what interest rates are available to you.
Of all the company’s advantages, users most praise the extensive range of amounts that can be borrowed and the fast turnaround of 1 day. Besides, the rates loan from Lendly has are bigger than those of this lender. However, Upstart charges an origination fee of up to 10%, which is a disadvantage of this option.
Overall, Upstart can be a great alternative to Lendly Loans for those who want to borrow a significant amount for several years.
Upgrade allows borrowers than credit score exceeds 560 points to get a personal loan of $1,000 to $50,000. Like the previous lender, it lends money at an APR of up to 36% for terms of 2 to 7 years which is better than the rates loan from Lendly has. It also charges an origination fee of 1.85% to 8.99% and a late fee of $10.
It only takes one business day to get a loan from Upgrade. It usually takes a few minutes for the company to approve the loan application, and once you sign the agreement, it sends the funds to your account within one business day. This financial institution works almost all over the United States; you will not be able to get a loan only if you live in Washington, D. C.
Of the main advantages of this alternative, we would like to highlight the possibility of reducing your loan rates through additional discounts for connecting auto payments. However, its primary disadvantage, like the previous lender’s, is the high origination fee, which is advisable to avoid.
Overall, Upgrade is one of the best lenders for those looking for a debt consolidation loan. Also, unlike Lendly Loans, it will allow you to borrow a larger amount for up to 7 years.
MoneyLion is an app that allows you to get small cash advances to protect against overdraft fees. In addition, it offers credit-builder loans of up to $250 at 0% interest and charges no additional costs other than a monthly subscription fee of $9.99.
The app works for residents of all states. It usually takes a few minutes to register, as it doesn’t require a credit check, only entering your personal information and connecting your bank account. You will then have access to your first $25 cash advance, which you can request immediately.
The more you use the app, the more you can borrow. However, the loan repayments period will always be the same, as MoneyLion lends money until your next payday.
Among the disadvantages of this alternative, users single out just one major one – you will need to wait about two days to receive funds from MoneyLion to your account. Then, if you want to get it in a few hours, you will need to pay an instant delivery fee of $0.49 to $8.99.
MoneyLion is suitable for those users who want a small cash advance for overdraft protection. Besides, it has 0% APR, which is its advantage comparing to Lendly’s APRs.
Zipplyloan Work is one of the best lenders for those who want flexibility in loans. So, here you can borrow any amount from $100 and $15,000 for six months to six years or receive a payday loan of up to $500 for two or three weeks.
The requirements for borrowers at Zippyloan are simple – you must have official employment and prove regular income. Your credit history is much less critical and does not affect 100% the result of the company’s decision.
Compared to other lenders, Zippyloan stands out because of its instant approval, as it only takes a few minutes to fill out an application and wait for the company to respond. In addition, the lender will transfer funds to your account the next business day if your application is approved.
From this lender’s disadvantages, we can only note the presence of loan fees. Otherwise, it can be a great alternative to Lendly Loans, as Zippyloan lets you borrow under $1,000 and over $2,000 if you need it.
Check ‘n’ Go
Check ‘n Go is one of the most widespread payday loan lenders that started in 1994 and still lends money to borrowers from 18 states today. Here you can get a small loan ranging from $100 to $865 for a few weeks until your next paycheck.
You don’t have to have a high FICO score to borrow money from this company, but you do have to be officially employed. Check ‘n Go does not conduct credit checks, which is an advantage, and it also responds to your loan application within one hour. If you get a positive response from the company, the money will arrive in your account within three business days of signing the agreement.
Because Check ‘n Go works with the riskiest category of borrowers, it has very high fees and an loan rates of up to 800%. You should not use this option if you need money to buy something you want because such an expensive loan only makes sense to get out of an emergency.
Check ‘n Go is very similar to Lendly Loans and can be a great alternative to this app for those who need credit not for a few months but until the next paycheck.
Prosper is a personal loans lender that can lend from $2,000 to $50,000 to users whose FICO score exceeds 560 points. The company does not lend clients their money but helps them find an investor from its base willing to lend them the needed amount.
How does it work?
- First, you will need to apply on the organization’s website, stating the amount you want, the purpose of the loan, and basic information about you.
- Prosper will then give you a Prosper score based on your credit history and debt-to-income ratio.
- This assessment will be visible to all investors, after which they can choose you as a borrower and offer you their loan terms.
Typically, investors lend at 6.99% – 35.99% APR for up to 5 years, with the origination fee being 1% to 5%. The company operates in all states except IA and WV and allows you to get a loan within 1-3 business days.
The main advantages of this option are that you can use the joint loan option to get a loan with better terms, a wide range of loan amounts, and fast funding. However, this alternative has several disadvantages, the main one being that you may not get a loan if no investor selects you (the selection process can take up to 14 days).
Prosper is a great lender for those who need to borrow a large amount of money for up to 5 years. However, it is essential to understand that this Lendly alternative should not be used if you need cash urgently, as investors can take 1 to 14 days to decide on your loan.
Rise Credit is an online lender that provides installment loans to users with bad credit. But, of course, because the company works with the riskiest category of borrowers, it charges a very high APR and fees of up to 299%, which is its main disadvantage.
What else should you know about this financial institution?
- Here you can lend any amount from $300 to $5,000.
- The company does not charge any additional fees.
- You can choose a repayment period that is convenient for you, ranging from 4 to 26 months.
- Rise Credit operates in 30 states in the United States.
- You won’t need a credit check to get a loan, which means you can qualify without a credit history.
- One of the company’s requirements for its borrowers is a permanent source of income and official employment.
Of all the company’s advantages, users most often note the ability to get money into their account within one business day, even for those with a low FICO score. However, at the same time, they do not like that loans from Rise are more expensive than usual, as the standard APR for installment loans should be up to 36%.
Rise Credit can be an alternative to Lendly Loans for those who want to borrow a large amount but cannot qualify with other lenders.
Check into Cash
Check Into Cash is one of the payday lenders operating in the U.S. financial market for more than 30 years. The company now has over 1,000 branch locations in 26 states and allows you to lend online and offline (not in all states) from $50 to $1,000, even to borrowers with low FICO scores. In addition, Check Into Cash offers installment loans of up to $5,000 in some states.
You need to apply online to borrow money, which takes about 10 minutes. To do this, you must provide your Social Security Number, bank account information, ID, and proof of income. A few minutes after that, you’ll get a response from the company, and if it’s positive, the lender will send the money to your account the next business day.
The main disadvantage of this option is a brief payout period, usually 14 days. After that, the funds will be automatically withdrawn from your account on the due date. In addition, users complain about the high APR, which can reach 1,000%, and late fees of $30.
However, it is important to note several company advantages: the ability to get a loan in just one business day, good customer support, and a simple application process with only three documents.
This app could be an alternative to Lendly Loans for those living in one of the 26 states where the company operates.
Brigit is another app for those who want to get small advances or build a credit history through small loans. The mission of this app is, for a $1 monthly subscription fee, to help users with bad credit scores get access to small loans.
To get advance at Brigit, you need to have an account over 60 days old, a positive balance and get at least three deposits of $200 or more from an employer. That said, you’ll be able to borrow $50-$250 even if you have no credit history, and the app will report your payments to the credit bureaus so you can create one.
Brigit works for users in all states and is a partial alternative to Lendly Loans for those who want to use such loans to build a credit history.
What You Need to Know About Lendly
Lendly Loans is a company founded almost five years ago that provides small loans of up to $2,000. It is cheaper than payday loans but also more expensive than personal loans provided, for example, by federal credit unions.
To decide which of the apps described above would be the best alternative for you, you should first learn more about the platform’s features. Lendly Loans has many advantages that may surprise you and disadvantages that may make you want to turn to another financial institution.
How Lendly works
When you go to the platform’s website, you must provide basic information about yourself (ID, Social Security number) to apply for a loan. After that, you have to wait about 24 hours to get an answer from the company, which is one of the disadvantages of the company compared to other online lenders.
If Lendly Loans approves your application, you must sign the loan agreement. Loan funds will then be deposited into your account within one, two, or three business days.
The main feature of loans from Lendly is the automatic repayment of borrowed funds. Unlike most companies, Lendly Loans does not wait for borrowers to make a monthly payment themselves but withdraws these funds automatically from your paycheck through direct deposit. While many users call this feature a shortcoming of the platform, its founders believe it is one of the best ways to help borrowers stay out of debt and make all their payments on time.
The main problem is that this way of paying out loans is illegal in most states, which is why the company only operates in 24 of them. That’s why, if you live somewhere outside those territories, you’d better borrow money from a bank, federal credit union, or another online lender.
It is important to note that you will still be able to repay the loan early without penalty. In addition, your payments can be either monthly or bi-weekly, depending on the amount you borrow.
Is Lendly safe?
Lendly’s Loans has been in the financial market for almost five years and is legitimate, but it has one problem. When you apply for a loan, you leave your personal information, including your social security number, account balances, payment history, etc., with the organization. The company claims that your data is protected and does not sell it, but it doesn’t tell you where this information is going.
There are rumors online that Lendly Loans does not sell your information but may share it, which is illegal. Because of this, some users prefer to use safer alternatives.
Will Using Lendly Affect My Credit Score?
Like any reliable financial institution, Lendly’s Loans sends monthly payment reports to Equifax to help customers build a positive credit history. However, because of this, your cooperation with the company can affect your credit report if you miss monthly payments.
In addition, you may see a slight drop in your credit score at the time of borrowing, as your credit utilization ratio will rise and a new inquiry will appear on your credit report. However, if you make your monthly payments on time, it will soon increase.
It is also important to note that your credit rating will not drop when you first apply because Lendly Loans does not do hard credit checks.
How Much Can I Borrow With Lendly?
The company allows you to take out small term loans of $1,000 to $2,000. However, this small range is one of the disadvantages of the company because many borrowers want to borrow larger or smaller amounts.
No matter how much you borrow, you will likely pay off the loan in automatic bi-weekly payments. The Lendly’s APRs go from 99% to 199% but charges no additional fees; that’s why sometimes credit cards may be a cheaper alternative.
How Fast Can I Get Money With Lendly?
The process of getting a loan from Lendly’s Loans differs from most online lenders and is a point of contention. On the one hand, the company does not base its loan decision solely on credit scores, which is an advantage for many borrowers with bad credit. On the other hand, because of this, the application approval process can take up to 24 hours, which is very long compared to most similar financial institutions.
Once you receive a positive response from Lendly Loans and sign the loan agreement, the loan funds will arrive in your account within 1-3 business days.
Pros and Cons of Loans From Lendly
It will be easier to decide whether to work with this financial company if you see its pros and cons. So let’s start with the pros:
- You can borrow money from this company even if your credit score exceeds 600 points. You must be officially employed and be able to connect your main bank account to the company’s app for automatic withdrawal of monthly or bi-weekly payments.
- Lendly does not charge origination or other fees.
- Compared to payday loans, Lendly Loans has a low APR.
- If you borrow money from this company and pay on time, you can improve your credit history because the organization reports to Equifax.
At the same time, however, you should understand that Lendly Loans is not suitable for everyone. For example, if you want to lend less than a thousand dollars or more than $2,000, you should choose another alternative option. In addition, the company operates only in 24 states, namely Arizona, Arkansas, Delaware, Florida, Idaho, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming.
It is also worth noting that this lender is not the best for those who want to get funds quickly, within one business day, as Lendly Loans processes your application for about 24 hours and transfers funds to your account within 1-3 days.
When Choose Alternatives to Lendly?
You can choose other financial institutions if you don’t like all the terms offered by Lendly Loans. It is best to select alternatives when:
- You want to borrow more than $1,000 or less than $2,000.
- You don’t want to give you access to your account and let the company automatically deduct your monthly payments.
- You would like to borrow money for several years, not one year.
- You need funds urgently, within one day.
- You live in states where the company does not operate.
- You would like to have a lower APR.
- You have a good credit score and qualify for better offers from personal loan lenders.
You can also choose any other financial institution if you are not sure if Lendly Loans retains and shares your information with others.
- Can I have more than one loan at a time with Lendly Loans?
No, you can only get the next loan after you pay back the previous one. The platform’s target audience is people with bad credit, which is why Lendly Loans tries to create restrictions that help borrowers avoid falling into the debt trap.
- What are my payment options in Lendly?
Depending on your loan amount, you can repay it in biweekly or monthly payments. Usually, the average loan repayments period is up to one year, but you can always repay earlier without any penalties.
- How can I apply for a Lendly loan?
To apply for a loan, you must go to Lendly’s website and provide basic information about yourself and documents such as your ID and Social Security number. The organization will give you an answer within 24 hours and, if your application is approved, will transfer funds to your account within 1-3 days.
- What is Lendly Loans credit reporting policy?
Lendly Loans wants to help its customers build a positive credit history, so every month, it reports all their payments to Equifax, one of the three major credit bureaus.