An online lender, Lendly loan offers personal loans to individuals. Lendly provides fast, easy, and secure lending solutions to individuals who need financial help. In addition to simplifying the lending process and making it more accessible, the company is committed to offering flexible loan terms and rates that meet the unique needs of every borrower.
Loans from Lendly
In this article, we will explore the lending services offered by Lendly, including their loan products, the application process, eligibility requirements, and customer service. Also, we’ll examine how Lendly compares to other online lenders in the market, as well as its advantages and disadvantages.
Products for lending
In addition to personal loans, Lendly offers credit scores ranging from fair to excellent. Loan amounts can range from $1,000 to $35,000, with repayment terms ranging from 24 to 60 months. Depending on the borrower’s creditworthiness, Lendly offers interest rates ranging from 5.99% APR to 35.99% APR.
With Lendly’s loan products, borrowers have the option to customize their loan amount, repayment term, and interest rate, allowing them to customize their loans based on their specific needs and budgets.
Lendly loans: what you need to know
In 26 states, Lendly offers small personal loans of up to $2,000 online.
Payroll providers process payments
In contrast to other payday loan companies that may debit your bank account after payday, Lendly uses your employer’s payroll direct deposit to automatically deduct payments. In addition to automated clearing house (ACH) direct debit, you may have other repayment options depending on where you live and whether your employer partners with Lendly.
Lendly says you’ll receive instructions on how to set up your bi-weekly payment, and you’ll have to show proof of your direct deposit before your loan is approved.
Lendly reports to one of the three credit bureaus, which can help you avoid missing a loan payment and build credit.
Keep in mind that if you sign up to have some of your paycheck channeled directly to the lender, you will lose some control over how and when you spend your earnings.
Process of applying
You can apply for a Lendly loan online by filling out a short application form on the Lendly website. The application asks for basic personal and financial information, such as income, employment status, and credit rating.
Once the application is submitted, Lendly will conduct a soft credit check to determine the borrower’s creditworthiness. If approved, the borrower will receive a loan offer with custom loan terms and rates. It will be necessary for the borrower to provide additional documentation, such as proof of income and identity, before the loan can be funded if they accept the offer.
Credit scores aren’t the only thing Lendly considers
The majority of Lendly’s loan decisions are based on the employment history of the applicant.
Our guide to credit score ranges can help you get an idea of where you might stand if you’ve had enough time on the job and are able to set up payroll direct deposits for loan payments.
There is a high interest rate
According to Lendly, a “typical” loan paid back via payroll direct deposit carries an annual percentage rate of 175%. While lower than payday loans, this is higher than most cash advance apps.
For example, Earnin is an app that offers payday advances of up to $500 at no charge; instead, you can tip the company whatever you can afford. With Dave, you can get $200 in cash without any fees, and with Brigit, you can get $250 in cash without any credit checks or interest.
There are only a few states that offer loans
Arizona, Arkansas, California, Delaware, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming are currently offering lendly loans.
Lendly loans: a closer look
Lendly has a few other things to offer.
Your credit report may be affected by applying for a loan with Lendly.
The average loan term is 26 bi-weekly payments (roughly a year), but the number of bi-weekly payments can vary from 20 to 52.
Lendly typically gives you a decision on your application within 24 hours of completing the online application. It typically takes five to ten minutes to complete the online application. Your financial institution may deposit funds into your account the next business day after you submit the required documents.
Requirements for Eligibility
Borrowers must meet the following requirements in order to qualify for a Lendly loan:
You must be at least 18 years old
Be in possession of a valid Social Security number
A minimum credit score of 580 is required
A minimum income of $35,000 per year is required
As well as employment history, debt-to-income ratio, and credit history, Lendly considers other factors when determining eligibility. Borrowers with bankruptcy or ongoing delinquencies may not be eligible.
What are the benefits of a Lendly loan?
If your credit is poor and you are struggling to get approved for a traditional personal loan because of surprise expenses like car repairs or medical bills, Lendly may be the solution for you.
The Lendly loan may be a cheaper alternative to payday loans, which can have rates as high as 400 percent. Lendly loans may also be a viable alternative to high-interest car title loans, since you won’t lose your vehicle.
The alternative is to use an open line of credit, such as a credit card, to cover a financial emergency even if you have bad credit.
A payday alternative loan is another option. These are small installment loans that are available at some federal credit unions with rates capped at 28%. Available loan amounts can range from $200 to $2,000.
Consider reaching out to your service providers for help if you’re struggling to pay your bills. For instance, your healthcare provider may be willing to set up a payment plan or make other arrangements that won’t require you to take on new debt.
Lendly’s application process
Upon confirmation of your information, you can apply for a Lendly loan online or on mobile within five to ten minutes.
In addition to asking for basic information like your name, address, and employment history, Lendly may conduct a hard credit inquiry, which could negatively impact your credit score.
There’s no form on the Lendingly website for prequalifying for a personal loan or checking rates — you’ll have to formally apply to see what rate and terms you qualify for. In order to find the best rate and terms for your needs, it is a good idea to compare lenders and loan terms before applying for a cash advance or any other loan.
Service to customers
Providing excellent customer service to its borrowers is at the heart of Lendly. A frequently asked questions (FAQ) section on the company’s website, a blog with financial tips, and a customer service team that is available by phone or email are all resources provided by the company to help borrowers navigate the loan process.
Using the Lendly website or mobile app, borrowers can also make payments, view their loan balances and payment histories, and update their account information.
Lendly’s advantages for borrowing
Lendly’s online application process is quick and easy, making it easy for borrowers to apply from home.
With Lendly’s loan customization tool, borrowers can tailor their loan to meet their specific needs.
For borrowers with good credit, Lendly offers competitive interest rates starting at 5.99% APR.
Exceptional Customer Service: Lendly’s customer service team is available to answer questions and guide borrowers through the loan process.
Lendly’s disadvantages
Borrowers with poor credit may be offered high interest rates, up to 35.99% APR, which can make borrowing from Lendly more expensive.
Borrowers with significant financial needs may not be able to qualify for Lendly’s maximum loan amount of $35,000.
Eligibility Requirements: Lendly’s strict eligibility requirements may exclude some borrowers, particularly those with low credit scores or limited incomes.
Lendly vs. Other Online Lenders
Lendly’s loan products, interest rates, fees, and customer service should all be considered when comparing it to other online lenders.
In addition to the customizable loan terms and rates, Lendly is a good option for borrowers who want more control over their loans. Although Lendly offers competitive interest rates, they may not be as competitive as some other online lenders, particularly for borrowers with lower credit scores.
In addition to fees, Lendly does not charge origination fees or prepayment penalties, so borrowers can save money over time. Other online lenders, however, may offer lower interest rates or more flexible repayment terms that offset these fees.
Lastly, customer service is an important consideration when choosing a lender. Lendly’s website, mobile app, phone, and email support provide excellent customer service. Nevertheless, some borrowers prefer lenders that offer additional resources, such as financial advice or educational materials.
Reviews of lendly loans
The feedback from borrowers about Lendly loans is generally positive. Here are a few examples:
Reviews of Lendly loans that are positive
I applied for a loan through Lendly and was approved within minutes. The rates were competitive, and the loan terms were exactly what I was looking for. I would definitely recommend Lendly to anyone in need of a personal loan.” – Sarah T.
“I enjoyed working with Lendly very much. The application process was quick and easy, and I got the funds I needed to pay off some high-interest credit card debt. The rates were reasonable and there were no hidden charges. I would definitely use Lendly again.” – John D.
Throughout the entire loan process, Lendly provided friendly and helpful service, and I felt like they cared about my needs as a borrower. I was also able to obtain the money I needed quickly and easily because the rates were very competitive. I would definitely recommend Lendly to anyone looking for a personal loan.” – Emily S.
Reviews of Lendly loans that are negative
“I applied for a loan with Lendly and was denied due to my credit score. While I understand lenders have to make decisions based on risk, I was disappointed that Lendly did not offer me a loan. I also felt that the customer service was a bit impersonal and didn’t really address my concerns.” – Mark H.
While the application process was easy, I ultimately decided to go with another lender that offered more competitive rates and better terms.
Overall, the reviews of Lendly loans are generally positive. Borrowers praise the company’s quick and easy application process, competitive rates, and excellent customer service. However, some borrowers have noted that the interest rates may be higher than other lenders, and eligibility requirements can be strict. As with any lender, it’s important to carefully review the loan terms and conditions before accepting an offer and to compare multiple lenders to ensure you’re getting the best deal possible.
Loanly provides total loan services
Although Total Loan Services does not provide loans, it does provide loan management services to a variety of lenders, including Lendly. When you take out a loan with Lendly, they may contract with Total Loan Services to manage the day-to-day administration of your loan, including processing payments, managing your account information, and providing customer service.
Between the borrower and the lender, Total Loan Services ensures that the loan is properly serviced and in compliance with all applicable regulations as a middleman. In addition to sending monthly statements, processing loan payments, handling delinquent accounts, and providing customer service, these tasks may also require customer support.
As a result of its partnership with Total Loan Services, Lendly offers borrowers a more streamlined and efficient loan process. Borrowers can trust Total Loan Services to handle many of the administrative tasks associated with their loan rather than dealing directly with the lender.
As a lender and borrower support service provider, Total Loan Services is regarded as a reputable and well-established company. Total Loan Services will provide you with a high level of professionalism, efficiency, and customer support throughout the life of your loan if you have a Lendly loan that is being serviced by Total Loan Services.
Refinance your loan with lendly
Refinancing your loan with another lender may be an option if you have a loan with Lendly and want to lower your interest rate, reduce your monthly payments, or change the terms.
To refinance your Lendly loan, follow these steps:
When lenders decide whether or not to approve you for a loan and what rate to offer you, your credit score is one of the most important factors they take into account. Check your credit score before applying to refinance your Lendly loan, and improve it if necessary.
Compare lenders online, through a loan marketplace, or speak with a loan officer at your bank or credit union to find refinancing loans with favorable terms and rates.
You can apply for a new loan after you’ve identified a lender you’d like to work with. The lender will review your credit history, income, and other factors to determine whether to approve you for the loan and what interest rate to charge.
Pay off your Lendly loan with the new loan: If you are approved for the new loan, you can use the funds to pay off your Lendly loan. Make sure that there are no prepayment penalties or other fees associated with early payment.
Once your Lendly loan has been paid off, you’ll make payments on your new loan according to its terms and conditions.
Before accepting an offer, you should carefully review the terms and conditions of the new loan. Check for any fees associated with refinancing, such as origination fees or prepayment penalties, which may offset any potential savings. To determine whether refinancing is the best choice for you, compare your new loan’s interest rate, monthly payment, and repayment terms with those of your Lendly loan.
Conclusion
Lendly offers a simple and convenient solution for borrowers in need of personal loans. Its customizable loan terms and rates, the fast application process, and excellent customer service make it an attractive option for many borrowers. However, the company’s high-interest rates for some borrowers and strict eligibility requirements may limit its appeal to certain individuals. Overall, Lendly is a solid choice for borrowers seeking a reliable and efficient lender for their personal loan needs.
Before deciding to borrow from Lendly or any other lender, borrowers should carefully assess their financial situation and determine if a loan is the right option for them. The risks and benefits of taking out a loan need to be understood before you borrow money.
In addition, borrowers should compare lenders and loan offers to ensure they are getting the best deal. This may involve comparing interest rates, loan terms, fees, and other factors that can affect the cost and convenience of borrowing.
A reputable and trustworthy lender, Lendly offers a variety of loan products and services that are tailored to meet the needs of a wide range of borrowers. Lendly may be a good option to consider if you want to consolidate debt, cover unexpected expenses, or finance a major purchase. You should review any loan offer carefully before accepting it, and only borrow what you can afford to repay.