Loans like Lendly: what they are and why to get them
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Loans like Lendly: what they are and why to get them

April 11, 2023
Fact checked by Jessica Parker
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Loans and credits are in high demand among Americans. It is estimated that up to 13 million U.S. citizens or residents use small cash loans each year, and the trend appears to be growing. This represents millions in fees that users are still willing to pay, especially for emergency loans.

Lendly is one of the best known names in the lending industry. It is an American provider of short-term loans with an excellent reputation and trust from its customers (4.7 stars on Trustpilot) throughout the United States.

If you want to get great loan terms but don't yet qualify for Lendly, don't be disappointed. We have put together a list of good alternatives, and in this guide we will tell you about each of them.

Loans like Lendly: the best deals

As an installment loan provider, Lendly offers loans from $1,000 to $2,000 to customers with poor to excellent credit scores. It is quite flexible, but not always easy to get.

That's why we've gathered the best alternatives to Lendly loans so you can check it out and choose the best options to meet your financial needs. We will reveal what you can expect from these loans, how easy they are to get, and when they are particularly attractive. We invite you to dive into these pages!

PayDaySay

Installment loans are not the only way to get additional financial support. PayDaySay is a platform that specializes in finding lenders that offer different types of loans and categorizes them specifically for each purpose. In addition, the lender functions as a mobile application and accepts online applications.

In this case, the range goes beyond installment loans and includes loans for moving, car repair, paying medical bills, emergencies, debt consolidation, large purchases, and home improvement. Of course, payday loans are the fastest way to get money.

The app works in all states except New York, California, West Virginia, and Arkansas.

On PayDaySay customers can take advantage of the following terms: APR 59% to 2,200% for small loans and APR 6% to 36% for long-term loans (up to 70 months). Loan amounts range from $100 to $5,000, but in other cases can be as high as $10,000. Fees depend on the lender.

Short-term loans must be repaid within 2-3 weeks. No credit check is usually required and minimum scores are rarely specified. Loans are funded within one business day. To summarize the lenders, here are the advantages and disadvantages:

Advantages:

  • Obtain an amount between $100 and $8,000.
  • Little personal information is required, and no credit check is conducted.
  • Real-time online application
  • Rapid financing
  • No early repayment or application fees

Disadvantages :

  • High interest rates
  • Short repayment periods for most loans
  • Possibility of falling into loan traps

Affirm

Affirm is widely regarded as a sensible way to eliminate the financing gap in a specific situation that cannot wait. Its purpose is to allow people to shop online on platforms such as Amazon, Best Buy, and Nordstrom and make payments later.

Its main function is to allow you to use afterpay to your advantage.

The APR depends on the purchasing platforms: for example, Amazon and Reloton do not charge an interest rate. Other payment plans may charge an APR from 0% to 30%, with a requirement to make the first payments one month after purchase.

There are plans from 3 to 60 months. In addition, you can opt for a more faithful repayment plan-paying in four installments with a 0% interest rate.

Fortunately, loan amounts range from $50 to $17,500 (but there is no minimum limit) and no fees are ever charged. No minimum credit score is required, only a credit check and credit report analysis. Online application and fast financing are guaranteed.

Advantages:

  • Multiple loan repayment options
  • No fees
  • Quick financing and easy application
  • Accessibility for borrowers with different scores and limited credit history.

Disadvantages:

  • Short repayment periods
  • Interest rates can be high

Upgrade

Upgrade offers much to the average borrower. Among duplicate Lendly loans, it offers loans from $1,000 to $50,000, grants fast financing, fair credit requirements and affordable fixed interest rates for users with a credit score of at least 560.

APRs range from 7.96% to 35.97%, while application fees start at 1.85% and go up to 8%. Loans are not reserved for those with high credit scores, making it easier to access credit.

The minimum loan amount is just enough to cover some urgent needs, and there is a direct payment feature for debt consolidation loans. Each borrower undergoes identity and income verification and a credit check, and funds are deposited within 1-3 business days.

The repayment period ranges from 24 to 84 months.

Advantages:

  • Very attractive loan amounts in almost all cases
  • Direct payments when users consolidate their debts
  • Availability to borrowers with low and medium credit ratings
  • Rapid financing

Disadvantages:

  • Appraisal fees increase the total cost of the loan.
  • Interest can be higher

Best Egg

Best Egg is a lender that focuses on secured and unsecured loans and makes them available to people with decent credit. It is one of the few loans like Lendy that may be suitable for refinancing credit cards, tackling debt and making major purchases.

Amounts vary from state to state, but in most cases are between $2,000 and $50,000, with repayments in 3, 4 or 5 years. Best Egg's APR ranges from 8.99% to 35.99%.

If you are wondering if you are eligible for a loan, the first thing to check is the minimum credit score, which must be no lower than 600. Then, pre-qualification is done through the installment system. Next, pre-qualification is done through a soft credit check. It takes one to three working days for the loan to be disbursed.

Users may be charged an origination fee of between 0.99% and 8.99% and a check return fee of $15. Overall, we can summarize the lender with pros and cons:

Pros:

  • Affordable loan amounts for many reasons, including home improvement projects, moving to a new apartment, paying off debts, etc.
  • Free access to credit scores using users' Best Egg accounts
  • Ability to increase credit score with regular payments

Disadvantages:

  • Not available in West Virginia, Vermont, Iowa and Washington, D.C.
  • Fees for opening a file
  • No rate reductions available

Upstart

Finding out about Upstart is a good thing for anyone with a damaged credit history and a less-than-perfect credit score, because this lender stands out from the rest. First of all, it is about getting low interest rates and being able to finance purchases of different sizes.

Upstart offers amounts ranging from $1,000 to $50,000 and never requires a minimum credit score. It also accepts people whose credit history is too short to qualify for other loans and those who are completely new to credit.

The estimated APR ranges from 5.42% to 35.99%, and loans are granted with repayment terms of 3 to 5 years. Upstart relies not only on the user's credit information, but also on education, location, and work history to decide who is eligible for credit.

While it is an affordable option in terms of interest, Upstart may still charge fees: an origination fee of 0-10%, a late fee of 5% of the outstanding amount (or $15), and a returned check fee of $15. Funding takes place the next business day and pre-qualification is possible with a low credit fee.

Upstart loans work in all states except Iowa. The advantages and disadvantages of this lender can be summarized as follows:

Advantages:

  • Easy qualification
  • Quick funding
  • No credit checks to interfere with credit
  • Ability to change the payment date
  • Valuable advice on managing finances

Disadvantages:

  • Fees that make loans more expensive
  • Limited payment options
  • No ability to get a secured loan co-borrowed or co-signed

SpeedyCash

Speedy Cash is another option similar to Lendly loans, with its telephone, in-store and online application options. The lending institution offers a wide range of loan types: title loans, installment loans, lines of credit, prepaid cards, and payday loans.

The most common types of loans are payday loans and installment loans. SpeedyCash finances your needs on the same business day.

Do not expect a low APR: at Speedy Cash, the APR can reach several hundred percentage points, with an average APR of almost 150%. Users also incur several expenses, such as additional transaction fees. These are calculated on the basis of daily interest.

Speedy Cash accepts users with poor or good credit and does not impose a minimum credit score. Amounts from $50 to $26,000 are available with a 72-hour satisfaction guarantee. This means that it is possible to change one's mind within the allotted time and no return fee is required.

In addition, users can repay loans in the short term (up to one month for payday loans) and up to 60 months.

A credit check is conducted at the time of application. In general, users must provide their bank accounts, address and name, ID, proof of income, and date of birth. Unfortunately, the lender is not active in many states.

It is present in 28 U.S. states, including Ohio, Oklahoma, Illinois, Alabama, Texas, Colorado, Mississippi, Missouri, New Mexico, Nevada, South Carolina, and Wisconsin.

For :

  • Many application options
  • No upfront payment fees
  • Automatic payments
  • Immediate financing
  • Easy to qualify

Disadvantages :

  • Very high annual interest rate
  • Additional fees

Check Into Cash

Check Into Cash specializes in payday loans with a repayment period of up to 31 days and is known for quick decisions and next-business-day financing. Although it has a presence in only 22 states (including Alaska) and does not offer all types of loans in all of them, it is rapidly expanding its reach.

Loan amounts range from $50 to $5,000, depending on the type of loan and the state's loan limit. Interestingly, payday loans charge no interest, only fees: a flat fee of $10 to $30, a late fee of $25 to $30, plus 5 percent of the loan amount if the delay exceeds 15 days.

Payday loan APRs range from 400% to 1000%, and most loans have a 14-day repayment period. Users are subject to a thorough credit check, but there is no minimum limit for obtaining a loan. To apply for a loan, you must have a social security number, identification, active bank accounts, personal and address information, and proof of income.

Benefits

  • Quick and easy application
  • Wide range of personal loans
  • Instant decisions

Disadvantages

  • High fees
  • Insufficient credit limit
  • Inactive in many states

Avant

Avant is a fast cash provider (within 1 business day) for urgent cash advances and is available to borrowers with bad or good credit. With an APR between 9.95 percent and 35.95 percent, it offers loans from $2,000 to $35,000 to those with a credit score of at least 550. The repayment period ranges from 1 to 2 years.

The repayment period ranges from 1 to 5 years, and pre-qualification requires only a simple credit search. Financing is completed within one business day. As for fees, Avant charges a fairly affordable 0% to 4.75% origination fee, a $25 late fee, and a $15 check return fee, which is still lower than other providers.

Loans like Lendly provided by Avant are made in all states except Hawaii, Vermont, Iowa, Massachusetts, New York, and West Virginia.

Advantages:

  • Easy to qualify
  • Option to change payment date
  • Mobile app to manage the loan
  • Quick funding

Disadvantages:

  • No co-signed or joint loans
  • Opening fees
  • No rate reduction

Spot Loan

Spot Loan is one of the alternatives to Lendly Loans, famous for its short-term solutions of up to $800 and its not-too-high fees. Its loan offers repayment terms of up to 10 months, but most provide repayment in a few months.

The APR goes up to 490%, but there are no set-up or early repayment fees. Spot Loan finances you in two business days and requires only valid bank accounts, an ID, a driver's license and a minimum annual income of $12,000.

Spot Loan is reported to major lending institutions and allows you to build your credit. However, there is no credit check. The minimum loan amount is $300.

The loan provider does not disclose the lower credit score limit for obtaining the loan.

Benefits:

  • Active in 39 states
  • Does not charge many fees
  • Affordable rates and terms
  • Rebuilds credit
  • Easy to apply and qualify

Disadvantages :

  • High annual interest rate
  • Low loan amount
  • No possibility of prequalification with flexible credit control

What is Lendly?

Lendly is an online lender specializing in small loans up to $2,000. It is known for its convenience and features, such as automatic deduction of payments from your paycheck and direct interaction with your employer's payroll deposit.

Lendly varies its plans and repayment options depending on the status and details of the job. For example, automatic clearing house (ACH) direct debits or ACH withdrawals are available if the employer is their partner.

This is especially convenient for clients who tend to forget about Lendly loan deadlines and have no problem ceding control of their expenses to the lender.

Why is Lendly so popular?

Although Lendly is just an average company for financing financial emergencies and purchases, there are some aspects that make it shine. One of these is that it looks far beyond history and credit score.

It is often frustrating for young borrowers to find that many lenders will not allow them to use their services simply because they have not used credit long enough.

Lendly focuses on your work history rather than your credit score and payments. In addition, a painless application and approval process makes Lendly loans so attractive.

With Lendly loans, an application is submitted in 5-10 minutes, a decision is made in one day, and loans are funded the next business day after you provide all the necessary documentation. The urgency of your money need also affects how quickly the loan is financed.

Why choose Lendly?

Lendly loans are ideal for people who have difficulty qualifying for other loans and are looking for suitable repayment terms. People choose them when they face unexpected expenses and their income is insufficient or they cannot afford to spend every last penny.

In addition, Lendly loans are an excellent alternative to average payday loans because of Lendly rates-Lendly APRs can be as low as 1,000%. While you are likely to pay nearly 175% of Lendly's APR, many car repair loans, title loans or payday loans may be more expensive with other providers.

Details about Lendly loans

Lendly is a legitimate lender, rated B- by the BBB and operating in 26 U.S. states, offering personal loans up to $2,000. It is backed by a legitimate bank. Most Lendly APRs are as high as 200%, an interest rate competitive with many other lenders.

For Lendly loans that are not paid by direct payroll deposit, the APR can be as high as 220%.

You can choose from a variety of loan terms. These range from 20 to 52 payments twice a week. The minimum age to get a loan with Lendly is 18, a lower age than most companies, and the lender considers all credit scores.

A driver's license, a valid checking or savings account, recent bank statements and proof of income must accompany the application.

There are no additional fees, which offsets the high APR. If Lendly were to charge its users a fee, Lendly loans would become ridiculously expensive. The absence of fees makes this provider a good option. Reporting to the credit bureaus helps customers build credit for better loan terms in the future.

Advantages of Lendly

Let's summarize all the advantages of Lendly loans:

  • No additional fees.
  • Ability to build credit.
  • Quick financing.
  • No prepayment penalty.

When to avoid Lendly loans

In addition to the positive aspects, Lendly has some disadvantages that you should be aware of before applying for a Lendly loan.

First, the loan amounts are insufficient. Amounts of $1,000 to $2,000 are rarely good for an urgent credit provider. If you need a loan of a few hundred dollars, you cannot do it because the lower limit is $1,000. If you need more, you cannot always qualify for $2,000.

Overall, these amounts do not make much sense.

Second, Lendly loans are only available in 26 states, and you cannot postpone the payment date by more than 29 days. Lendly is too strict to allow this, and even one day's delay reduces your credit score. Lendly rates are also higher.

Finally, Lendly loans are not always useful for building credit, as Lendly only reports to Experian.

Irene Scott
Written by
Irene Scott
Insurance
I’ve worked for more than 5 years as a Credit Analyst and more than 4 years as an Internal Auditor for one of the leading global financial institutions. I have been exposed to the credit review process, various banking products, financial security topics, corporate governance, operational risk, and the internal control framework of a complex, multinational organization.