Written by: Ashley Fricker
Edited by: Lillian Guevara-Castro
Reviewed by: Andrew Allen
Lendly partners with Capital Community Bank (CCBank) to provide installment loans of up to $2,000 to people with bad credit. Repayment is based on your pay schedule, similar to a payday loan — with high interest rates to match.
In a saturated market of online lenders, you should research the options available to you before choosing one to borrow from. The interest rates for which you qualify can drastically vary from lender to lender, so doing your due diligence to ensure the lowest rates and best terms can save you a lot of money — even if your credit is poor.
Best Alternatives to Lendly
Lendly only operates in 22 states and doesn’t offer prequalification. That means you can fill out an application but still be denied. The following lending networks let you prequalify for its loans before submitting an application so you’ll know your approval odds before undergoing a credit check.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual is a well-known lending service that can get you a loan offer of up to $5,000, which is $3,000 more than Lendly can offer. Where this service differs from Lendly is that these are considered short-term loans, and typical repayment is expected within 60 days. The exact terms of your loan will vary by lender and your state’s lending laws.
2. Avant
- Personal loans of $2,000 to $35,000
- Compare rates in 2 minutes without affecting your credit
- Best for low origination fees for bad credit
- 550 minimum credit score required
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $2,000 to $35,000 | 9.95% – 35.99% | 12 to 60 Months | See representative example |
Avant and Lendly are distinct online lending platforms generally catering to different borrower needs. Avant primarily offers traditional personal loans with fixed rates and structured repayment plans, suitable for individuals seeking larger loan amounts. Conversely, Lendly specializes in short-term installment loans, often preferred by those with poor credit or limited credit history, providing quick access to cash with shorter repayment terms.
3. Upstart
- Personal loans starting at $1,000
- Find loans you prequalify for, complete your application, and close your loan
- Loans for 300+ FICO Scores
- Checking rates doesn’t impact your credit score
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $50,000 | 6.40% – 35.99% | 3 or 5 Years | See representative example |
Upstart and Lendly share similarities, such as offering simple applications accessible through their websites or apps. But Upstart uses advanced algorithms to assess creditworthiness beyond traditional metrics, while Lendly specializes in short-term installment loans for those with poor credit or limited credit history. Despite these differences, both platforms aim to provide convenient and accessible lending solutions to meet the diverse financial needs of their respective audiences.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group has a higher minimum loan amount — $1,000 — than Lendly, which is only $500. If you don’t want to borrow quite that much, this may not be the best service for you. However, this network partners with direct lenders that cap their interest rates at 36%, compared with interest rates of up to 225% over at Lendly.
5. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com offers both short-term and installment loans depending on the loan offer you receive. You can submit one prequalifying form and see which types of loans you qualify for without hurting your credit — something Lendly can’t do.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com is another lending network offering multiple loan types. You may qualify for a short-term loan akin to a payday loan or an installment loan with a lower rate and longer repayment term. Its loans can be deposited into your bank account by the next business day, which is the same deposit time frame as Lendly.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
BadCreditLoans.com helps subprime borrowers access loans from a wide range of lenders. You can request up to $10,000, but only borrowers with fair or good credit are likely to qualify for that much. Because it specializes in helping people with poor credit, you may be directed to debt relief, credit repair, or other services to help your situation if it can’t find you a bad credit loan offer.
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
CreditLoan.com can offer you a small personal loan of just $250, which is half of Lendly’s minimum loan amount. This network may be an ideal choice if you just need a few dollars to quickly cover some groceries or an overdue bill. This service has been helping consumers find loans for more than 25 years.
9. Dave
Dave is a cash advance app that doesn’t charge interest, making it the most affordable borrowing option on this list. You can qualify for a cash advance of up to $500, depending on your income and other factors. But your credit score isn’t a part of its approval decision — there is no credit check involved.
Lendly Reviews Around the Web
Lendly reviews are mixed, with a lot of reported positive customer experiences, but customer sticker shock at the high APRs.
It is rated as “Excellent” on Trustpilot with a 4.7 rating from more than 7,000 reviews. Reviews have been edited for clarity and brevity.
“Brandon F. was great and very professional. He answered my questions, and I understood what I needed to carry on with my application process. Customer service skills passed with flying colors. Thank you, Brandon.” – Christina
“Interest is way too high, and you’re just taking advantage of people that have no choice but to go with you. After this one, if I need another loan and you’re showing this high of interest I will NOT use your company” – Anonymous customer
It’s worth noting that Lendly does reply to each review and offers to help where it can.
Lendly is not accredited by the Better Business Bureau and has a B- rating. A few Redditors also expressed shock at Lendly’s high interest rates.
“I decided to see what this Lendly loan was about. I was approved for the $2,000 but when I tell you, the apr is TOO HIGH! 199%. I may be stupid when it comes to money but there ain’t no way!!!!” — likehopeandpain
Of course, Lendly’s homepage features several rave reviews, including comments about speedy funding and a quick and easy application process.
What is Lendly?
Lendly is an online loan servicer. It partners with Capital Community Bank (CCBank) to issue loans of between $500 and $2,000 to borrowers of all credit types, though borrowers with good credit can likely get a lower APR elsewhere.
The fine print on the Lendly website reads:
“The Lendly loan is an installment loan offering amounts up to $2,000. For the typical loans that are repaid via a payroll direct deposit, the annual percentage rate (APR) is approximately 199%. For the typical loan not payable via payroll direct deposit, the APR is approximately 225%.”
Furthermore, its loans accrue interest daily. There are no fees for a Lendly loan, but Florida residents must pay a Documentary Stamp Tax of 35 cents per $100 borrowed, or $3.85 per $1,000 loan.
The alternatives presented above offer installment loans with interest rates of 36% and lower. That’s one reason it’s important to compare all your loan options before choosing a lender.
What Are Lendly’s Requirements to Get a Loan?
Getting a Lendly loan is fairly simple, but you must have a bank account to qualify. Lendly also considers your income and length of employment, among other factors:
“While time on the job is a factor considered when reviewing loan applications, your income will be reviewed, and third-party services are used to verify the information that you provided in your application. Inaccurate information in your loan application might disqualify you from getting a Lendly loan.”
It does not impose a minimum credit score requirement for approval and says a subprime credit score will not necessarily disqualify you from being approved. One caveat is that it does not disclose its minimum income requirement, which appears to be its primary approval factor.
You must also authorize Lendly to:
- Deduct payments by ACH (Automated Clearing House) bi-weekly or
- Deduct payments via your direct deposit through your employer’s payroll – this means the repayment amount will never hit your account and will instead be deposited to Lendly
Some people may not like the idea of giving a lender direct access to their earnings. But you must confirm the direct deposit setup — whether through ACH or your employer — via a screenshot to finalize loan approval.
Which States Does Lendly Operate In?
At the time of publication, Lendly currently services 22 states. According to its website:
“Lendly loans are currently offered in Alaska, Alabama, Arizona, Arkansas, Delaware, Florida, Idaho, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Wisconsin, and Wyoming.”
It also says that new states are “always being added,” but you’ll have to periodically check Lendly’s website for updates.
Another reminder that Lendly loans issued in Florida are subject to an additional Documentary Stamp Tax. Always read the loan agreement’s fine print before accepting the terms.
Will Lendly Appear On My Credit Reports?
Lendly currently reports approved loans to one credit bureau — Experian. It does not perform a credit check to determine loan approval, so denials are not reported to the major credit bureaus and won’t hurt your credit.
Lendly says that all loan payment history is reported every month, so making on-time payments can benefit your credit score. Setting up automatic payments as required will help ensure you never miss a payment.
If, for any reason, you can’t make your payment, it’s important to contact Lendly at 844-453-6359 to discuss your repayment options. Missing a payment by 30 or more days after the due date will result in credit score damage.
That’s because your payment history, which is worth 35% of your total credit score points, is the most important factor in determining your credit scores.
How Do I Choose Between Lendly and These Alternatives?
Choosing the right loan can be a bit overwhelming, but not if you know what to look for:
- Interest Rates: Look for a loan with a reasonable interest rate. Prequalifying beforehand can help you narrow down your options. The lower the interest rate, the better, as it means you’ll pay less in the long run.
- Fees and Charges: Check to see if there are any fees, such as origination or processing fees that can add to the total cost of your loan.
- Loan Terms: Understand how the loan will be repaid. Longer repayment periods can mean lower monthly payments, but it could cost you more overall. Some loans require a biweekly payment while others require a monthly payment. Ensure the pay schedule aligns with your income and you can comfortably afford the payments.
- Loan Amount: Make sure the lender can provide you with the amount of money you need. Lenders impose minimum and maximum loan amounts you should be aware of before applying.
- Customer Reviews and Reputation: Research what previous customers say about the lender. Positive reviews indicate a trustworthy lender. This includes customer service reviews; you want a lender that is easily accessible when you have questions or concerns.
- Eligibility Requirements: Review the lender’s requirements before applying, as some have stricter eligibility requirements than others.
- Security and Privacy: Your personal information should be safe and secure with the lender.
- Take Your Time: Don’t rush into a decision. Compare your different loan options, including Lendly, to find the best personal loan for you.
Comparing these data points will ensure you make a smart financial decision you can feel good about. You don’t want to have borrower regret after the fact.
Is Lendly Safe to Use?
Yes, Lendly is a reputable company backed by a real bank. Its website says that it ensures customer data is secured by encryption that can only be accessed to serve the customer, according to its privacy policies.
CCBank is a Utah Chartered bank, Member FDIC. It manages loan origination, underwriting approvals, and regulatory compliance.
Consider Your Alternatives to Lendly Before Applying
Lendly can get you a loan within one business day of approval. But so can the alternatives we presented above, perhaps at a lower interest rate. You should always choose the loan with the lowest interest rate, the repayment term that best fits your schedule, and one that you can confidently repay without struggle. That may be a loan from Lendly — or it may not be.
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