What Is LendUp?
Have you ever been tight on cash and turned to a quick online loan? There is a chance you came across LendUp. They marketed themselves as a “better” payday lender, claiming to help people build credit and move up to better loan terms over time through something they called the LendUp Ladder.
They mostly targeted folks who were:
- Struggling with bad or no credit
- Living paycheck to paycheck
- Dealing with an emergency expense and had nowhere else to turn
On the surface, LendUp seemed like a helpful alternative. But behind the scenes, things weren’t so consumer-friendly.
Is LendUp Legit? They Were Recently In Some Trouble
Over the years, federal regulators and the Consumer Financial Protection Bureau (CFPB) found that LendUp was breaking the rules. Big time.
Some of the issues included:
- Making big promises about building credit or qualifying for better loans but not following through
- Charging interest rates and fees that weren’t allowed, even to active-duty military members
- Telling people they were reporting loan activity to the credit bureaus and they weren’t
You Could Be Owed Money by LendUp
Now nearly $40 million is being sent out to over 118,000 people who were harmed by LendUp’s practices. If you had a LendUp loan at any point (especially between 2012 and 2021), you could be owed part of that money.
This is real, official refund money. Don’t let it pass you by.
If you’ve been dealing with credit card debt, loans, or just trying to get your finances on track, every little bit helps. If you ever borrowed from LendUp, you deserve to know if you’re owed something back.
You’ve been through enough. Make sure you get what you’re owed.
Do you want help understanding your options for financial freedom, consolidation loans, or credit cards? Reach out.
