topic LendUp L Card Visa in Credit Cards

LendUp L Card Visa

Anonymous — Sat, 14 May 2016 20:08:38 GMT

Got this in the mail. Never heard of them, but they "invite" you to join their waiting list for their Visa card and tell you you're preapproved for one of their loan shark products. Look at those rates. No thanks.

LendUp's Fee Schedule

Under its deferred deposit transaction program, LendUp lets qualified applicants choose to borrow between $100 and $250, and they can choose a repayment date from 7 to 30 days. LendUp charges a fee of $15 for amounts up to $250, and $25 for amounts of $250.

An example of our fees:

Amount Advanced Loan Length Fee Repayment Amount APR

$100.00	14 days	$15.00	$115.00	391.07%
$100.00	30 days	$15.00	$115.00	182.5%
$250.00	14 days	$25.00	$275.00	260.71%
$250.00	30 days	$25.00	$275.00	121.67%

Last Updated: 7/22/2015

Re: LendUp L Card Visa

Anonymous — Sat, 14 May 2016 20:50:58 GMT

Is that even legal? Holy crap. That's some major interest!

Re: LendUp L Card Visa

Meanmchine — Sat, 14 May 2016 23:05:31 GMT

Yes its legal. The lenders are usually some indian tribe and exempt from state lending laws

Re: LendUp L Card Visa

jeffery581 — Sat, 14 May 2016 23:56:03 GMT

This post does not make sense to me. Is it an installment loan or a revolving/charge visa? The interest does appear high but nobody is forcing anyone to apply. IMO.

Re: LendUp L Card Visa

9CLINE — Sun, 15 May 2016 00:10:33 GMT

I think I'll take one......lol....

Re: LendUp L Card Visa

Anonymous — Sun, 15 May 2016 02:15:19 GMT

Lendup is basically a Silicon Valley start up ( 3-4 years old) that takes on the payday industry

and compared to regular payday rates they are CHEAP!

Plus unlike payday places as you build a relationship (ie pay them back a few times) they allow bigger, longer loans

so instead of your next payday you can push it out a month + as time goes their deal is your loans will

appear on CRA thus building credit that those that frequent regular payday places would never get.

I know at least 2 ppl that have used them and have gotten TL's added to their CR...

This 'Visa' card is a Silicon Valley 'pre-launch' to see if it works ...think Blispay....'we'll see' if it works

Re: LendUp L Card Visa

Anonymous — Sun, 15 May 2016 18:19:06 GMT

@Anonymous wrote:
Lendup is basically a Silicon Valley start up ( 3-4 years old) that takes on the payday industry
and compared to regular payday rates they are CHEAP!

Plus unlike payday places as you build a relationship (ie pay them back a few times) they allow bigger, longer loans
so instead of your next payday you can push it out a month + as time goes their deal is your loans will
appear on CRA thus building credit that those that frequent regular payday places would never get.

I know at least 2 ppl that have used them and have gotten TL's added to their CR...

This 'Visa' card is a Silicon Valley 'pre-launch' to see if it works ...think Blispay....'we'll see' if it works

Thanks for the explantion. Maybe it works for some people but for me, it's a big NO.