About Lender
LendNation is a short term lender based in the USA. They are a financial services company that provides short term loans, title loans and lines of credit to people who may not have access to traditional credit. They operate in several states across the country and offer loans depending on your state of residence and credit.
LendNation is known for fast application process and quick funding options. You can apply online or in person at one of their storefront locations. They also have online tools and resources to help you manage your loan and make payments.
Key Features
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Short Term Loans. These loans are to help you cover unexpected expenses or bridge the gap between paychecks.
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Fast Application. LendNation’s online application is quick and easy so you can apply from the comfort of your own home.
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Credit Checks. LendNation will perform a credit check as part of the application process.
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Fees and Interest. Like most short term lenders, LendNation’s loans have fees and interest.
Pros and Cons
Pros
Fast Application. LendNation’s online application is quick and easy so you can apply from the comfort of your own home.
Same Day Funding. The company has same day funding options so you can get access to your money fast.
Multiple Loan Options. The lender offers short term and installment loans so you have options.
Cons
Fees and Interest. Like most short term lenders, LendNation’s loans have fees and interest so they can be expensive for borrowers.
Limited Availability. LendNation operates in a few states so not all customers may qualify for a loan.
Debt Cycle. If you can’t pay your loan on time you may be charged additional fees and charges which can make it hard to get out of debt.
Reliability
Licensed and Regulated. LendNation is a registered lender in select U.S. states and complies with state agency regulations for short term lending.
35+ Years of Experience. The lender has been in business for over 35 years. They started as a rent-to-own store in 1984 and became a short term lender in 1994.
Consolidated Lending Brand. In 2014 they consolidated multiple lending brands to strengthen their market presence and expertise in short term lending.
BBB Rating. Not accredited by the Better Business Bureau but have an A+ rating.
How to Apply for a LendNation Loan?
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Visit the LendNation Website. Go to the LendNation website.
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Click "Apply Now." Locate and click the "Apply Now" button on the homepage.
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Create an Account. If you don’t already have one, create a personal account by clicking "Create Your Account."
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Follow the Application Process. Complete the loan application by providing the necessary personal and financial information as prompted.
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Submit Your Application. Review your details and submit your application for consideration.
Conditions and Requirements
Conditions
Loan Amounts. LendNation offers up to $10,000 based on the borrower’s needs.
Loan Period. Repayment terms up to 36 months so you can spread payments out over a longer period.
APR. The Annual Percentage Rate (APR) for LendNation loans is 808.21% so the cost of borrowing over the life of the loan.
Requirements
Current US-Issued Photo ID. You must provide a valid government-issued photo ID (driver’s license or passport).
Proof of Income. Recent pay stub or other income verification.
Recent Bank Statement. Bank statement from within the last 30 days.
Active Checking Account. You must have an active checking account for loan disbursement and repayment.
Current Phone Number. Valid working phone number for communication and verification purposes.
Residency. Proof of US residency to qualify for a loan.
Ways to Receive the Money
LendNation funds loans through direct deposit into your active checking account. Once approved, the funds are deposited into your account within 1-2 business days but same day funding is available in some cases. Funding times may vary depending on your bank and the time of day you apply.
Products
Other Personal Loans
Reasons for Loan Refusal
LendNation may decline a loan for many reasons including; insufficient income, bad credit, not meeting the minimum requirements (age and residency) or if your debt to income ratio is too high (you can’t handle more debt). Incomplete or inaccurate information provided during application or state restrictions may also decline your loan.
How to Repay a LendNation Loan?
Online through their website using debit card or bank account In-store at any LendNation location Over the phone by speaking with a representative LendNation also offers automatic payment option where borrowers can schedule payments from their bank account on the due dates so they can avoid late fees. These options are designed to fit individual needs and preferences.
Loans like LendNation
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full LendNation Account Review
- How to Apply for a LendNation Loan
- How to Repay a LendNation Loan
- LendNation Reviews
- All LendNation Coupons and Promo for December 2024
- LendNation Loans of December 2024
