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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

5.0

Lendumo

Finanso.Multilogin™

About Lendumo

Lendumo lending advertises itself as an expensive form of borrowing, believing that loans should be the last resort for customers, not a permanent habit or a long-term solution to financial difficulties. Amplify funding belongs to Niswi, LLC, wholly owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians.

Pros and Cons

Before applying for a loan with Amplify funding, read about its pros and cons in our review. With this knowledge, you will get the whole picture of getting loans with Amplify funding.

Pros

  1. No prepayment fees.
  2. One-day express crediting.
  3. Generous loyalty program.
  4. No fees for early repayments.
  5. Friendly customer support.

U Rewards Loyalty program

If you happen to be Lendumo's regular customer, you may be eligible to be a member of its unique U Rewards loyalty program. Its perks include the reduced application processing time, more significant credit amounts, various gift cards, and Reward Points, which you may use for loan repayment.

Cons

  1. Lack of transparency regarding interest rate and loan conditions.
  2. Loan extensions are available once and only for three days.
  3. Excessive personal information is required.

Considering these loans' advantages and disadvantages may help you decide whether they are suitable for you. They can be an option for struggling with financial hardship if you can't borrow from friends or credit unions. We would be less tentative in this review if it doesn't hide its rates and details from potential customers who haven't started a loan process yet.

Terms and Conditions

Unfortunately, the lender is unclear about its loans, terms, requirements, and specific conditions like interest rate and annual percentage rate. We can only be sure that:

    • Lendumo lends up to $1200 on the first application and $2500 for returning customers.
    • Like most lenders, Amplify funding funds credit cash the next business day.
  • It charges $30 for every late manual payment and every time you have insufficient funds for automatic debits.

Funding a Loan

Lendumo will deposit credit cash to your checking account one business day after it approves the application and you sign loan documents.

FAQ

How does Lendumo work?

The lender offers both short-term installment and payday loans, and it accepts customers with a fair, bad, or no credit history. It will take about one day to process your application for its loans and communicate with you to verify your identity and income, discuss the terms, and sign an electronic loan agreement.

Are Lendumo loans safe?

Yes, they are, since Lendumo is a tribal lender abiding by federal laws, not only tribal laws.

Does Lendumo report to credit bureaus?

No, the company doesn't report to credit bureaus about its customers.

Can Lendumo sue you?

Yes, it can if you fail to comply with the terms of your loan agreement and don't pay back your credit.

Company documents

Privacy Policy
Terms & Conditions
License

Fast Cash for Your Credit Needs

© Lendumo

Financial products

Lendumo
First loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1200
Rate
i

Effective interest rate on the product

2.1% per day
Term
i

Loan term for the financial product

6 Months

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Rating by Finanso®
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Recommended FinScore™
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300
650
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$1,000 - $25,000
Rate
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Effective interest rate on the product

18.99% - 35.99% APR
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Loan term for the financial product

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Lendumo loans calculator

Lendumo calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

USD
USD
400 $
2500 $
Loan term
i

Specify the loan term for the calculation

months
days
1
6

What to focus on before applying for a loan with Lendumo

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Lendumo and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Lendumo’s reviews by September 2022
Leave feedback
1 reviews
5
Advantages
There are peculiarities in terms of loans in this company, but it is convenient for me, I have used it several times and they helped me out. The process is like everywhere else for registration: first a personal account, then you make out an application in which you need to specify a lot of your data, and after a positive decision is made, only a day later the money will be transferred to the account. You can repay the loan ahead of time, then you will not have to pay a commission, it is also possible to extend the loan term, but only once and for only 3 days, this should be taken into account. No one gives loans for free, so you always choose what is closer to you and for me it is Lendumo
Disadvantages
No
Complain
Overall company rating
5.0
/ 5
1 reviews
Execution of an application
5.0
Support service
5.0
Mobile app
5.0
Service quality
5.0
Your satisfaction level
5.0

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