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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's pay off

Finanso.Multilogin™

How to Repay

Before signing the loan documents, you will negotiate a debt repayment period and the due dates. There are three ways to pay off your loan, and you can prefer the most convenient.

Manual Repayment

Your credit may be paid manually on or before the due date. If you choose this option on Amplify funding website, you can transfer money from your debit card. Also, you can send the lender a money order or cashier's check to its postal address.

Automatic Debits

Alternatively, you can apply to be debited from your checking account automatically. You may rest assured that you won't occasionally miss your repayments if you have enough money in your bank account, but it would be best to ensure that you have funds sufficient for scheduled payments. This way, you will not have to pay a $30 penalty fee for every late payment or every time you have insufficient funds.

Loyalty Rewards

You can use the Points of U Rewards Loyalty program to make repayments of a loan principal, and this is one of the top pros of the loan experience with Amplify funding.

Note! please call Lendumo's phone number if you need any assistance with extra payments for your credit.

Loan Extension

If you have difficulties with debt repayment, you should call customer support right away to negotiate a loan extension. Otherwise, you may have to pay extra penalty fees. You can only apply for a loan extension once per loan, and you will only get three days to transfer the money. However, Amplify funding will not charge you for postponed payments.

Early Payoff

As we have already written in this review, you can make your loan significantly less expensive by paying it back before due dates or even paying off a loan early. It will help you preserve a lot of money by cutting your interest rates. The company welcomes these options and charges no penalty fees for early paybacks.

Another way for your credit to become more economically viable is to make a payment each time you get an income.

Note! To make a pre-scheduled payment, you should log into your Lendumo profile and go to Payment Options or ask for customer support assistance.

FAQ

Can you pay off Lendumo early?

Yes, you can. The company strongly recommends doing so. You can keep a significant amount of money with early credit payback, and there are no early penalty fees anyway.

What if I default on my loan with Lendumo?

Amplify funding, like other lenders, may impose penalty fees or even press charges against you if you default on your credit. However, if you call them as soon as you realize you cannot pay your loan principal on the due date, you will be able to negotiate an extension for three days. Customers can only use this option once per loan, and Lendumo will not charge you.

What if I don't pay Lendumo back?

There will be penalty fees or criminal charges if you don't pay your loans back. Instead of waiting for these consequences, it is better to warn Lendumo so that you can work out some alternative solutions like refinancing with credit unions.

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

Lendumo loans calculator

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

Loan amount
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Enter the desired loan amount

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Loan term
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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 October 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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