About Lender
Lift Credit is a lending company that provides personal loans to individuals who may not be able to obtain traditional loans from banks or credit unions due to poor credit history. The company was founded in 2013 and is headquartered in Salt Lake City, Utah.
The company offers loans with easy online application processes and fast funding, typically within 24 to 48 hours. Loan amounts range from $100 to $5,000, and repayment terms can be up to 12 months. Lift Credit also provides credit counseling and financial education resources to help borrowers improve their finances and credit scores.
One unique feature of Lift Credit is its "Lift Rewards" program, which allows borrowers to earn points for on-time payments, referrals, and other activities. You can redeem these points for discounts on future loans or other rewards.
While Lift Credit does not require a minimum credit score to apply for a loan, they do consider a borrower's credit history as well as their income and employment status. The interest rates on Lift Credit loans are typically higher than those of traditional bank loans, but they may be lower than those of other short-term lenders.
Lift Credit loans are intended to be used for short-term financial needs, such as unexpected expenses or emergency situations. They may not be a good option for long-term debt consolidation or other larger financial obligations.
Key Features
- Repayment terms. Lift Credit offers loans with repayment terms from 15 up to 18 months, which is longer than some other short-term lenders. This can give borrowers more time to pay off their loans and potentially lower their monthly payments.
- Lift rewards. Lift Credit has a rewards program that allows borrowers to earn points for on-time payments, referrals, and other activities. These points can be redeemed for discounts on future loans or other rewards, which can be a helpful incentive for responsible borrowing.
- Loan amounts. Lift Credit offers loans ranging from $100 to $5,000, which is higher than some other short-term lenders. This can give borrowers more flexibility in the amount they can borrow.
- Available in fewer states. Lift Credit is currently only available in a limited number of states: Utah, Idaho, Missouri, and Nevada. Check if they operate in your state before applying for a loan.
Pros and Cons
Pros
- Flexible repayment terms. Lift Credit offers repayment terms of up to 18 months. It can give borrowers more time to pay off their loans and potentially lower their monthly payments.
- No minimum credit score requirement. While Lift Credit does consider a borrower's credit history, they do not have a minimum credit score requirement to apply for a loan, which can make them available for people with lower credit scores.
- Lift Rewards program. Lift Credit's rewards program allows borrowers to earn points for on-time payments and other activities. This can help borrowers save money on payments.
- Higher loan amounts. Lift Credit offers loans ranging from $100 to $5,000, which is higher than some other short-term lenders.
Cons
- Higher interest rates. Lift Credit's interest rates can be higher than those of traditional bank loans, which can make them more expensive for borrowers in the long run.
- Limited availability. Lift Credit is only available in a limited number of states, so it may not be an option for everyone.
- Short-term financing. Lift Credit's loans are designed for short-term financing needs, such as unexpected expenses or emergency situations. They may not be a good option for long-term debt consolidation or other larger financial obligations.
Products
Lift Credit offers short-term installment loans that are designed to help borrowers with unexpected expenses or emergency situations.
Lift Credit offers loans ranging from $100 to $5,000, depending on the borrower's creditworthiness and other factors. Borrowers can choose repayment terms of up to 18 months, which can give them more time to pay off their loan and potentially lower their monthly payments.
Lift Credit's interest rates vary depending on the borrower's credit history, loan amount, and other factors. Their rates may be higher than those of traditional bank loans, but they are often lower than those of other short-term lenders.
Borrowers can apply for a loan online or over the phone. The application process is typically quick and easy, and borrowers can receive a decision within minutes. If approved, borrowers can receive their funds as soon as the next business day via direct deposit.
Lift Credit offers a rewards program that allows borrowers to earn points for on-time payments, referrals, and other activities. For every on-time payment you make, earn points that you can redeem for cash back. Points accrue with every on-time payment you make. Once you have saved 2,500 points, you can redeem your reward. You can choose from a Visa cash card or a list of gift cards from awesome vendors.
Reliability
- Established company. Lift Credit has been in business since 2013 and has served thousands of customers. This suggests that they have a track record of providing loans and serving their customers.
- Positive customer reviews. Lift Credit has received generally positive reviews from customers on various review sites, including Trustpilot and the Better Business Bureau. Many customers report positive experiences with the application process, customer service, and loan terms. The company is Better Business Bureau-accredited and has an A+ rating.
- Transparent terms and fees. Lift Credit provides clear information on its website about its loan terms, interest rates, and fees. This can help borrowers make informed decisions about their loans and avoid surprises later on.
- Regulatory compliance. Lift Credit is registered with state regulatory agencies and complies with state and federal lending regulations. This suggests that they operate within legal and ethical guidelines.
- Secure website. Lift Credit's website uses encryption and other security measures to protect borrowers' personal and financial information. This can help prevent fraud and identity theft.
Funding a Loan
Lift Credit is an online lender that offers installment loans to borrowers who need short-term financing for various purposes. Lift Credit funds its loans through a combination of institutional investors and its own capital.
When you apply for a loan with Lift Credit, the funding process typically takes 1-2 business days. Applications approved before 6 pm MT Monday through Friday are funded the next business day. Approved applications during other times are funded the following business day. Once your loan is approved, Lift Credit will deposit the funds directly into your bank account.
The actual time it takes to receive funding can depend on several factors, such as the time of day you apply, how quickly you can provide any required documentation, and how long it takes your bank to process the deposit. If you have any specific questions or concerns about the funding process, contact Lift Credit's customer support team directly for more information.
Other Personal Loans
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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 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 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 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.Loans like LiftCredit
OppLoans
Rise Credit
OneMain Financial
Universal Credit
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. 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. Carefully review all the terms and conditions of your payday loan contract. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan. 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. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.Important
How to Choose a Lender
