Lendly is an American lender that provides installment loans to eligible borrowers. Their website states that they offer loans of up to $2,000. They also claim to offer competitive interest rates and flexible repayment options. According to their website, Lendly's loan application process is entirely online and can be completed in just a few minutes. They state that borrowers can receive their funds as soon as the next business day after approval.
Pros and Cons
Pros
Quick Funding. Loans ranging from $1,000 to $2,000 are funded within 24 hours.
Easy Repayment. Loans are primarily repaid directly from your paycheck.
No Hard Credit Check. Lendly thinks that their customers are more than just their credit scores and base their loan decisions on their creditworthiness.
Ability to Build Credit. Repaying your Lendly loan on time can boost your credit.
No Prepayment Penalty. Lendly does not charge a prepayment penalty, which means borrowers can pay off their loan early without incurring any additional fees.
Fees. Lendly does not charge other fees besides interest.
Availability. Lendly is available to borrowers in most states across the USA.
Cons
Not a Direct Lender. Lendly acts as a connector between borrowers and third-party lenders, not a direct lender.
Limited Loan Amounts. Lendly only offers loans of up to $2,000, which may not be enough for borrowers with larger financial needs.
Eligibility Requirements. Borrowers must meet certain eligibility criteria, including income and credit score requirements, which may limit the availability of loans to some borrowers.
High APR. The typical loan has an approximate annual percentage rate (APR) of 225%.
Additional Tax in Florida. Loans in Florida are subject to a Documentary Stamp Tax, which is not included in the quoted APR.
How to Apply for a Lendly Loan?
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Visit The Lendly Website. Start by going to the official Lendly website.
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Click On "Apply Now". On the homepage, find and click the "Apply Now" button to begin your application.
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Enter Personal Information. Provide your personal details, including your name and address.
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Provide Contact Information. Enter your contact details, such as your phone number and email address.
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Enter Income Information. Fill in your income details to help Lendly assess your loan eligibility.
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Follow The Application Process. Continue through the application by following the on-screen instructions.
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Submit Your Application. Once all information is entered, submit your application for review.
Conditions and Requirements
Conditions
Loan Amount. Borrow up to $2,000, depending on eligibility and approval.
Annual Percentage Rate (APR). The APR for Lendly loans is approximately 225%, which reflects the cost of the loan on an annualized basis.
Repayment Terms. Repayment terms are directly linked to your paycheck, meaning the loan repayment schedule and amounts will depend on how often you receive your income.
Requirements
Age. Applicants must meet the minimum legal age requirement, which is typically 18 years old.
Income. Only the applicant’s income is reviewed during the application process, meaning your eligibility is based on your current earnings.
Residency. Lendly loans are available to residents of specific states, including Alaska, Alabama, Arizona, Arkansas, Delaware, Florida, Idaho, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Wisconsin, and Wyoming.
Employment. Applicants must have a stable source of employment to qualify for a loan, as income from employment is a key factor in the approval process.
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
- About Lendly
- Full Lendly Account Review
- How to Apply for a Lendly Loan
- How to Repay aLendly Loan
- Lendly Reviews
