How can a LendUp loan help build credit (where available)?
The LendUp Ladder is your path from payday loans to financial independence. As you become a proven borrower with LendUp (on-time payments, complete our free credit education courses) you earn points. The more points that you earn the closer you get to reaching Platinum and Prime status (available in certain states). At the Platinum and Prime status you have the opportunity to earn access to larger loan amounts at lower rates, for longer periods of time. At Platinum status, you may choose to have your payments reported to the credit bureaus. Once you reach Prime status, all of your payments are reported to the three major credit bureaus. The reporting of on-time payments may improve your credit score.
Why Choose LendUp for a Credit Building Loan?
- Licensed Lender: We are a licensed lender in every state that we operate. We are proud to abide by state regulations to ensure the protection of our customers.
- Build Your Credit History: At Platinum status, you may choose to report your payments to credit bureaus, and at Prime status, your payments will be reported to the three major credit bureaus, which may improve your credit score.
- Clear Terms and Conditions: Unlike payday loans, LendUp loans have no hidden fees and no rollovers. And unlike payday lenders, we offer lower interest rates.
- Works with Major Credit Bureaus: LendUp is one of few lenders that has a relationship to the major credit bureaus. That means in states where we are licensed we offer customers access to credit building loans that can improve credit scores.
Building Credit Takes Time:
Credit is not built or rebuilt overnight. Improving a poor credit score can take months or years. A small loan to build credit (where available) is part of a much larger and longer process. Also keep in mind that major credit bureaus rely on many sources of data to determine credit scores.
If you need an online loan and want the opportunity to build your credit history (if available in your state), apply for your first LendUp loan now.
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