You probably heard about LendYou loans while trying to sort out a financial situation.
However, LendYou is not the only platform offering loan referral services, which may make it difficult to select one.
Should you choose LendYou loans?
LendYou is a reasonable loan option if you don't have good credit but require fast funding and do not mind high-interest rates. However, if you cannot handle the interest rate and prefer a direct lender, you have better options.
LendYou (LendYou.com) Overview
LendYou is a loan brokerage online firm connecting borrowers with various third-party lenders all over the U.S. The lenders offer different loan products suitable for borrowers with different credit backgrounds. The loan referral is usually fast because it gets processed immediately after borrowers fill out a form.
On its official website, the platform states explicitly that it does not endorse any lender. It simply does the work of a middleman, introducing the borrowers to lenders. The borrower has to do their own findings before deciding whether a lender is safe.
LendYou (LendYou.com) Highlights
- Loan Amount: LendYou offers Payday loan amounts between $100 to $1000, installment loans from $100 to $5000, and personal loans between $500 and $35,000.
- Credit Check: Upon application, third-party lenders on LendYou will do a hard credit pull to verify your claims and check your history. This may affect your credit score temporarily, depending on how often a hard pull happens.
- Loan Types: LendYou lenders offer borrowers payday, installment, and personal loans.
- Minimum Credit Score: LendYou does not specify the minimum credit score required to apply on the platform. However, the requirements may differ from lender to lender.
- Minimum Monthly Income: LendYou specifies that its borrowers must have at least $1000 monthly income to apply on the platform.
- Funding Time: Once approved, you will receive funding as soon as the same day or the next business day.
- Repayment Terms: The loan terms on LendYou vary from lender to lender, depending on the loan type, borrower's creditworthiness, and amount.
- Interest Rates: Lenders on LendYou charge APRs between 63% to 225%, depending on your loan type.
- Fees: The fees liable to a LendYou borrower depend on which lender they close a deal with. So, you have to read the terms and conditions of a loan to know the extra fees that your lender charges.
- Availability: Each lender on LendYou serves residents of various U.S. states. So, the type of loans you can access depends on the borrowing laws in your state. For instance, residents of New York, West Virginia, Arkansas, and Vermont cannot access payday loans and other short-term loans.
- BBB Rating: LendYou currently doesn't have a rating on Better Business Bureau.
- LendYou Welcomes Borrowers With Bad Credit Scores.
- LendYou Offers 3 Loan Types.
- The Application Process Is Easy And Quick.
- You Don't Need A Collateral Or Guarantor To Apply For A Loan.
- There are Very few Restrictions On How To Use Your Loan.
- There Is No Way Of Getting Estimates Before The Application Process.
- LendYou Is Not A Direct Lender.
LendYou offers borrowers free loan referral services, connecting them to lenders that provide fast loan services. However, its rates are too high.
Where LendYou Stands Out
LendYou Welcomes Borrowers With Bad Credit Scores
LendYou does not have a minimum credit score requirement. It only requires that a borrower has at least $1000 monthly income before applying. It allows borrowers with excellent, good, average, and bad credit to use the platform.
It will connect you to a suitable lender regardless of your credit score. Note that most lenders of bad credit loans offer Payday loans which may carry very high APRs.
LendYou Offers 3 Loan Types
Borrowers can take out three popular loan types after being connected to lenders on LendYou. You can borrow a Payday loan, Installment loan, or personal loan. This versatility allows many borrowers to access suitable loans from third-party lenders under one platform.
Payday loans consist of short-term advances usually borrowed against the next payday. They come with high interest and are due within thirty days.
Installment loans on LendYou are lump sums, not greater than $5000, repayable in a set number of scheduled payments.
Lastly, personal loans on LendYou max out at $35,000. They have longer terms than payday and installment loans. Because they have lower Interest rates, personal loans are used to consolidate debts or pay loans with high APRs.
The Application Process Is Easy And Quick
You only have to fill out one form to access multiple lenders on LendYou. This form will be shared with willing lenders, and you will get loan offers tailored to your financial situation.
Once you agree to the terms of a suitable lender and sign your loan, the fund will be deposited to your account within the same day or the next business day.
You Don't Need A Collateral Or Guarantor To Apply For A Loan
LendYou lenders do not offer secured loans, meaning you don't need collateral to apply for and secure a loan via the platform. You also don't need a guarantor to stand for you while you process your loans if you meet the age requirement.
There are Very few Restrictions On How To Use Your Loan
Loans obtained from LendYou can be used to cover almost any expenses. You can use it for home improvement, regular expenses, car repair, medical bills, and more.
However, the rules may be different, depending on the lender chosen. For instance, some lenders don't allow borrowers to use personal loans for paying tuition or investing in a business.
Where LendYou Falls Short
There Is No Way Of Getting Estimates Before The Application Process
LendYou lenders don't offer pre-qualification to borrowers, meaning you cannot know how much interest rates, fees, and loan terms are available until you apply.
And after application, if you are unsatisfied with the terms, you may have to keep applying to other lenders. This can cause multiple hard credit pulls, thereby harming your credit score.
LendYou Is Not A Direct Lender
LendYou is a loan referral service connecting borrowers with lenders offering different loans. So, you cannot be offered loans directly unless you fill out a form and apply to a third-party lender.
This can take a longer process than borrowing from direct lenders. You cannot discuss loan terms and conditions before applying since LendYou is not giving out loans.
Compare LendYou (LendYou.com) With Other Lenders
LendYou offers borrowers, including those with bad credit, a free connection to many loan lenders offering various loans, but it is not ideal for everyone.
If you can't cope with high-interest rates and prefer a direct lender, finding a more suitable loan company is better than borrowing from LendYou lenders.
If you fall in the categories above, you can check out two other lenders, Personal Loans ™ and BadCreditLoans, for a better deal.
See how LendYou compares to Personal Loans ™ and BadCreditLoans below:
6.63% to 225%
5.99% to 35.99%
5.99% to 35.99%
$100 to $35,000
$1,000 to $35,000
$500 to $10,000
Varies from lender to lender
3 to 72 months
3 to 72 months
LendYou (LendYou.com) vs Personal Loans™
LendYou offers a lower minimum loan than Personal Loans ™. This makes it a reasonable choice for borrowers who want small loan amounts. However, only payday and installment loans have a $100 minimum amount. Personal loans on LendYou start from $500.
Both LendYou and Personal Loans ™ have a large maximum loan amount which makes them both suitable for borrowers with larger expenses.
If you want a lower interest rate, it's better to go for Personal Loans ™. Its APR range is way lower than what LendYou offers. In addition, Personal Loans ™ is a direct lender, so it shows its loan terms clearly while LendYou won't show you any additional info until you apply for a loan.
Personal Loans ™ offers its services in all states in the U.S. while LendYou lenders may not do the same.
Lastly, BBB recognizes and rates Personal Loans ™ an A- while LendYou is yet to get a rating. This means Personal Loans ™ is more credible and accountable than LendYou.com at the moment.
LendYou (LendYou.com) vs BadCreditLoans
BadCreditLoans has a lower APR range than LendYou.com, meaning you can obtain a loan at a lower cost if you borrow from the former.
On the brighter side, LendYou has a better loan amount range than BadCreditLoans. Borrowers can take out small loans as well as large loans from LendYou. It offers a low minimum amount and a high loan limit.
BadCreditLoans has a defined loan term between 3 to 72 months, while LendYou's repayment terms vary according to lenders. You can't tell from the onset what repayment term is available until after the application.
LendYou has no BBB rating, while BadCreditLoans has a C. Since BadCreditLoans is already scrutinized, it is safe to say that it is more reliable than LendYou, which doesn't have a rating.
In addition, BadCreditLoans is available in all states. You cannot say for sure that your lender on LendYou serves your state too.
Requirements For LendYou (LendYou.com)
Lenders on LendYou have different requirements for borrowers who want to apply for loans. However, below are the minimum requirements every borrower should meet:
- Age: You must be at least 18 years old or 19 if you're from Alabama.
- Bank Account: You must have an active checking account that allows direct deposit.
- Income: You must earn at least $1000 monthly to apply for a loan on LendYou.
- Credit: Borrowers of personal loans must have fair credit before applying. The other loan types don't require you to have fair credit.
- You must not be a regular or reserve member of a military body or dependent on military personnel on active duty that does not specify a period of 30 days or fewer.
When registering or applying for a loan on LendYou, the following information may be required of you:
- Full name.
- Phone number and address
- Proof of employment including paystub, tax returns, and W-2 form.
- Driver's license number.
- Bank account information.
- Social Security Number.
How To Apply For A Loan At LendYou (LendYou.com)
- Go to the official LendYou website.
- Choose your loan type- payday, Installment, or personal loan.
- Type in the last four digits of your Social Security Number, zip code, email address, and date of birth.
- Read the terms and conditions to understand LendYou services before proceeding, then click Get Started.
- Complete the application by filling in the required details and submitting the form.
- Check through the matched lenders, read the terms, and select a suitable offer.
- Sign the loan and get funded the same day or the next business day.
How CreditYelp Rates LendYou (LendYou.com)
|Requirements and Application||4.5/5||The requirements on LendYou are easy to meet, and the application is simple as well.|
|Accessibility||4/5||LendYou lenders offer loans in various states. Still, it is not sure that they serve all the states in the U.S.|
|Affordability||3/5||LendYou loans, especially payday loans, can have up to 225% APR. This can lead borrowers into a debt cycle, making it difficult to repay the loans plus interest.|
|Customer Experience||3/5||There's not much customer feedback on LendYou services. We cannot say for sure that it fulfills its promises to the borrowers and the third-party lenders.|
|Transparency||4/5||LendYou explicitly states what its services are.|
LendYou (LendYou.com) FAQs
Q1: Does LendYou (LendYou.com) charge a fee to connect customers with independent, third-party lenders?
LendYou offers free services to borrowers on the platform. It gets paid for lead referrals by third-party lenders.
LendYou does not charge any fee on your loans. Any cost you incur on your loan is charged by your lenders. They can request extra fees in addition to APR and also dictate their terms in the initial offers after you're matched with them. You can choose whether or not to go with their offer and terms.
Q2: Is LendYou (LendYou.com) legit and secure?
Generally, it is safe to use LendYou. It offers a legit connection platform helping borrowers meet with potential lenders.
The platform uses 128-bit SSL encryption technology to secure your sensitive data. It also abides by the Online Lender Alliance (OLA) list of best practices which regulates short-term lending practices while keeping borrowers in mind.
Don't forget that LendYou only does loan referrals. So, when you fill out a form, it shares your information with potential lenders.
Q3: Will Lenders Perform A Credit Check And What Are The Credit Implications?
Lenders on LendYou usually perform a hard credit pull to verify your claims and check your credit history. If many lenders do a hard credit pull simultaneously, your credit score may reduce. So, ensure you apply for loans one at a time to prevent such.
Q4: Will My Loan Be Automatically Renewed?
That depends largely on your lender and the laws governing borrowing in your state. So, if your state law allows automatic renewal of your payday loans, it may be renewed automatically.
Likewise, ask your leader about their renewal policies and spell out whether renewal should be automatic or consensual. Also, inquire about the extra fees that may be added due to the renewal to avoid surprise charges.
Q5: What Happens if I'm Unable To Repay My Loan According To Terms?
The penalties for missing payments vary from lender to lender. Your lender can:
- Charge late fees.
- Report to the three main credit bureaus.
- Forward your account to a collection agency.
- Send an offer to renew your loan.
Ask your lender about missed payment penalties beforehand so you can know what is to come.