Loan Up Review

Loan Up ReviewLoan Up says you can get a loan up to $1000 in the same amount of time it takes you to get a cup of coffee. But is this an exaggeration or can you really get a loan just that fast? We checked them out further to see if you should loan with them or not.

The first thing you’ll want to verify when looking at any lender is that their site is secure, since this is a financial transaction and you’re going to be sending over some pretty sensitive data. We noticed that the entire website for Loan Up, including the homepage, is safe and encrypted. This is a nice feature because you can give them the information they require without worrying that

Loan Up Review – Strengths and Weaknesses

Loan Up is a matching service so they should be compared to other matching services out there, and not to direct lenders. When sizing up matching services it’s important to realize that this is not the place you’ll be lending the actual money from, and they are only interested in connecting you up with a lender so they can collect their fee. These fees can come in many forms, the matching service might collect a general lead fee whether you take out the loan or not, or they may get a higher commission if you end up taking the loan. No matter how it’s set up, there’s no additional cost to you, the borrower, so you don’t end up paying more by going with a matching service.

Matching Service
This is not a direct lender, but instead it is a matching service, so you’ll actually be applying to multiple lenders with just one application. This has its benefits and drawbacks. If you’re tired of getting rejected by direct lenders, and are tired of filling out applications, then going with a matching service makes a lot of sense because you fill out one application and it gets sent to dozens or even hundreds of lenders.

The downside is that your information is getting passed on to so many third parties that you don’t really have an idea of how many people are seeing your information, and where it’s going. When you deal direct you know there will be fewer eyeballs on your data, but again you might get rejected and have to start the process all over again with another lender.

Rates and Fees
Because they’re a matching service, they can’t say for sure what sort of rates and fees you’ll be paying, but they are able to give a range, and they list this as 260.71% to 1,825.00%, which is a pretty broad range. They do say that each lender in the network will be abiding by state laws for the state that you reside in, which is a good thing because you don’t want to go with an online lender that is charging higher rates than what you’d get if you went to a local lender.

It would be nice if they provided a chart to show some examples of what you’ll be paying, but it’s understandable that with so many lenders in their network, and such a variation between each state, that it’s just not possible to list all of the charts for every possible scenario. These are all going to be payday loans though, so you know that you’re not going to get a very good rate, and admittedly they show an APR of 260% as the lowest you’ll be paying, which is pretty low for payday loans, but pretty high compared to conventional loans.

Our Recommendation
As far as matching services go, this is a pretty good one, and it’s nice that they have an encrypted site for your personal and banking data, and also nice that you can come back as a returning customer and you don’t have to fill the application out each time you need a loan. The majority of payday loan users end up coming back for another loan because of the way the system is set up, so if it takes you a few loans to get out of your financial jam, they’ve made it easier for you to do so.

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