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Lendly is a personal loan provider that operates in 12 states throughout the United States of America. At getlendly.com, they advertise their loans and provide Americans with an opportunity to get financial assistance.
Lendly Summary
Personal loans can be a great way to get the money you need for unexpected expenses or to consolidate debt. But with so many lenders out there, it can be hard to know where to turn. Lendly is one of many federal credit unions that has been getting a lot of attention recently. But is this lender the right choice for you? Here is a closer look at what they have to offer so you can make an informed decision.
Some interesting things came to light when investigating their website and terms and conditions. Here are a few key points that stood out.
- Lendly Loans are offered by Capital Community Bank.
- The Lendly Loan is not available in all states.
- It offers installment loans up to $2,000.
- Loan terms start at 12 months.
- For the typical loans that are repaid via a payroll direct deposit, the annual percentage rate (APR) is approximately 175%.
- For the typical loan not payable via payroll direct deposit, the APR is approximately 225%.
- Florida loans are subject to a Documentary Stamp Tax.
You can check Lendlt’s licenses and registration here.
What is Lendly?
Lendly could be a great way to get the money you need fast. Founded in 2019, Lendly is a direct lender based in Dayton, OH that offers loans in 12 states across the USA. You can contact them by calling them at (844) 453-6359.
Lendly is a lending platform that offers loans for various purposes, including medical bills. They claim to cater to customers with bad credit, though specific requirements are not disclosed. The platform emphasizes security and privacy, requiring users to create an account with an email and password to access their services.
While some customers recommend Lendly for their customer service and rates, others have expressed concerns about high fees and a lengthy application process. As with any financial service, it’s essential to do your research and read the terms and conditions carefully before applying for a loan.
Lendly has a B- rating from the Better Business Bureau (BBB). However, it should be noted that the company is not accredited by the BBB. Lendly has an average of 10 customer reviews and 32 complaints closed in the last 3 years. As a result, the company has a 1.4-star rating from customers.
How does Lendly work?
Lendly’s online application process is quick and easy, taking only 5-10 minutes to complete. Once you have signed the loan documents, funds from CCBank can be deposited into your account within one business day.
Decisions about Lendly’s loans are based on many factors, including but not limited to your employer, how long you have been employed, and whether you have set up repayments. You can make payments directly through your payroll provider.
Applying for a loan with Lendly may show up on your credit reports and affect your scores.
How to qualify?
There is no set minimum or maximum credit score required to apply for a Lendly Loan. They will consider borrowers with all types of credit scores. The minimum age to be eligible is 18 or the state minimum, whichever is higher. There is no minimum annual income requirement. They will consider borrowers regardless of their employment status as long as they can prove their ability to repay their obligations.
U.S. citizens are, of course, eligible for the services offered by Lendly Loan. Permanent resident/green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking or savings account
- Proof of income
- A bank account.
- Recent bank statements
- Driver’s license
Lendly BBB Reviews
Lendly has an average customer rating of 1.4 stars and is not accredited by the Better Business Bureau (BBB), but has a B- rating from the organization. The company has an average of 10 customer reviews and 32 complaints closed in the last 3 years.
Here are some reviews:
Very bad business practices. They attached themselves to my paycheck and started taking out every paycheck when my first payment is not even due till the next mth. Don’t trust this place with your job login info.
Bad business practices. Denied a refinance on my loan because they said I missed a payment, the payment was not missed, it was moved to the following week and I made a double payment to remain current that same week, due to my being sick with COVID, which customer service said would be ok. I was a great customer and they have lost a great customer. Will never borrow them again.
Don’t expect these people to work with you. I just spoke with someone and she was extremely rude. I told her I was on hard times at the moment medically and can not pay full payment but they don’t even care. Showing empathy and kindness goes a long way. At first, I thought they were great but shame on me for thinking that. Please do not get a loan from them.
Lendly FAQs
How much does Lendly charge?
Loans that are repaid via a payroll direct deposit typically have an annual percentage rate (APR) of around 175%. Loans that are not repaid via payroll direct deposit typically have an APR of around 225%. It does not charge a personal loan origination fee.
Lendly may charge borrowers a late payment fee if they miss one of the monthly payments.
Are there any pre-payment penalties?
Lendly Loan does not charge prepayment fees, so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.
How does Lendly affect your credit?
It’s important to understand the loan process and what impact it may have on your credit score, especially when considering applying for a loan.
Most lenders will run a soft credit check at the beginning in order to give you an idea of what interest rates and loan terms you may be qualified for. This won’t affect your credit score. However, once you decide to move forward with the actual loan application, the lender will need to do a hard credit inquiry in order to get a full view of your credit history and offer you final rates. These hard inquiries can lower your credit score.
How to cancel Lendly?
When you’re considering a personal loan, be absolutely sure of your decision. Once the funds are dispersed into your account, you can’t reverse or cancel the transaction. By being certain upfront, you can avoid any cancellations or changes down the line.
Are you struggling to make ends meet? Here are some helpful tips to get you back on track.
You don’t have to be a financial expert to get your finances in order. Just follow these simple steps and you’ll be on your way to a bright future.
- First, create a budget and stick to it. This will help you stay on track and make better spending decisions.
- Another great tip is to speak with a financial advisor. They can help you understand your options and develop a plan that works for your unique circumstances.
- Last but not least, don’t worry too much about debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.
Is Lendly legit or a scam?
Lendly is a personal loan provider that has been in business since 2019. They offer loans in 12 states and have a B- rating from the BBB. However, most of their customer reviews are negative, with an overall rating of 1.4 stars.
There are a few things to consider before taking out a loan, such as interest rates and repayment terms. Do your research and compare rates from different lenders to get the best deal. Also, be sure to read customer reviews so you can choose the best option for you. This way, you can avoid taking out a loan that you can’t afford.
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