Lendly Review: Fast Loan-Matching But Not Great Option

Is Lendly Legit?

Lendly is a legit provider that has been around since 2019. Lendly promises that “All information that is entered online is only transmitted over the internet using an encrypted form directly to encrypted data services, where it can only be accessed and used to serve that customer per our privacy policies.”
While Lendly has not faced major scandals or security concerns, it is not accredited by the BBB.

Where Lendly falls short

While Lendly can be a viable option for quick cash, its high fees, low maximum loan amounts and limited repayment options mean there are better loan options that offer quick loans like Lendly. Here are a few drawbacks to consider before applying for a Lendly personal loan.

• Extremely high APRs. One of Lendly’s main drawbacks is its high interest rates. Although Lendly’s APR may be lower than some payday loans, which can exceed 400%, Lendly’s typical rate hovers around 225%. This rate is significantly higher than cash advance app alternatives like EarnIn, which offers payday advances up to $750 at no cost.
• Low maximum loans. Lendly caps its loans at $2,000. Upstart personal loans are a good alternative if you have bad credit but want to borrow more than $2,000 with better interest rates.
• Limited availability. Lendly loans are only available in 22 states.
• No preapprovals. Lendly’s loan applications may impact credit scores, as it conducts a hard credit check, unlike some competitors that offer a preapproval process using a soft pull.

What makes Lendly shine?

Lendly shines in a few areas. Its quick application process, automatic payment system, flexible credit assessment and support for credit building can make it appealing to borrowers. That said, it’s important to weigh the benefits against the drawbacks before taking out a loan from Lendly.

• Fast application and funding process. Lendly streamlines the loan application experience, allowing you to complete the online form in just five minutes. Most applicants receive a decision within 24 hours, and funds can be deposited into your account as soon as the next business day after submitting the necessary documents.
• Can help borrowers build credit. Lendly reports payment history to credit bureaus, such as Equifax, Experian and TransUnion. So, you can improve your credit score by consistently making on-time payments.
• Applicants with any credit score may qualify. People with less-than-perfect credit can still qualify for a loan, provided they have a stable job and can set up payroll direct deposits.

Lendly loan details

Lendly contact info

Calculate your monthly loan payments

Use our personal loan calculator to estimate your monthly payments and see how much your loan could cost over time.

How to qualify for Lendly

Lendly focuses on your employment and income rather than just your credit score, making it accessible to a range of borrowers. Here’s what you need to qualify:

• No minimum credit score required, but credit history is considered
• Proof of income and bank account information
• Steady employment, as your repayments are automatically deducted from your payroll provider
• US citizen or a permanent resident/green card holder
• Driver’s license or a valid government-issued photo ID
• Active personal checking or savings account
• Be 18 or the age of majority in your state

How to apply

Applying for a Lendly loan is a straightforward process completed entirely online. To see the rates and terms you qualify for, however, you’ll need to submit a formal application, as Lendly does not offer a prequalification option.

Here is how to apply to Lendly:

1. Complete the online application. The application takes 5–10 minutes and requires basic personal and employment information.
2. Submit your application. After filling out the form, Lendly reviews your information, and you’ll typically receive a decision within 24 hours. If eligible, you’ll receive an email and/or a text notification. You can also check your eligibility by logging into the customer portal at lendly.com/login.
3. Receive your funds. Once approved and your information is verified, funds can be deposited into your bank account as soon as the next business day.
4. Manage your loan. You can monitor your loan and make payments by logging in to the customer portal. If needed, you can pay off the loan early without penalty. Typically, your repayments are automatically deducted from your paycheck.

How Lendly compares to other lenders

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Name	Product USFSL	Filter Values	Loan amount	Turnaround time	Requirements
Chime SpotMe® Finder Score: 4.2 / 5: ★★★★★ Chime SpotMe® Finder Score: 4.2 / 5: ★★★★★			Up to $200	Instant	Qualifying $200 direct deposits into Chime checking account each month. Chime debit or Credit Builder card.	Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.	Go to siteMore Info Compare	loading Fetching your data...
EarnIn Finder Score: 4.7 / 5: ★★★★★ EarnIn Finder Score: 4.7 / 5: ★★★★★			Up to $750 per pay period, but only $150 per day	1 to 3 business days or instant for a fee	Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work	No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.	Go to siteMore Info Compare	loading Fetching your data...
OppLoans Installment Loans Finder Score: 4.7 / 5: ★★★★★ OppLoans Installment Loans Finder Score: 4.7 / 5: ★★★★★			$500 to $4,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to siteMore Info Compare	loading Fetching your data...
Cleo Finder Score: 4.1 / 5: ★★★★★ Cleo Finder Score: 4.1 / 5: ★★★★★			Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore Info Compare	loading Fetching your data...
Sorbet Not rated yet Sorbet Not rated yet			Based partially on the amount of your accrued & unused PTO	Up to 5 business days for approval and 5 business days for funding, or faster for a fee	18 years old or age of majority in your home state, annual income $30,000 a year, proof of income may be required, have a bank account supported by Sorbet	Tap your unused PTO for a cash advance so you can access that money early. Loans made by Lead Bank. Select Go to site for more info.	Go to siteMore Info Compare	loading Fetching your data...
Dave ExtraCash Finder Score: 4.2 / 5: ★★★★★ Dave ExtraCash Finder Score: 4.2 / 5: ★★★★★			Up to $500	Up to 3 business days or instant for a fee	At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account	Borrow up to $100 to avoid hefty overdraft fees.	Go to siteMore Info Compare	loading Fetching your data...

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Lendly reviews and complaints

Lendly has a number of mixed reviews. Positive reviews on Trustpilot highlight how easy and quick the application process is. Borrowers find that their funds come through easily, which has especially helped during emergencies. Some borrowers appreciate the convenience of payroll deduction for repayments, which helps them stay on track without having to manage the payments themselves.

On the other hand, complaints center on issues like high interest rates and unclear communication regarding loan terms. Customers on the BBB raise concerns about customer service, noting difficulties in resolving issues or getting timely responses from support. Additionally, some reviews mention feeling misled by the promotional materials, particularly regarding how much the loan would end up costing.

Frequently asked questions

Does Lendly approve bad credit?

Yes, Lendly considers applicants with less-than-perfect credit. Instead of relying heavily on credit scores, it focuses on employment history and the ability to repay through payroll deductions. However, the loan’s high APR can make it a costly option even if you’re approved.

How long does it take to get approved by Lendly?

Lendly’s online application process is quick, often providing a decision within 24 hours. Once approved, funds are typically available as soon as the next business day, depending on your bank’s processing times.

What type of loan is Lendly?

Lendly offers small personal loans, typically up to $2,000, designed for borrowers who need quick access to funds. These loans are paid back through automatic payroll deductions, which help ensure timely payments. Lendly itself is not a lender but rather works with third-party services.

Does Lendly perform a hard credit pull?

Yes, Lendly conducts a hard credit inquiry when you apply for a loan. Unlike many lenders, it doesn’t offer the ability to prequalify with a soft credit check, which means applying affects your credit score.

How are loan payments made through Lendly?

Repayments are made through automatic deductions directly from your paycheck, using your employer’s payroll direct deposit system.