Lendumo Review: Fast Cash But Very Expensive

Is Lendumo legit?

Is it legitimate to charge anywhere from 400% to 700% for a loan? Most would agree that rates this high are not reasonable. Sure, Lendumo offers fast funding on small loans, but many customers said it didn’t reveal its actual rates until after they signed the loan agreement.

Lendumo also has multiple class-action lawsuits filed against it for using predatory lending practices and charging interest rates that are illegal in most states. If you need money in an emergency and have bad credit, you’re better off going with a payday loan than risking a loan with this lender.

Where Lendumo falls short

Lendumo doesn’t disclose its interest rates on its website, but reviews say rates range from 400% to 700%+. Plus, many customers say they weren’t made aware of the rates up front and ended up paying back anywhere from three to five times what they originally borrowed. It seems clear this lender is preying on vulnerable people who need a loan fast but have trouble getting one from other sources.

What makes Lendumo shine?

There’s not much to recommend about this lender. Even dissatisfied customers seem to agree that funding was fast, but that’s probably not a good enough reason to take out such an expensive loan. Unless you’re having a big emergency — and know you can repay the loan fast — we can’t recommend taking out a loan with Lendumo. Even then, you could look for an emergency loan with better rates.

Overall, it’s best to consider other forms of short-term financing, or loans that offer quick financing to borrowers with less-than-stellar credit, like Lendumo, but without the extremely high cost.

Lendumo product details

Lendumo contact info

Calculate your monthly loan payments

Use our loan repayment calculator to compare monthly loan payments based on different loan terms and interest rates.

How to qualify for Lendumo

Lendumo lists these basic requirements to qualify for a loan:

• Receive regular income
• Be at least 18 and a US citizen
• Have an active checking account
• Not be a military member or dependent of an active military member

How to apply

Follow these steps to apply for a loan with Lendumo:

1. Fill out the online application.
2. Verify your information by phone or online.
3. Review and e-sign your documents.
4. Receive funds as soon as the next business day.

It doesn’t appear that Lendumo requires a hard credit check to qualify for loan approval.

How Lendumo compares to other lenders

1 - 0 of 0

Updated regularly

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...

loading

Lendumo reviews and complaints

Lendumo has very poor reviews on the BBB, earning 1.04 out of 5 stars. Customers complain of rates as high as 700%, predatory lending practices, poor customer service and difficulty making extra payments. We only found one good (three-star) review on the BBB, saying they got fast cash at a high rate but paid it off quickly and would use the lender again.

The company has a surprisingly high rating on Trustpilot — with almost 80% of reviewers giving a five-star rating — even though the bad reviews are so bad. Still, positive comments included an easy approval and funding process and friendly customer service members. Bad reviews on Trustpilot had essentially the same complaints as reviewers on the BBB.