Lendumo is a tribal lender that charges as much as 700% on loans up to $2,500 and has hundreds of poor customer reviews on reputable sites like the BBB and Trustpilot. It offers an easy application process, fast funding and loan options for people with bad credit, but there are much less expensive options to choose from.
Check out our top picks for loans like Lendumo, with better rates, more positive reviews and options for borrowers with a wide range of credit scores.
Similar to Lendumo, OppLoans offers installment loans to borrowers who may have trouble qualifying for other loans. Its rates are high as well, but far below the 400% to 700% that Lendumo charges. Plus, it reports your on-time payments to the credit bureaus and doesn't charge prepayment penalties. But it's not available in all states, and you need to get paid by direct deposit.
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, Washington, West Virginia
Upstart offers much larger loans than Lendumo, ranging from $1,000 to $50,000, and it considers factors such as your education and career path rather than just your credit score. It also has much more affordable rates than Lendumo, starting as low as 7.8%. However, it charges origination fees — which takes a bite out of your loan proceeds — and minimum loan amounts may be higher depending on the state you live in.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Unlike Lendumo, OneMain Financial offers both secured and unsecured personal loans, with larger amounts ranging from $1,500 to $20,000. And you could receive funding as soon as one hour after closing instead of having to wait until the next day. Its rates are much better than Lendumo, from 18% to 35.99%. But you may need to visit a branch office to complete the loan process, and OneMain charges origination fees.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Dave isn't technically a loan like Lendumo — it's a cash advance app — but it offers advances up to $500 and accepts self-employed workers and others without regular income or direct deposit. It also doesn't charge interest or late fees, making it a much less expensive option than Lendumo. But you must pay a monthly subscription fee to qualify for advances, and instant transfer fees can cost up to $25.
For those who get paid by the hour, EarnIn — another cash advance app — offers advances up to $150 a day and $750 per pay period, which is more than most apps. And, unlike Lendumo, there are no interest charges or late fees. There isn't even a monthly subscription required, making it a truly low-cost option. But you can only withdraw based on hours you've already worked, and it charges fees if you need the money transferred immediately.
Not available in: Connecticut
Pros
Advances up to $750 per pay period
No interest or late fees
No monthly subscription required
Cons
Only suitable for hourly workers
Charges fees for instant transfers
Have to upload timesheets or otherwise track your hours
About the closest you can get to a completely free loan — a far cry from Lendumo loans — is with Chime MyPay. It offers cash advances up to $500 with no interest, late fees or monthly subscription fees. The only cost is $2 if you want an advance — of any size — right away. But it requires direct deposit, and you need a Chime checking account or debit card to qualify. Plus, larger advances aren't typically available for newer users.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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