LendYou Complete Review
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If you’re in need of some quick cash, you might consider getting an online payday loan from LendYou. Unlike many other online lenders, LendYou is a completely legitimate platform with numerous advantages over their competitors.
Online payday loans remain one of the quickest and most practical methods of lending cash, especially if you have a low credit score. While there are certain risks involved in taking out a payday loan, LendYou has some of the most competitive rates on the market to help you minimize these risks.
In this article, we’ll cover how LendYou works and why they’re our top choice for online payday loans. In addition, be sure to read through the entire article for answers to commonly asked questions about payday loans.
Who is LendYou?
Established in 2005, LendYou calls themselves a “loan connecting service,” meaning that they help connect consumers with direct payday loan providers. They are widely considered one of the most popular and secure online marketplaces for getting a payday loan. Anyone can sign up at LendYou for free.
Notably, LendYou is not a direct lender. While LendYou representatives will work to connect you with a lender, the final loan contract will be between you and your specific loan provider.
Is LendYou Legitimate?
Yes, LendYou is legitimate. Many people have been able to successfully find payday loans and personal installment loans through LendYou.
How Does Getting a Payday Loan at LendYou Work?
Getting a payday loan at LendYou is incredibly easy. The process only involves a few steps, and is mostly handled by LendYou:
- Make sure you meet the requirements. To sign up, you must be at least 18 years old, have a checking or savings account, and minimum regular income of $1,000 per month.
- Sign up for LendYou. You can use their website or mobile app to register for an account. It’s free to sign up. As part of the sign up process, you’ll be asked how much money you want to borrow.
- LendYou will match you with partner lenders. LendYou will do all the heavy lifting of finding you a lender.
- Review the terms carefully. If any lenders are interested, they’ll reach out to you directly with a loan contract. Be sure to review these terms carefully.
- Accept or decline the offer. Only accept an offer if you know you can repay the loan in full and on time. Once you electronically sign the contract, your loan terms will be binding. Don’t be afraid to decline–LendYou will continue to match you with other lenders.
After you accept, lenders will typically wire you the funds via direct deposit to your checking or savings account. A bank account is usually mandatory. If you’re having trouble opening a bank account, consider a second chance bank.
In total, you could complete this entire process in as little as one day. As you connect with lenders, you can always reach out to LendYou customer support for advice about the offers you receive. They are available Monday through Fridays, from 8AM to 6PM PST.
For specific questions related to your loan, don’t hesitate to ask the lender. Make sure you’re absolutely clear about how much you owe and when it’s due.
Pros of LendYou
Here’s a list of LendYou’s biggest competitive advantages.
LendYou is known for having a very turnaround time. Because they aren’t a direct lender, they will not spend extra time reviewing your profile and making a credit or loan decision. Instead, they simply forward your information to partner lenders, who may have loan contracts already pre-drafted.
This shortens the process considerably. Whereas it may take multiple days to get a payday loan at other companies, you could walk away with a payday loan in one business day with LendYou.
Payday loans are a special form of loan that usually don’t require a credit check. Because of this, some other companies may have additional requirements that make it hard to get approved. Others may end up running your credit anyway, which can be a red flag.
At LendYou, this is never an issue. All credit types are welcome to sign up, and they often have very high approval rates even if you have bad credit.
At LendYou, payday loans usually involve small loan amounts less than $1,000. However, because LendYou has a wide network of partner lenders, they are willing to accommodate many different types of client requirements.
Also, since many lenders could be competing for your loan, you could end up having some negotiating power during the process. Being able to compare two different loan contracts can help you secure the best rate.
Cons of LendYou
There aren’t really any major red flags at LendYou, but there is one con that you should be aware of.
While payday loans are generally legal across the entire country, different states have different laws. Some states place restrictions on the maximum interest rate and amount you’re allowed to borrow in a title loan. For a full list of state-specific laws, consult the National Conference of State Legislatures or simply contact LendYou directly.
LendYou must abide by these laws. As such, you might see limited availability in certain states, as lenders may not be able to provide payday loans based on state-specific laws.
LendYou Customer Testimonials
To get a better sense of how LendYou can help you financially, it’s always helpful to look at other customer testimonials. The next two reviews:
Customer Review from Mark
Got $500 in 12 hours after filling out online application form. A support assistant answered all my questions very fast and clear. He even explained that 389%APR is not so dreadful as it may sound. If I pay off the loan in 30 days as agreed the overpay will be more than affordable. Thanks.
Mark’s review highlights most of LendYou’s pros. Mark was able to receive his payday loan within 12 hours of filling out the online form, showing how quickly you can get your funds. He also mentions the high-quality customer support.
Secondly, Mark’s review touches on an important point about short-term payday loans: even though the APR rates are very high, this isn’t necessarily a big problem for a 30 day loan. In Mark’s case, $500 at 389% APR means that he owes $662.08 in 30 days, which is expensive but manageable.
Customer Review from Ted
Quick reply. Easy application. Got approval from a suitable lender in half an hour. Their rates completely satisfied me as I was ready for high APR. The money was for my mum’s medical care, so I had no doubts whether to take a loan or not.
Ted’s review further highlights some of the same pros. Again, Ted attests to the quick turnaround time and fast application process.
One other thing to note is the reason Ted decided to take out a payday loan. These high-interest loans should only be reserved in times of true emergencies. A sudden medical bill is absolutely a valid reason for getting a payday loan from LoanYou.
Are Online Payday Loans Safe?
Online payday loans are safe if you’re working with a reputable company. With their extensive background and experience in the industry, LendYou is one company that can be trusted.
Do not just choose any online payday loan company. In particular, you should keep an eye out for these red flags:
- They offer “non-standard” payday loans. Payday loans are meant to be short-term loans that are fully repaid within 30 days. If a company claims to want to offer you a large amount of money (i.e. $10,000), over a longer span of time (i.e. 12 months), this is a red flag. Given the high interest rate of payday loans, this is an extremely expensive loan that you should never accept.
- They ignore state specific laws. Again, you should be aware of your state’s specific payday loan laws before entering an agreement. Avoid any company that violates your state laws.
- They run your credit. Payday loans should not involve a credit check.
Do I Need a Bank Account For a Payday Loan?
Yes, you’ll typically need a bank account for a payday loan. This is a requirement at LendYou and at many other loan companies as well.
Any checking or savings account with direct deposit enabled will suffice. Having direct deposit will also significantly speed up the time it takes for you to actually receive your funds.
If you don’t currently have a bank account and are having trouble opening one, this could be due to your ChexSystems history. Luckily, there are a number of banks that don’t use ChexSystems that you can still apply for.
Banks may also reject you due to bad credit. If this is the case for you, consider our list of the best checking accounts for bad credit.
Do I Need Good Credit For a Payday Loan?
No, you don’t need good credit for a payday loan. In fact, lenders shouldn’t even run your credit when you apply for one.
However, this doesn’t mean that you should ignore your credit score, particularly if it needs a lot of work. You might consider signing up for Credit Saint, which is one of the best credit repair companies. Our Ultimate Review Guide for Credit Saint can show you how they can permanently increase your score by 30, 60, or even more.
Title Loans vs. Payday Loans
One popular alternative to payday loans are title loans. Both of them are no credit check loans designed for those who cannot get a standard installment loan due to poor credit. Also, both are high-interest, short-term loans for a relatively small amount of money, usually no more than a couple thousand.
The main difference between title loans and payday loans is the collateral. In a title loan, you give up your car title as collateral in exchange for cash. However, you don’t have to give up any collateral in a payday loan.
This doesn’t necessarily mean that one is better than the other. For practical purposes, you can consider both title loans and payday loans if you’re in a true financial emergency. If you’re interested in title loans, see our list of the best title loan companies in the United States.
Conclusion and Next Steps
LendYou is an online marketplace for payday loans. It’s widely regarded as one of the best and most secure places to quickly find a payday loan lender to cover a financial emergency.
As we’ve brought up throughout the article, LendYou’s quick approval process, acceptance of all credit types, and flexible loan amounts make them stand out from their competition. You can get started with LendYou for free by entering your information on their website.
When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.
About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.