LendUp

LendUp offers installment loans and a single payment loan that is marketed as a payday loan alternative. The company uses a point system based on consumers’ repayment history and completion of free on-line education courses; consumers who reach certain point levels can qualify for installment loans with larger loan amounts and lower rates, and opt to have those loans reported to build credit history. Loans meeting certain size and pricing thresholds are automatically reported to consumer reporting agencies. Data on the unsecured single payment loan was evaluated in this research. That product ranges in amount from $100 to $500, with repayment due in two to four weeks. Applications are accepted online.