So, what’s new?
In all states where we offer installment loans - California, Louisiana, Missouri, Tennessee, and Texas - any extension (including payment plans) to an outstanding single payment loan may impact your eligibility to apply for an installment loan.
In addition, in California, we’ve made changes to the installment loan product resulting in lower loan amounts, duration, and potentially higher APR. For many customers, the maximum loan amount is now up to $600 and the duration is up to 6 months.
Why did we make these changes?
LendUp was founded with one clear, straightforward purpose: to provide anyone with a path to better financial health. In order to continue to do so, we evaluated the profitability of our installment loan products and made changes to ensure they are sustainable.
We are working hard to make improvements to our products while continuing to serve our customers’ needs. Our primary goals are to provide access to credit to more consumers and make loan offers that are most relevant to each customer’s financial situation. More to come in the near future!