Personal Loan Companies and Lenders

Personal loans are designed to provide you with cash when you need it most. They help bridge the gap when you experience a shortfall in cash flow and can help you cover unexpected expenses.

For instance, if your car needs to be repaired after a fender bender or you need to pay your health insurance deductible in order to receive care, a personal loan can come in handy. Or, perhaps you need to borrow money to bridge the paycheck gap when you start a new job, or need extra money for supplies when you start college.

Whatever your situation might be, personal loans can help you get over the hump.

Personal loan companies

Most banks and traditional lenders offer some form of personal loan. When you apply for such a loan, the lender generally looks at your credit score to determine your ability to repay the amount.

This type of loan is called “unsecured” because you don’t have to use an asset to secure the loan. The amount you can borrow is usually fairly small, but it could be higher if you have a long-standing relationship with the lender.

In some cases, you might also be asked to put up collateral if your credit score is low or you need to borrow a larger amount. This is called a secured loan, because you are guaranteeing that you will repay the money you borrow with something of value that would become the property of the lender if you failed to repay the debt.

Whether the loan is unsecured or secured, many traditional lenders who offer such loans require them to be repaid in installments. In other words, you’ll be asked to repay your loan with monthly payments over a set amount of time.

Online loan companies and short-term loans

Many lenders are now offering short-term loans that borrowers must apply for online. Such lenders usually work a little differently from most banks.

Companies that offer short-term loans tend to charge higher fees than traditional lenders, but they also provide a number of important advantages. One key advantage is convenience. You don’t have to visit a bank or other financial institution to apply for your loan. You just fill out an online application—often available 24/7—and then get a decision ASAP.

Another advantage is quick access to funds. If you’re approved, your money will be deposited directly into your bank account, often in as little as one business day. You’re then required to repay the amount you borrowed in one lump sum, including potential fees and interest within a set amount of time. Usually you’ll have 7-14 days to repay the loan, but it could be more or less depending on the lender and your circumstances.

This type of loan is often called a “payday loan” because it’s traditionally lent on the agreement that it will be repaid when the borrower receives their next paycheck.

However, borrowing against your paycheck can set you up to fail. If you take out a payday loan that’s equivalent to the amount of your next check, you may not have anything left to pay bills or make it to the next paycheck. That leaves you in a cycle where you’re lining up your next loan to pay off your first. Fortunately, there are payday loan alternatives like LendUp, which help you avoid that debt cycle and still get the capital you need.

Best loan companies for personal loans

Your best bet is to choose a loan company that can give you the money you need, when you need it, without taking advantage of the tough spot you’re in. Just make sure to watch out for hidden fees and never take out a loan that you can’t afford (that is, make sure you can repay the loan to avoid having to roll it over or pay more interest than absolutely necessary).

Loan companies for bad credit

If you have bad credit, you’re more likely to get a loan from a lender who doesn’t perform credit checks. The downside is that many of these lenders also don’t report to the credit agencies when you repay the amount you borrow. You’ll get the money you need, but you may not see your credit score budge.

At LendUp, we think you deserve credit for repaying your loans on time and showing responsible credit behaviors. As you successfully take out and repay loans with us, you’ll slowly gain access to lower interest rates and higher borrowing limits. Over time, you may even qualify for credit reporting loans and have the opportunity to rebuild your credit through our LendUp Ladder (LendUp Ladder availability varies by state).

Where available, we offer flexible terms and disclose any fees to you upfront so you can make an informed decision before you apply for your loan. We’re here to help. See the LendUp difference for yourself!

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