Rates & Notices
Licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law
LendUp's Fee Schedule:
LendUp's Deferred Deposit Transaction Law (DDT) Loans are made pursuant to the DDT and under the authority of LendUp's DDT license. For DDT loans, LendUp lets qualified applicants choose to borrow between $100 and $250, and they can choose a repayment date from 7 to 30 days. LendUp charges a loan fee of up to a maximum of 15 percent of the total repayment amount.
An example of our fees:
|Amount Advanced||Loan Length||Fee||Repayment Amount||APR|
LendUp's deferred deposit transaction fee does not exceed 15 percent of the customer's total repayment amount.
If a customer's payment is returned unpaid by the customer's bank for non-sufficient funds, LendUp charges a one-time additional fee of up to $15.
Electronic checks used to repay LendUp deferred deposit loans in California are part of a deferred deposit transaction made pursuant to Section 23035 of the California Financial Code, and they are not subject to the provisions of Section 1719 of the California Civil Code. No customer may be required to pay treble damages if the customer's check does not clear.
A customer in a deferred deposit transaction (payday loan) cannot be prosecuted in a criminal action in California in conjunction with a deferred deposit transaction for a returned check, and it is unlawful to threaten a customer with prosecution.
California Deferred Deposit Law Notice Regarding Criminal Prosecution
A deferred deposit licensee in California may not accept any collateral in conjunction with a deferred deposit transaction.
In the event of a complaint or concern, California residents in a deferred deposit transaction may contact the California Department of Business Oversight toll free at 1-866-275-2677.
Licensed by the Department of Business Oversight pursuant to the California Finance Lenders Law
LendUp's California Finance Lenders Law (CFL) Loans are made pursuant to the CFL and under the authority of LendUp's CFL license.
Administration Fee. LendUp charges an Administration Fee in the amount of fifty dollars ($50.00) or five percent (5%) of the Amount Financed, whichever is less. The Administrative Fee is fully earned at origination.
Interest Charge. LendUp charges an Interest fee based on the loan amount and duration. LendUp calculates the interest fee by employing a tiered-approach using the following rates, which are then converted into daily rate. The calculation is based on the average interest for a loan based on the rate table and a 31-day monthly factor. The daily rate accrues for each day the CFL loan remains outstanding. The tiered rates are as follows:
- Two and one-half percent (2 ½%) on that part of the unpaid principal balance up to and including two hundred twenty-five dollars ($225).
- Two percent (2%) per month on that portion of the unpaid principal balance above (in excess) two hundred twenty-five dollars ($225) up to nine hundred dollars ($900).
- One and one-half percent (1 ½%) per month on that part of the unpaid principal balance in excess of nine hundred dollars ($900) up to and including one thousand dollars ($1,000).
Please see the following example:
An example of our fees:
|Amount Advanced||Loan Length||Administrative Fee||Interest Charge||Repayment Amount||APR|
NSF Fee. LendUp charges a Non-sufficient Funds Fees up to fifteen dollars ($15.00) if a customer’s payment is returned unpaid by the customer’s bank. This is a one time additional fee.
Late Fee. LendUp charges Late Fee in the amount of fifteen dollars ($15.00) may be charged if a customer’s loan remains unpaid for at least fifteen (15) calendar days after the due date in which the loan is due.
For incomplete and unsubmitted applications, pricing (including APR and fees) quoted for the requested terms is locked in for 7 days from the origination date of the application. For approved applications, pricing (including APR and fees) quoted for the requested terms is locked in for 30 days from the origination date of the approval.
Last Updated: 11/11/2016