Who Is LendYou for?
Browse a few LendYou reviews on the internet, and you will instantly know the purpose of this platform.
LendYou is among the most popular loan sites and one of the most secure platforms in the business with years of experience. As such, using its services can be a convenient solution for everyone who is facing financial emergencies and needs the help of short-term lenders. On the other hand, LendYou may also appeal to those who simply don’t want to go through the traditional, and often bothersome financial routes with banks that may end up only being futile efforts.
Simply put, the platform helps you connect with potential lenders online, from the convenience of your own home, finding you the best possible options, based on your entered information.
As such, this LendYou review aims at giving you useful information about the site by thoroughly analyzing everything it has to offer to potential borrowers, scrutinizing all its features, and laying out the entire application process. With all the info, you will be able to make an educated decision on whether LendYou is an option for you or not.
How Safe Is LendYou?
As already mentioned before, LendYou is an online marketplace where borrowers and lenders can connect online and can strike out different loan deals.
LendYou reviews will tell you that the platform is among the safest and the most recognized in its category.
The company itself was founded in 2005 so it’s safe to say that it has managed to accumulate quite the experience in helping borrowers find their ideal loan deals. On the other hand, the website holds an A-rating with the Bureau of Better Business, meaning that the website is reliable.
Is LendYou a legit company? A lot of potential borrowers probably ask this question themselves before applying for a loan. In our experience, we can say that the platform itself is safe, however, there’s always a lot to consider when you’re taking out a loan, no matter whether from a bank or from an online lender.
To help reassure you about the legitimacy of the company and its services, you should know that LendYou is an active OLA member (Online Lender Alliance), and has a coveted place on their Best Practices list. This means that LendYou complies with all lending activity laws on a federal level.
Three LendYou Loan Types
As we’ve mentioned loans, it’s vital for readers to know that the platform offers three different loan types:
LendYou Short-Term Loans
Also called payday loans. These credits are specifically created for those who need a little extra to solve short-term financial issues fast, and are able to pay back the loan with their next paycheck. Even though they may seem like a no-fuss, smooth-sailing option, these short-term loans usually come with large APR fees and if you are late with your payments, you can also face tremendously high interest rates as well.
In most cases, payday loans like these should be repaid within 30 to 35 days, and will usually fall between $100 to $1,000.
LendYou Installment Loans
“We lend you” platforms like LendYou also offer these long-term loans with repayment periods starting from a few months and spanning to a few years. In the case of an installment loan, the borrower can be approved for sums larger than $1,000, and the amount that they can take may even reach the $5,000-mark.
Usually, these loans are repaid in scheduled installments over a predetermined period.
LendYou Personal Loans
These are the types of loans you will usually find in banks. These credit deals can be as high as $15,000 and need no collateral. According to other LendYou reviews, it’s the ideal path to take if you are thinking about realizing a serious business project or if you are planning to make a larger purchase, such as buying a car.
The repayment period in the case of personal loans can stretch to 60 months, but you can repay the loan faster and save money on interest.
The Application Process
As mentioned before, LendYou sports a fast, straightforward application process, making sure that you connect with your potential lending partners as soon as possible.
The application should take you a couple of minutes to finish, as you only need to give the following:
- Personal info: name, birth date, address, email, phone number, Social Security details
- Your employers’ name, phone number
- Your income details
- Bank account-related specifics.
“Is Lend You safe with so little info given?” you might ask. It might seem a bit risky, however, it’s a lot faster than faxing documents and waiting for approval then.
In addition, please note that you don’t need to provide collateral. Nevertheless, lenders may dictate slightly different terms and conditions for deals so it’s always best to ask about every little detail after you get connected with your potential options.
Having submitted your application, you wait for the platform to either approve or disapprove your request. Hopefully, the first one will happen and you will be able to see your potential loan offers and lenders. Once you reach an agreement, you may find that the funds have been already deposited in your bank account the following day.
Lastly, reviews of LendYou (and any other online broker for that matter), will point out that applicants should be cautious before agreeing to a deal. They should read every detail carefully, regarding repayments, APR, fees, rates, late payments, payment methods, and everything so they are fully aware of the entire nature of the loan they are about to take out.
You will see that lenders from the LendYou.com marketplace will have slightly different criteria but the typical minimum requirements are more or less unified:
- Being at least 18
- Legal US resident
- Having a savings or checking account
- A monthly income of at least $1,000
- Applicants cannot be Coast Guard, Marine Corps, Air Force, or Army members.
LendYou Key Features
Good LendYou reviews always mention the platform’s key characteristics so that potential borrowers know what to look for when going hunting for a loan deal.
That being said, here are some of the key features of the website.
Loan Rates and Fees
Since the LendYou platform is only an online marketplace, it can’t possibly share exact info about specific lender rates and fees. Loan rates and APR will be mostly determined by the lender, just like the procedures for late fees. Extensions before your due date might be available with some lenders, however, it’s best to check with them before signing the loan.
Is LendYou safe with so many factors depending solely on the lender? Truth be told, these online marketplaces can be a bit risky if you don’t know what you are getting yourself into. That’s why it’s crucial to discuss the details of your loan as much as possible before signing for it.
Just like in the case of loan rates and the associated fees, repayment terms will also be mostly dictated by the lender because the platform itself does not deal with such matters.
Payments will be deducted from your bank account automatically on the predetermined dates. To adhere to your side of the deal, you must repay the full amount of money, plus charges and fees.
Is LendYou a scam? No, LendYou is a legitimate company connecting you with prospective lenders. To complete your part of the bargain, you should make repayments timely.
If you fail to meet repayment dates or fail to repay the loan (plus fees and rates), lenders can turn your account over to collecting agencies, report you to credit score agencies, or might even offer a renewal which will only tax your account balance with additional charges and fees.
As the platform only works as a median between borrowers and lenders and as such, it won’t check your score.
However, in the case of most “we lend you” websites, lenders will often look into your credit history, mostly in the form of “soft credit checks”, not affecting the borrower’s overall credit score.
Using the platform itself won’t affect your score negatively but if you fail to repay your loan, your credit score statistics will probably suffer. The longer you are in debt, the bigger damage it does to your score, making it even harder in the future to get loan approvals with low interest.
And even if your credit does suffer some damage, you can always get help from the reputable credit repair companies.
Support & Safety
In terms of customer service and support, reviews of LendYou mention that the website’s support is pretty much impeccable, while others had problems reaching out to them. However, they also note that after signing a deal with a lender, borrowers will be dealing with the support team of the lender. Because of this, it’s vital to conduct some necessary research and to opt for a lender with a good reputation.
On the other hand, the referral company’s address of LendYou is 249 N. Brand BLVD, #497 Glendale, CA 91203. The phone number is 1-888-775-0859. The only problem is, you can’t reach them via email and you don’t have the working hours of the referral company disclosed.
In terms of safety, the platform uses 128-bit SSL encryption, which means that your data on the site will be safe from hackers.
If LendYou freezes, you should stay calm as the site also uses a competent antivirus to keep you safe from spyware and online viruses.
As far as user experience goes on the platform, LendYou offers a fast and simple website that is easy to navigate.
The site also sports mobile devices, meaning that you can conveniently navigate through the website via smartphone, which should pretty much be a standard feature in 2021.
Overall, the site boasts pretty solid features, however, it won’t guarantee 100% safety as it will share your information with their marketing partners (third parties), like most other online marketplaces. Lastly, a 256-bit SSL encryption would be a nice upgrade, and it would raise site security measures even further.
Is LendYou legit? The short answer is: yes, it’s legit. It’s a fast and simple way to find a suitable loan offer. There’s no collateral, applying as a potential borrower is fast, and the platform has an A-rating from the BBB (however, there’s no associated page). This can make using the platform a bit more difficult, as you might need to do a little more research to find a reputable lender.
On the other hand, the maximum amount of money you can borrow is “only” $15,000 (there are other marketplaces with much higher options).
Also, there’s the ongoing security issue of giving out personal info (like email addresses) to third parties. As this LendYou review has already mentioned, this is a recurring theme among these marketplaces and applicants are usually able to solve this problem retroactively by unsubscribing from these third-party mailing lists.
Apart from these small issues, LendYou can be a suitable option for most candidates who need money fast.
Pros & Cons
- Quick application process
- Fast loan approval
- A wide range of loan arrangements and repayment options
- Eligible for bad credit holders
- Available in all payday loan-legal states
- Relatively low personal loan maximum sum
- Not available in all states
- LendYou review about BBB accreditation specifics is not readily available
Is LendYou company legit?
The company holds an A-rating from the Bureau of Better Business, which makes it a reliable company. Also, the platform has been around since 2005, meaning they should have enough experience to operate such websites safely and filter out potential scammers.
How do I know if a loan company is legitimate?
For starters, check if your lender has a physical address on the website and check whether it’s registered in the state or not. In most cases, LendYou reviews will also mention that legitimate lenders on legitimate websites will inspect your payment history and be pretty clear about their interest rates, fees, and actions if you fail to pay.
Moreover, legitimate lenders won’t try to pressure you into making uneducated and quick decisions without thinking them through. They won’t reach out to you unless it’s necessary and they will understand if you choose to reject their offer.