Closed Lender

LendUp Is No Longer Operating

LendUp ceased new loan originations in 2021 and has shut down. If you are looking for alternatives, Fundslender may be able to connect you with lenders in our network. We are not affiliated with LendUp.

Start My Inquiry →

No obligation. Rates vary. We are not a lender.

We are not a lender. Fundslender connects users with third-party lenders. We may receive compensation for referrals. No approval is guaranteed. Rates and terms vary based on your creditworthiness and lender criteria. This is not financial advice.

This lender is no longer operating

LendUp stopped accepting new loan applications in 2021 and has since shut down entirely. This page is maintained to help people searching for LendUp understand what happened and find alternatives.

What Was LendUp?

LendUp was a San Francisco-based online lender that offered small, high-cost personal loans and marketed what it called a "credit ladder" program, promising that borrowers who repaid on time could graduate to lower rates and larger loan amounts over time.

LendUp was founded in 2012 and initially attracted venture capital investment with its consumer-friendly pitch. It served borrowers with poor or limited credit history.

What Happened to LendUp?

LendUp faced multiple regulatory enforcement actions:

  • In 2016, the CFPB ordered LendUp to pay $3.63 million in consumer redress and a $1.83 million civil penalty for violations related to misleading marketing and its credit-building claims.
  • In 2021, the FTC filed a complaint in federal court alleging LendUp deceived borrowers with false promises about its credit ladder program. The FTC alleged that LendUp advertised lower costs and better terms for loyal borrowers but failed to deliver on those promises.
  • As part of the resolution of regulatory pressure, LendUp stopped originating new loans in 2021 and closed its lending operations.

What Former Customers Should Know

  • If you had an outstanding LendUp loan, it was transferred to servicers during the wind-down. You should have received written notice about where to send payments.
  • If you are owed a refund from the 2016 CFPB action or the 2021 FTC matter, relief programs were established. Contact the FTC or CFPB directly for information on settlement distributions.
  • Any LendUp-related credit reporting entries remain subject to the standard credit reporting rules. Dispute any inaccurate entries through the credit bureaus.

Alternatives to LendUp

LendUp alternatives comparison
AlternativeKey FeatureHow to Access
Credit union payday alternative loan (PAL)APR capped at 28%Join a credit union; membership required
OportunNo credit history required; moderate ratesApply online or at a branch location
Unsecured personal loan (mainstream)Lower rate if credit has improvedCompare via Fundslender network or directly
Nonprofit emergency assistanceNo interest; based on need211.org directory for local resources
Employer salary advanceNo interest in most casesAsk HR or payroll department

Frequently Asked Questions

LendUp was shut down following enforcement actions by both the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). The FTC filed a complaint in 2021 alleging that LendUp made deceptive claims about its loan products, including false promises about a credit-building ladder program. LendUp ceased originating new loans and ultimately shut down.
Outstanding LendUp loans were transferred to servicers or paid off as part of the wind-down process. If you had an open LendUp account, you should have received communications about where to direct payments. If you are unsure about the status of a former LendUp loan, contact the relevant consumer financial regulators or review any correspondence from LendUp or its servicers.
Credit unions offer payday alternative loans (PALs) with capped APRs. Some online installment lenders serve borrowers with limited credit history. Nonprofit emergency assistance programs may also be available. Fundslender is a loan matching service and may be able to connect you with lenders in our network.
No. Fundslender is an independent loan matching service, not a lender. We are not a replacement for or successor to LendUp. We connect borrowers with lenders in our own separate network. Rates, terms, and approval are determined entirely by the lender you are matched with.
Secure & Confidential Your information is handled securely and only shared for the purpose of connecting you with relevant lenders.
No Obligation Exploring your options doesn't commit you to anything. You are free to decide what is right for your situation.
Fully Transparent We are a matching service, not a lender. We may receive compensation from partners, this is clearly disclosed.