Lendly is a financial institution that indirectly funds personal loans. A few similar options include PayDaySay, BMG Money, and FinFit. The main similarity between these financial institutions is that they pull the funds from a borrower’s paycheck/payroll rather than a bank account. These loans are sometimes referred to as employee loans.
Here, you will learn about loans like Lendly. You will also learn about other lenders and financial products that may be able to assist you when it comes to covering your expenses. After learning about your financial assistance options, you can better decide which one will can help you out the most!
What is Lendly?
Lendly is an indirect lender that offers installment loans (provided by CC Connect). These loans are repaid directly from your employer’s payroll. Many customers seek Lendly and similar options because of poor credit scores, which can make it challenging to get approved for more traditional lending options.
Lendly loans are offered by Capital Community Bank, also referred to as CCBank. CCBank is a Utah chartered bank located in Provo, Utah, and is a member of the Federal Deposit Insurance Corporation (Member FDIC).
Lendly has business hours of 8 a.m. to 10 p.m. EST Monday through Friday and 9 a.m. to 6 p.m. EST Saturday through Sunday. Lendly also does not charge prepayment fees and allows borrowers to pay back their loan funds either via a payroll direct deposit or ACH. Furthermore, Lendly also considers several financial factors when determining a borrower’s approval status.
Below are more details on those financial factors.
- Employer — Your employer is the person or company for whom you work.
- Time on the Job — Time on the job refers to how long you’ve been employed at your current job. Usually, people who have held a job position consistently (about one year or more) are favored over people who show a history of jumping from job to job.
- Repayment Confirmation — Repayment confirmation refers to how a borrower plans to pay back their loan. Usually, lenders will consider the borrower’s yearly income when determining their ability to repay their loans.
Another important aspect of Lendly loans to note is that borrowers are only allowed to have one loan at a time. However, if borrowers find they need additional funding, Lendly does allow borrowers to request a loan refinance after 90 days when they have a good repayment history.
How Will Loans Like Lendly Affect My Credit?
Depending on how you handle your funding including a loan from Lendly, you may find personal loans can have a positive or negative effect on your credit history and credit score.
Most credit bureaus, including the three major credit bureaus, Equifax, Experian, and TransUnion, consider five different categories when compiling a consumer’s credit report:
- Payment history (35%) — This factor encompasses your ability to repay your debts on time.
- Amounts Owed (30%) — This is the amount of debt that you owe in relation to the amount of open credit you have (your credit utilization rate).
- Length of Credit History (15%) — This measures how long you’ve had your credit accounts for. Longer accounts show experience and can be positive.
- New Credit (10%) — This factor takes a look at how many new credit account inquiries. Lots of credit inquiries in a short amount of time can hurt your scores.
- Credit Mix (10%) — Credit mix looks at the diversity of your credit accounts. Having a good mix of credit and loans can be helpful.
Let’s say you do borrow a loan from Lendly, there are two stages in which the loan can impact your credit.
The first stage is the initial application. If at first, that causes your credit utilization to go up or adds to a long list of credit inquiries then the loan may hurt your score. On the other hand, if this loan adds to your credit mix and doesn’t cause a huge spike in credit inquiries or utilization then it may be good for your score.
You may also not see a change in this stage. The second stage in which a loan can impact your credit is repayment. On-time payments will help your score, while late payments can be really harmful. And of course, if you default on your loan with Lendly then it can be devastating for your finances for a long time.
How Do Loans Like Lendly Work?
Most types of loans, including personal loans, are composed of several factors. Below is more information on the different elements that make up a loan.
Eligibility Requirements
You will want to look into your prospective lender’s qualification requirements right off the bat. That way, you won’t waste your time applying with a lender who may have never been a good fit for you in the first place.
Some financial institutions, such as a banks, may have strict credit score requirements and only work with borrowers who have exceptional credit. Other lenders, like bad credit lenders, may not have strict credit score requirements but could have other qualification standards, such as requiring customers to have a bank account or a minimum amount of money in their checking account. There are even some lenders, such as payday lenders, who typically have little to no qualification requirements.
In general, you’ll see that most lenders will have the following requirements for their borrowers:
- Age — In most states, you have to be at least 18 years old to take out a loan.
- Credit Score — Most lenders have a minimum credit score requirement.
- Income — Reliable income is usually required to borrow from a loan.
- Documents — Lenders will require documents proving identity, income, and ability to repay the loan.
- Bank Account Information — Most lenders will require that their borrowers have an active bank account to send the funds and withdraw payments.
Features of Lendly Loans
Below we’ll go over some of the different aspects of Lendly Loans.
Loan Amount
It is important to decide what type of loan amount you are looking for before you apply for a loan, or at least very early on in the application process. If you applied for a loan and realized you need additional funding after you have already been paid, you will have to re-apply and go through the application process all over again. Not only could this be extremely inconvenient, but it may also knock your credit score down a few points. Save yourself the hassle and decide exactly what you want to use your loan funds for early on. That way, you’ll have a clear picture of what loan amount you are looking for to cover your expenses.
There are also different financial products that specialize in certain loan amounts. For example, it’s common for a payday loan to come exclusively in low loan amounts. Other types of funding, such as home equity loans or home equity lines of credit, tend to have higher loan amounts.
Factors that contribute to what kind of loan amount you are eligible for include:
- Income
- Any assets you are willing to use as collateral
- Type of lender
- Type of financial product
Interest Rates vs. APR
You will also want to pay close attention to the interest rates as well as the APR of your loan. Regular interest rates are usually calculated using your current loan balance, while APR is calculated including the current loan balance plus any other charges included with your loan.
Types of Interest
Typically, lenders offer installment loans with either fixed or variable rates.
| Criteria | Fixed Rate | Variable Rate |
| Definition | Interest rate remains constant throughout the loan term | Interest rate can change based on an underlying benchmark interest rate or market conditions |
| Pros | Predictable monthly paymentsProvides stability in budgeting No risk of rate increase | Typically starts lower than fixed ratesPotential for lower total interest if rates remain low or decreaseCan benefit from falling market interest rates |
| Cons | Might miss out on lower interest rates if market rates fallTypically starts higher than variable rates | Monthly payments can increaseUnpredictable, harder to budget forPotential for higher total interest if rates increase |
| Best Suited For | Borrowers who prefer stability and predictability in their monthly payments | Borrowers willing to take a risk for potentially lower rates, or those who believe market rates will decrease |
| Potential Risks | Missing out on potential savings if market rates decrease | Increasing monthly payments which can strain the budget if rates rise significantly. |
| Recommendation | Ideal for long-term loans where stability is preferred, especially in a high-interest-rate environment | Suitable for short-term loans or when starting rates are low, and the borrower believes they will stay low or decrease |
Repayment Terms
Repayment terms indicate how long it will take to completely pay off your loan balance. Usually, higher loan amounts come with longer repayment terms, while lower loan amounts come with shorter terms. Keep in mind that the longer your loan terms are, the more you may end up paying in interest rate charges.
Monthly Payments
Your monthly payments represent how much money you are required to contribute each month to pay off your loan balance. While you may want to agree to the highest monthly payment possible in order to pay off your balance faster, this may not be the smartest choice. Making sure your monthly payments fit in with your current budget will help keep your personal loan manageable and affordable. You may want to agree to monthly payments you know you can afford consistently and then pay more towards your loan when you can.
Fees, Penalties, and Other Charges
Below are a few types of additional charges you may come across on some personal loans:
- Origination Fees — An origination fee is a common type of charge included with most loans. The purpose of an origination fee is to essentially compensate your lender for the underwriting process they go through when creating your loan contract. It’s extremely common for lenders to include an origination fee with their loans.
- Late Payment Fees — Late payment fees are charged to borrowers who fail to make their loan payments on or before their designated due date. Virtually every lender includes late fees in their loan agreements. However, late fees may be completely avoided by making your loan payments on time. If you have trouble remembering to make your loan payments on time, consider signing up for automatic payments.
- Prepayment Fees — Prepayment fees are charges that some lenders include for borrowers who make their loan payments before their designated due date. Not every lender changes early payment fees, and it actually may be in your best interest to find a lender who does not include these kinds of charges. Making payments on your loan early could potentially help you save money on interest rates, so discouraging the practice isn’t really in the best interest of the borrower. Before you sign your loan contract, you may want to confirm with your lender that they do not charge prepayment fees; that way, you have the freedom to make loan payments before your due date whenever you like.
- Balloon Payments — Balloon payments are a large lump sum charge that some lenders require at the maturity date of the loan. Fortunately, not every lender charges balloon payments, as they can be a major financial burden to borrowers. Similar to prepayment fees, it’s a wise choice to confirm with your lender that they do not charge balloon payments before you sign your loan agreement.
What States Are Lendly Loans Offered In?
Lendly personal loans are currently available in the following states:
- Alabama
- Alaska
- Arizona
- Arkansas
- Delaware
- Florida
- Idaho
- Indiana
- Kansas
- Kentucky
- Louisiana
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Ohio
- Oklahoma
- South Carolina
- Tennessee
- Texas
- Utah
- Wisconsin
- Wyoming
While these are only currently the states where borrowers may access Lendly loans, you may want to check their site periodically as they claim to be adding states all the time.
Pros and Cons of Lendly Loans
Let’s go over some pros and cons of Lendly Loans so you can make an informed decision about these loans.
- Automatic Repayment — With Lendly, the loan will be repaid automatically during payroll, which may be helpful for some borrowers who have a hard time budgeting or remembering their due dates. However, for some people who want more control over their money, this may be a con.
- No Early Payment Penalties — You can repay your loan as early as you would like without any early payment penalties.
- Loan Amounts — With Lendly, you can borrow up to $2,000, which for some people may not be enough to cover their expenses. However, this maximum amount is much higher for borrowers who are seeking something like a payday loan.
- Same-Day Funding — Same-day funds are always helpful for borrowers who need money quickly.
- Repayment — Repayment will be in monthly installments which can be more managnable than something like a payday loan which is usually due in one lump sum payment.
Do I Need an Active Bank Account To Get a Loan With Lendly?
Yes. Lendly does require that borrowers have a bank account in order to receive loan approval. If you do not have a bank account of your own, Lendly may help you set up a bank account with CCBank.
Can I Get a Loan With Bad Credit From Lendly?
Yes, you may be able to get a loan with Lendly even with bad credit. The unique thing about them is that because they pull directly from your paycheck, they can rely more heavily on your income, rather than your credit score or credit history.
Alternative Loan Options
Personal loans from Lendly aren’t your only financial solution to consider. Below is more information on the various financial institutions, lending products, and non-loan alternatives you may be able to take advantage of!
Non-Loan Alternatives
There may be ways to cover your expenses that don’t require applying for a loan at all! Before you decide to submit a loan application, you may want to try all non-loan alternatives first. That way, you can take care of your expenses and not have to accumulate additional debt. Below are a few options to consider.
Dip Into Your Savings / Emergency Fund
If you have a savings account or an emergency fund, you may consider using a portion of it to cover your expenses. Depending on what you are looking to pay for, you may be able to take care of the costs by using a portion of the funds in your savings or emergency account. Or, if your expenses exceed the amount you currently have in your savings, you may consider using a portion of it to pay for expenses and then apply for a lower loan amount to cover the rest. Either way, you may reduce the amount of debt you accumulate by using your savings or emergency fund before you apply for loan funding.
Ask a Close Friend or Family Member
If you don’t have sufficient funds in your savings or emergency account, you may consider asking a trusted friend or family member to loan you the money you need. By getting a loan from a friend or family member, you may be able to save money on interest rate charges and origination fees and forgo the application process altogether.
However, if you do plan to ask a friend or family member for a loan, be sure to discuss the details thoroughly. In addition to talking about how much money you need, you should also discuss how long you expect to take to pay back the loan and how you plan to pay back the loan. Will you make consistent monthly payments or a few lump sum payments? The more details you can hammer out, the better. Having a clear understanding of how the loan will work can make the process much smoother and less stressful for both you and the person you are asking for money.
Find Another Income Stream
You may also consider finding an additional income stream instead of applying for a loan. Consumers may be able to get additional sources of income from investing, having a garage sale, or getting a second job.
Investing is a great way to earn passive income. Passive income is a revenue stream that requires little to no effort to maintain. However, investing may also be risky and shouldn’t be used by consumers who are working with limited incomes. The most important rule of investing is to never invest money you aren’t willing to lose.
If you don’t want to deal with the risks that can come from investing, you may consider selling some of your belongings that you no longer need or use. Chances are, if you go around your home, you will find at least a few things that no longer play a role in your everyday life. You can sell these items for a profit on websites like eBay, Amazon, or Facebook Marketplace. You may also sell your items in person by having a garage sale.
Lastly, you may also be able to earn extra income from getting a second job. Depending on your availability, you may find that a remote or in-person job will work best for you. However, make sure you keep your mental health a priority.
Some tips about how to work two jobs without burning out are:
- Plan out your work schedules ahead of time
- Prioritize downtime
- Give yourself time off
- Set financial goals and reward yourself for reaching them
- Know when it’s time to stop
Personal Installment Loans
A personal installment loan is perhaps the most versatile funding type available to borrowers. Installment loans may come in either high or low loan amounts, long or short repayment terms, and often have adjustable monthly payments. Due to this flexibility, personal installment loans are often well-suited to cover just about any financial emergency or expense.
Unsecured vs. Secured Loans
Personal installment loans typically come in the form of either secured or unsecured loans. A secured loan is funding that requires collateral. Two popular types of secured loans are car title loans and home equity loans.
A car title loan uses the borrower’s free-and-clear vehicle title as collateral, while a home equity loan uses the borrower’s home or real estate property as collateral. With both of these loan types, the borrower risks losing their collateral should they miss a certain amount of payments or default on their loan. Lenders for secured loans typically care more about the equity in the collateral over the borrower’s financial history. Therefore, secured loans tend to be a popular choice for bad credit borrowers.
An unsecured loan is funding that does not require collateral. Instead of looking at the equity in a borrower’s collateral, lenders for unsecured loans will instead look into the borrower’s credit score and financial history. However, there are bad credit lenders who specialize in unsecured personal loans, which means that it may be possible to find funding with this loan type even if you have a less-than-perfect credit score.
Car Title Loans
Car title loans are secured loans that use a borrower’s vehicle title as collateral. Usually, a borrower’s vehicle title must be free-and-clear in order for it to qualify for an auto title loan. When a vehicle title is free-and-clear, this means the car owner owns their vehicle outright and is no longer making payments on it. Sometimes, car title lenders are willing to lend higher loan amounts to borrowers who don’t have a free-and-clear vehicle title, allowing them to pay off their car and remove any liens. While this may sound like a convenient option, it will significantly increase the loan amount for your car title loan, making it even more difficult to pay off.
Home Equity Loans
Home equity loans are secured loans that use a borrower’s home or real estate property as collateral. If you decide to apply for a home equity loan, an appraiser may come to your home and look around to evaluate its condition. Based on this inspection, you will find out the current equity in your home. If your home has equity that is more than the amount you currently have left to pay off your home, then your home is considered to have positive equity. While home equity loans can be used to pay for a variety of expenses, the most common reason people take out home equity loans is to refinance their original mortgages.
Payday Loan
Payday loans are a type of cash advance loan designed for borrowers who need money while in between paydays. Given their design, payday loans are usually due when the borrower receives their next paycheck (about two weeks or less). Since payday loans have such brief repayment terms, loan amounts usually stay relatively low—about a few hundred dollars or less.
What’s the biggest difference between installment and payday loans? The answer would probably be the interest rates. No matter how good a borrower’s credit score is, payday loans will almost always come with very high-interest rates. Installment loans, on the other hand, can be much more competitive when it comes to the interest rate.
Credit Union Loans
Credit unions are a special type of financial institution that provides loans to its members. Unlike a bank, credit unions are nonprofit organizations owned and operated by their members instead of profit-seeking investors.
While credit union membership qualifications can vary, they may include the following:
- Living within a certain county or township.
- Working within a particular field.
- Having a credit score within a specific range.
Loan Brokers
A loan broker is a financial service company that connects borrowers to possible lenders. Usually, brokers cannot guarantee that consumers will get approved for funding from the lenders they suggest, making them a potentially unreliable source for finding funding. Also, brokers often work with third-party lenders and may suggest you apply somewhere simply so they may receive a commission for providing a loan lead. You are usually better off doing research and comparing offers on your own rather than trusting a broker.
Bank Loans
Banks are typically strict and traditional lenders, which means they usually only offer loans to borrowers with good credit scores. According to the credit bureau Equifax, good credit scores fall within the range of 670 to 800 and up.1 Unless you have a credit score within this range, you may not want to waste time applying for a loan from a bank.
Credit Cards
You may also want to decide between installment loans vs. revolving credit. Installment loans work best for lump sum expenses that only need to be paid once. Revolving lines of credit may work better if you are expecting recurring expenses. Credit cards are one of the most common types of revolving credit. With credit cards, you have renewed access to a predetermined credit limit that you may borrow from continuously.
However, if you plan to use a credit card regularly, make sure you are consistently making payments on the balance as well. If possible, try not to carry a balance on your credit card at all. Carrying a credit card balance could put you at risk of falling into credit card debt, which is notoriously difficult to pay your way out of.
Cash Advances
Cash advances are small sums of money made available quickly to borrowers who are short on money while in between paychecks. A payday loan is the most common type of cash advance loan. Consumers may also access cash advances via mobile apps or lenders for quick cash loans.
CreditNinja: How Does It Compare?
CreditNinja is a direct lender specializing in personal installment loans. We have been a proud lender since 2018 and have been able to help over 275,000 people so far.
Benefits of CreditNinja Loans
Below are just some of the benefits you can enjoy when you get a personal installment loan with the help of CreditNinja.
Convenient Online Service
CreditNinja offers a streamlined online loan process, with a qualified customer service representative available should you need any assistance. Apply for the emergency funding you need without ever having to leave your house, and feel free to call or email if you need help with anything! You can submit an application any time you like and speak with a loan agent any time during our active business hours.
Fast Loan Process
CreditNinja knows that when you are in the middle of a financial emergency, you need money fast. That’s why we won’t waste your time with in-person meetings or other hassles that stand in the way of you and your approved funding. From the time you fill out your application and get approved, you can expect funds to be delivered to your bank account as soon as the same day or the very next business day!*
A Wide Range of Borrowers Accepted
At CreditNinja, we know you are more than your credit score. That’s why we consider applicants from a wide variety of financial backgrounds. All borrowers in need, including those with bad credit, no credit, and even past bankruptcies, are encouraged to apply for a personal loan with CreditNinja when they need emergency funding.
No Hidden Fees
CreditNinja wants to set you up for financial success, which is why we won’t bog you down with prepayment penalties or balloon payments. Borrowers can feel free to make their loan payments any time on or before their due date. You can also make extra payments on your loan some months if you want to pay off your loan even faster!
Competitive Rates
CreditNinja offers personal loans with competitive fixed rates. That means your rates can stay consistent while you pay back your loan, allowing you to plan for each and every payment. Furthermore, CreditNinja considers other factors besides your credit when determining loan details. We also consider income, assets, and the borrower’s ability to repay their loan!
Flexible Terms
Unlike payday loans, CreditNinja loans come with repayment terms designed to be manageable for most borrowers. However, it’s important to keep in mind that CreditNinja personal loans are meant for short-term financial emergencies!
Manageable Monthly Payments
We want to make sure your monthly payments fit in well with your current budget and financial situation. You can also sign up for automatic payments to take the stress of having to remember to make your loan payments manually each month.
Refer a Friend Bonus
CreditNinja offers extra perks to borrowers who refer a friend for a personal installment loan. Talk to a loan agent for more details on how this benefit works!
Free Financial Resources Available
Financial education should be available to anybody who wants it. Consumers can access blogs, debt calculators, and other financial resources for free at the online CreditNinja Dojo!
How Do CreditNinja Personal Loans Work?
Here’s how the process for online installment loans with CreditNinja works:
STEP 1: Apply Online
The first step is to complete the easy application form online. Your initial loan application will ask for information like:
- Your name, address, and Social Security number
- Your employer and general income
- Your desired loan amount
STEP 2: Receive an Approval Decision
After you submit your application, you should receive an approval decision shortly.
STEP 3: Get Paid
Lastly, CreditNinja will send you a contract to sign electronically. Read your agreement carefully, and feel free to ask a loan agent if you have any questions or need any details clarified. After you feel comfortable with your terms, rates, loan amount, etc., you can go ahead and sign your contract. After that, you can expect your approved loan proceeds to be delivered to your bank account via direct deposit.
Loans Like Lendly FAQ
Pre-approval is a preliminary evaluation by a lender to determine if you qualify for a loan. It gives borrowers an idea of how much they might be eligible to borrow. This process typically requires a soft credit check, which doesn’t impact your credit score.
Yes, self-employed individuals and freelancers can obtain personal loans. However, lenders might require additional documentation, such as tax returns, bank statements, or proof of income, to verify the stability and consistency of your earnings.
A secured loan requires collateral, such as a car or home, which the lender can take if you default on the loan. In contrast, an unsecured loan doesn’t require collateral but might have higher interest rates due to the increased risk to the lender.
Improving your credit score, reducing existing debt, having a stable income, and providing all necessary documentation can enhance your chances of approval. Additionally, applying with a co-signer who has a good credit history can also help.
Apart from interest rates, lenders might charge origination fees, late payment fees, prepayment penalties, or other administrative charges. Always read the loan agreement carefully and ask the lender about any additional costs.
Who is CreditNinja For?
CreditNinja loans are for borrowers going through stressful financial situations with no other solutions available. Usually, the only loan options readily available for bad credit borrowers are predatory loans, like payday loans. CreditNinja seeks to be a better alternative by offering affordable loans to borrowers in need!
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Additional Loan Options
