What are the minimum qualifications?
Qualifying for a short-term installment loan from Lendumo is easier than you might think. If you meet the requirements listed below, it's more than likely that we'll be able to get you the funding you need. Receive regular income. Are at least 18-years-old and a U.S. citizen. Have a checking account. Are not actively serving in the military or a dependent of someone actively serving in the military. *Other requirements may apply.
Will I be disqualified if I have bad/no credit?
No! we can help borrowers with good credit, bad credit and no credit. We understand that you may have had credit troubles in the past, but we're here to help get you back on track.
How will I know if I'm approved?
One of our Lending Specialists will contact you and/or you’ll receive an email notification with further information about completing the loan process.
What's the maximum amount of money I can borrow?
The maximum amount available to qualified first-time borrowers is $1,200. Qualified repeat clients can borrow up to $2,500.
How soon will I receive my funds?
In most cases, funds will be deposited into your bank account the business day after your application has been processed and approved, including verifying your loan details and e-signing your online loan documents, if you meet the cut-off time of 6:00 p.m. CST Monday-Friday.
How is a short-term installment loan different from a payday loan?
Rather than multiple payments scheduled over a period of time, payday loans are typically repaid with one payment due when the borrower receives his or her next paycheck. Payment is made in the form of a post-dated check or automatically withdrawn from the borrower's bank account. Payday loans are very short-term, usually 30 days or less. Short-term installment loans are usually repaid over a matter of weeks or months.
What if I miss the payment?
If you’re tight for cash and aren’t able to pay off your loan on the due date, contact your lender regarding a possible loan renewal.
What is a loan renewal?
In case you aren’t able to pay off your loan in time, you can resort to a loan renewal. It means you pay a fee for the right to delay paying back the loan in full on its due date. The fee doesn’t reduce the amount you owe. Note that not all lenders allow their clients to renew a loan.
Is your service free?
Yes! We do not charge any fees for using our online platform.