LendUp Launches Low-Fee Credit Card for People with Limited Credit
Over the last few years, LendUp has become a trusted name in the lending community, helping people with poor or limited credit get small, low-interest loans. The company is taking that concept one step further with the launch of a new credit card line.
The LendUp credit card requires no security deposits and has no over-the-limit fees. It has a 14-day grace period for late payments, and late fees are capped at $7. The APR ranges from 19.99% to 29.99%, and the interest rate will not change because of a late payment.
The card is primarily designed to help people build credit, much like LendUp’s payday loan program. Customers may incur a monthly fee of up to $5 per month, depending on their credit worthiness.
The company is now accepting applications on a limited basis, according to their website. There is no direct application on the website yet, but users can enter an email address to receive updates. LendUp says they will provide instant decisions for applicants after they have entered their information, unlike some poor credit lenders that may take a few days to evaluate applications.