Also called peer to peer lending, it allows individuals to lend money to one another without the use of financial institutions.
Members make a request to an individual or to the entire group. When someone accepts the request, a 'loan' is created. We schedule a transaction where the money is transferred from lender to borrower and provide an easy way for the borrower to repay on an agreed upon schedule.
By joining you will become part of a community help each other out of our financial challenges.
LendFu's goal is to lower the cost of short term credit and make it accessible to every American.
There is no other service like LendFu...
Joining is free and safe and will allow you to use our services at any time. As a member there is no obligation to borrow or lend. You can close your account at any time - though we hope you won't.
No. The LendFu Service is a peer-to-peer marketplace.
LendFu (Social Lending Fpc) does not perform deferred deposit transactions or charge exorbitant interest rates. We do not even grant loans. We allow Borrowers and Lenders to offer to sell gift cards on credit to each other in our marketplace. All transactions on LendFu are treated as sale of goods or services though our marketplace.
LendFu will not check your credit report, instead we use providers to get alternative data risk scores to help lenders make decisions.
These alternative risk scores are provided by our partners and are based on public records, social network activity, and reporting by other sub-prime and alternative financial service providers.
There are many not for profit groups in the US actively working to provide safe, cheap, and responsible alternatives to payday lenders and sub-prime credit. LendFu allows these non-profits to move some or all of their lending, communication, or screening into our service. This simplifies the process for all and lowers the cost - allowing them to reduce the lending cost even more!
Check for the 'Supported by Non-profit' or 'Direct Lending by non-profit' on communities.
Check out what you need to get started as a borrower in LendFu with this video
You can borrow and lend. Just note these payments as your income. To verify the income you must provide proof with images of Payments documents.
For Social Secuirty, if you don't have documents already you can follow this link to get them:
Proof of SS Income
List your employer as unemployment, and if you are currently receiving unemployment, list the funds you get just as you would a salary. To verify the income you must provide proof with images of Payments documents.
We must verify that you are over 18 and confirm your legal name and state of residence. This is the easiest way to do so. In addition, some states may require us to perform additional checks in order to allow you to participate in our services.
Get your money sent to your Bank account, Sent in Prepaid Gift Cards to your home
Yes, you can adjust your profile privacy settings & Borrow Anonymously. Though you may not be able to find a lender that is willing to work with someone they know nothing about.
Once your request is submitted, it is evaluated by automatic lending and reviewed by lenders. We will send you a message within 5 minutes to tell the status.
Not all requests get a quick response; there are many factors that lenders use to decide to lend. If your request was not fully funded in the first 5 minutes (automated lending didn’t fund it), then we recommend
- Do you have a verified source of income?
- Is your mobile phone verified?
- Did you explain why you need the loan?
- Did you add any information to your profile or a picture?
- Did you make your profile Confidential?
- Have you tried the Lending Communities?
You will need to pay on or before the due date. Paying off early may save you money!
You can always pay early, any amount at any time!
If you own multiple scheduled payments and pay more than one payment at a time the balance is reduced by the payment fees. if had 5 payments and paid back in 2 you would save 3 payment fees (usually $18)
Yes. You can repay them any way you choose. The lender just needs to log in and mark the payment as credited on their “Lending” page to remove it from our records -- it is the responsibility of you, the borrower, and the lender to make sure the loan gets credited this way, otherwise the loan will remain open (and be treated as such) in LendFu’s records.
Yes, you can do so for an additional fees (see your rates page), by going to the 'Borrowing' page and selecting the loan then selecting the reschedule option. A scheduling and / or Late fee will be have to be paid or charged when you make this change.
Contact your lender ASAP. You may do this by adding a comment to the borrow request -- try to work out a solution with your lender.
You also may be able to reschedule your loan for an additional fee by going to your Borrowing page and using the reschedule button on the loan there. You will be charged a fee to reschedule, and may also be charged a late fee if the date you select to reschedule to is passed your Expected Late Fee Payment Date.
Please, do not borrow money unless you expect to be able to pay on time or you may be charged NSF fees from your bank.
Remember, your lender is a member just like you, not some company or bank.
If you do not pay, ignore the messages, and continue to not pay or work with the lender on a solution the payment will go to late and you will be charged a fee.
If still no payment the Payment will go into Default, then it will be sent to collections.
Once in Default, your profile will be public
You will be informed of every transition with an option to do the right thing always avaialable, but with greater costs.
Additionally if you are past due, you will not be able to borrow until it is resolved.
Your profile will show your LendFu Standing as 'Payment Past Due'
First someone has to trust you enough to lend to you, so be sure to have as much information as you can.
Once you get the confirmation, we will send the money.
Banks will get the ACH transfer, most will have it avaialble if your confirmation is before 2:50 PM PST.
Keep in mind that most banks are closed on holidays or weekends!
Lenders will see your city, state, employer and Score, and can match some history related to your score. Take note, though, if you default on a loan, the lender will be given your identifying information so they may take legal action if they choose.
Check out this video to learn more
Two micro transactions will show up in your bank account in 1-3 days
1) Record the amounts from your bank account
2) In LendFu click Verify Account on the account page
3) Submit the transaction amounts for verification
We recommend a 200x200 jpeg for your profile image for best results. We will scale and crop any image to fit our service.
It allows your to signon using your social network by clicking the social network icon on the Sign-on page. It allows you easily and connect with locate friends and family. It also improves your LendFu Score.
Adding contacts gives you larger group of people that you trust, to borrow from, lend to and share information with. This builds your community leading to more requests to borrow and lend. It also improves your LendFu Score.
An FCRA-Compliant customized score delivering risk insights tailored to the needs of the subprime market. The model produces an actionable score and reason codes that can be leveraged in your decisioning process.
ID Score Action is a score that applies innovative analytics to a cross-industry compilation of identity information and credit activity to assess the risk of fraud and credit loss associated with the individual applying for a loan. It assesses the stability of a consumer based on an analysis of the consumer’s use of their identity elements, while also factoring in fraud predictors like velocity of applications and confirmed fraud history. ID Score Action captures both identity fraud and consumer risk by examining the consumers submitting applications for credit and services using various combinations of names, addresses, and Social Security numbers, or at an abnormally high frequency. It also examines the use of identity information and online behavior. Built on a large consumer database covering utility and credit payments, as well as address changes, this score is proven to be predictive of payday loan default.
You can modify your privacy settings on the Account Settings page. By default it is set to public.
More details in account settings
If privacy is 'Public Profile' people can see your public profile, and can find you in the service by your name or linked social network.
If your privacy is 'Public to Contacts' your connections can see your profile information.
If your privacy is 'Confidential' your profile will not be shown to people, your name will be shown if you borrow or lend openly.
Your public profile information, this includes your member status, profile picture, name, employer, city, state and Score. They will see your current job's pay dates only if you ask to borrow from them or they lend to you.
We take the security of your information very seriously. We follow strict policies and use the latest technology available to keep all of your data as safe as possible.
Please report it to email@example.com immediately. Include the user's name and describe the activity, cutting and pasting any suspicious messages you received.