What a Lendly loan costs, in real numbers.
No ranges hidden in footnotes. Here is the APR, how interest accrues, what a $1,000 loan costs against a 36% benchmark, and every fee that can appear, with a calculator to run your own figures.
A $1,000 loan, three ways.
Total interest on $1,000 repaid over 26 bi-weekly payments. The 36% line is the ceiling consumer advocates and the Military Lending Act use as "affordable".
Equal bi-weekly payments; actual daily accrual differs slightly. Finish in 13 payments instead of 26 and interest at 199% falls to about $614.
True cost calculator.
Both products, any amount, any term. Estimates use Lendly's published fee schedule and typical disclosed APRs; your signed agreement is the final word.
Typical terms run 20 to 52 payments. Drag below 20 to see the effect of paying off early. How your APR is set.
Need more than $2,000? Switch to the CC Flow tab: lines grow up to $5,000 over time.
Fees are charged on the balance at each cycle close. Balances above $1,500 assume a credit line increase.
Estimated bi-weekly payment
- Loan amount
- $1,000
- Total interest
- $1,333
- Total you'll repay
- $2,333
- Cost per $100 borrowed
- $133
Every charge that can appear, and the ones that can't.
Simple interest on the unpaid principal, 365-day year, at your disclosed APR. This is the whole cost of the loan.
A flat fee per billing cycle by $25 balance band: $45 bi-weekly / $97 monthly at $500, $93 / $200 at $1,000, $141 / $302 at $1,500. $0 at $25 or below.
Documentary Stamp Tax on CC Connect loans, added at funding ($3.85 on $1,000). A state tax, not a Lendly fee, and not in the APR.
No penalty for paying off early on either product. Interest simply stops accruing.
Viewing a prequalified offer is free. A credit check is part of the full application.
Non-payroll repayment pulls from your checking account by ACH; keep funds available on due dates to avoid your bank's overdraft charges.
Why the rate is high, and when it's still worth it.
Lendly lends to people most lenders decline, based on a steady paycheck rather than a credit score, and prices for that risk. The loans are made by Quill Bank, a Utah-chartered bank, which is how the same product is offered across 22 states.
That makes it a short-term tool. It beats a bounced rent check, a repossession or a payday loan that often runs around 400% APR. It doesn't beat a credit union payday alternative loan capped at 28%, or a payment plan with the provider you owe, if you can get one.
See if you're likely to qualifyRate and fee questions, answered.
What APR does Lendly charge?
APR on the CC Connect installment loan is set by your state and approval. Typical disclosures cluster around 199% for payroll-repaid loans and up to about 225% without payroll repayment; some third-party reviews report closer to 175%. The CC Flow line of credit has no APR; it charges a flat fee per billing cycle based on your balance.
Are there origination, application or prepayment fees?
Lendly states there are no hidden fees. There is no prepayment penalty on either product. Florida borrowers pay a state Documentary Stamp Tax of 35¢ per $100 borrowed on CC Connect loans, added at funding.
How is interest calculated on CC Connect?
Simple interest accrues daily on the unpaid principal, on a 365-day year. Early payments are mostly interest; later payments mostly principal. Paying early reduces the total.
What does a $1,000 loan actually cost?
At 199% APR over 26 bi-weekly payments: about $89.73 per payment, $1,333 in interest, $2,333 repaid in total, or $133 per $100 borrowed. The same loan at a 36% APR would cost about $199 in interest.
Why is Lendly's APR so high?
Lendly lends to people with poor or thin credit based mainly on employment and income, prices for that risk, and the loans are made by a Utah-chartered bank, which lets the same rate be offered across 22 states. It is a high-cost product designed for short-term needs.
Know the cost. Now check your offer.
Five minutes to see your amount, payment and total, before you sign anything.