Are you in need of fast cash?
Around 15 million Americans turn to online lenders every year for quick cash. They do so for a variety of reasons, including emergencies, unexpected medical bills, and credit card consolidation.
Many of these loans can help at the moment, especially if you turn to a trusted lender that can offer moderate rates.
However, it’s essential to read reviews of online lenders before you take the plunge.
In this post, we’ll review Lift, an online lender of small, same-day personal loans.
We’ll walk you through the pros and cons of borrowing from this lender so that you can feel confident about your decision!
Lift Loans: The Basics
Lift is one of many online providers of personal loans to qualified borrowers. It is a Tesani company, which means that it is part of a network that creates “meaningful” companies designed to influence things for the better.
Lift is a relatively new lender in the online lineup. According to the Better Business Bureau, it is a five-year-old company.
Nonetheless, on its website, Lift emphasizes its commitment to providing its clients with extremely fast, high-value personal loans when borrowers need them most. It states that 93% of customers were extremely pleased with their borrowing experience.
Lift’s online personal loans are same-day loans, meaning that applicants can receive requested funds within a few hours, if not minutes of being approved. All applicants do not have to undergo a credit check, meaning that approval is practically guaranteed.
Lift only services residents in three states: Utah, Idaho, and Wisconsin.
Borrowers can request up to $2,500 from Lift and expect to have these funds directly deposited into their bank account.
They do, however, have a few eligibility requirements for applicants.
Besides state residency, prospective Lift borrowers also have to have a monthly, verifiable income of at least $1,300. They also have to be at least 18 years of age and employed at their current job for a minimum of 3 months at the time of applying.
Prospective borrowers can request a Lift loan securely online through the lender’s portal.
Rates and terms for loans vary depending on where you live (Utah, Idaho, and Wisconsin). They will also depend on your employment and loan repayment history.
For example, a resident of Utah may request a same-day loan of $500 subject to a 99% APR. Overall, this borrower would pay $81 in interest to Lift via eight biweekly payments.
Lift loan payoff periods range from 3 to 12 months. There is no penalty for paying your loan off early. It is possible to make partial payments on your Lift loan, but these will accrue additional interest.
Requesting a personal loan through Lift can be advantageous, especially if you are in need of immediate cash. Here are a few of the benefits.
1. Same Day Cash
Lift really does deliver on its promise to give borrowers immediate cash. It’s possible to request a personal loan from Lift and receive these funds on the same day.
This can be particularly valuable for individuals who are truly in a pinch, especially if that pinch is an emergency. Borrowers simply have to provide their checking account details in order to receive their loan amount.
These transactions are ACH transactions, meaning that Lift uses an Automated Clearing House to efficiently and safely transfer funds into your account.
2. Easy Application Process
Some online lenders have an intensive application process. They require prospective borrowers to upload multiple documents to provide proof of employment, credit history, and income sources.
When you are in need of fast cash, you simply don’t have the time to undergo a complicated or time-intensive application.
Lift streamlines the online borrowing application process, enabling all borrowers to submit their application online. Because Lift has few eligibility requirements, it’s possible to request a loan through Lift in a matter of minutes.
In fact, the most complicated aspect of the Lift loan application process involves uploading proof of residence and employment via state IDs and paystubs.
Lift borrowers can enjoy a 30-minute response time, whether they are requesting loans or asking a question about payments.
3. Customer Support and Rewards
According to its website, Lift is dedicated to making the borrowing process easy and hassle-free. It’s possible to consult a representative to identify a payment plan that works for you.
Furthermore, if you find yourself missing loan payments or paying only part of your monthly payments, Lift representatives can help you modify your plan to fit your income schedule.
Lift also rewards customers who demonstrate excellent loan repayment. Lift borrowers earn 1% of the interest they pay on on-time payments. Borrowers can also enjoy declining rates for repaying their loan with good standing.
This is significant in the world of online lending. Most online lenders offer only fixed rates, even if you pay all of your monthly payments on time.
4. No Credit Check or Origination Fees
Lift does not perform credit checks on its applicants. This means that a Lift loan is ideal for borrowers who have poor, limited, or damaged credit histories.
It also means that an application for a Lift loan won’t hurt your current credit score. This is valuable for applicants who are doing everything they can to build and preserve good credit.
Many online lenders require a credit check, barring many applicants from approval. The fact that Lift does not inspect applicants’ credit scores means that many have a fair chance of approval.
Lift also does not charge any origination fees. This is important, as some lenders charge at least 2% of the loan amount simply to deliver funds.
There are a few reasons why it may not be wise to request a loan from Lift. Let’s take a look at these now.
1. Steep Rates
Many same-day loans will be subject to steeper rates than more conventional personal loans. This is particularly the case for payday loans or those that do not require a credit check.
A Wisconsin resident who requests a Lift loan of $500 may pay upwards of $396 in interest, depending on the rates offered. This is nearly double the price of the original requested amount.
While Lift does offer its declining rates program, it does not provide specifics as to how much a Lift borrower can expect to shave off of their APR.
These steep rates can be prohibitive, especially for individuals who do not have sufficient means to pay upwards of twice the amount requested.
2. Limited Loan Amount
Lift only offers same-day personal loans of a maximum of $2,500. For some people, this may simply be insufficient to cover the costs of an emergency or tide them over until their next payday.
Some borrowers may be tempted to take out several Lift loans in succession. However, this could be financially unsound in the long run given the lender’s steep rates.
For this reason, a Lift loan may not be ideal for borrowers who anticipate needing more fast cash.
3. Limited and Strict Terms
Lift only serves residents of three states in America: Utah, Wisconsin, and Idaho. Its limited service makes it a viable lending option for only a select portion of the American population.
What’s more, Lift requires that its borrowers make loan payments biweekly. This fast payment turnaround may not be feasible for borrowers who have minimal employment or income sources.
All of Lift’s loans must be repaid within 12 months. While there is no penalty for paying off your Lift loan early, this isn’t as generous as the payoff periods that other online lenders offer their customers.
Lastly, Lift does require applicants to show proof of employment. Some people who need same-day cash may not have an employer at the time of requesting. In fact, unemployment may be the reason for an individual’s need for fast cash.
4. Relatively New Lender
Lift has only been in operation for five years.
While it is possible to request funds from a relatively new lender, it’s best to seek out lenders that have industry expertise and a trusted team of representatives.
Lift also does not have many online customer testimonials or reviews, which is often a symptom of new lenders. Borrowers may feel more comfortable choosing a lender that has been around for more time.
The Verdict: Lift Lender Review
Lift loans are available to qualified borrowers who need cash fast. This online lender provides select applicants personal loans of up to $2,500.
In the world of online lenders, Lift is newer, having been established for only five years. Nonetheless, it is registered on Better Business Bureau and claims to keep nearly all of its clients happy.
So what is the verdict on Lift as a loan provider?
In general, Lift can be a solid option for borrowers who happen to be residents of Utah, Wisconsin, or Idaho and need no more than $2,500 in immediate cash. If Lift’s relatively steep rates aren’t too prohibitive, borrowers can enjoy prompt customer service and even a rewards program.
Nonetheless, Lift offers incredibly steep rates for small loans.
Even though it does not require a credit check, its loans may cost borrowers more in the long run. In some cases, borrowers may end up paying double the amount they’ve requested.
If you are looking for a financial solution, we can help here at Bonsai Finance. We recommend doing your research thoroughly before applying for a loan. Check out our learning center for more online lender reviews!