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lendly reviews reddit

Reviews of Lendly on Reddit: What Redditors Think

lendly reviews reddit

The Pros and Cons of Lendly According to Redditors


Lendly is a peer-to-peer lending platform that connects borrowers and lenders. Redditors are discussing the advantages and disadvantages of using the service, and their opinions vary. This post will take a closer look at the pros and cons of Lendly according to Redditors, exploring the advantages and drawbacks of the service.

Pro: Low Interest Rates

One of the main advantages of Lendly is its low interest rates. Redditors report that interest rates are often lower than those offered by traditional banks, making it an appealing option for both borrowers and lenders. Some Redditors have reported interest rates as low as 6%, with no additional fees or hidden costs. This makes Lendly a great option for those looking to borrow money at a reasonable rate.

Con: Difficulty Obtaining a Loan

Despite the low interest rates, some Redditors have experienced difficulty obtaining a loan from Lendly. Redditors report that the application process can be long and tedious, with a high rejection rate. Additionally, Redditors have reported that the company does not offer any customer service or support in the event of a problem or issue.

Pro: Quick Access to Funds

On the other hand, Redditors have praised the quick access to funds available through Lendly. Borrowers report that they have received their funds within 24 hours of applying, making it an ideal option for those in need of funds quickly. Further, borrowers have noted that they have not been required to provide collateral in order to secure a loan, making the process even easier.

Con: Unclear Terms and Conditions

Despite the quick access to funds, some Redditors have reported difficulty in understanding the terms and conditions of their loan. Redditors have noted that the terms and conditions are often vague and confusing, making it difficult to understand the details of the loan. Further, Redditors have noted that the terms and conditions can change without warning, leaving borrowers unsure of the actual terms of the loan.

Pro: Transparency

Despite the unclear terms and conditions, Redditors have praised the transparency of Lendly. Borrowers have noted that the company is straightforward about the interest rates and fees associated with the loan, allowing borrowers to make an informed decision about the loan. Additionally, Redditors have noted that the company is open and honest about the terms and conditions of the loan, making it easier to understand.

Con: Security Concerns

Despite the transparency, some Redditors have voiced concerns about the security of Lendly. Redditors have reported that the company does not offer any form of encryption or data protection, leaving borrowers� personal information vulnerable. Additionally, some Redditors have noted that the company does not have any customer service or support in the event of an issue, leaving borrowers without any recourse.

These are the pros and cons of Lendly according to Redditors. While the low interest rates and quick access to funds make it an attractive option, some Redditors have voiced concerns about the lack of security and unclear terms and conditions. Ultimately, it is up to each individual borrower to decide if Lendly is the right choice for their financial needs.

People also ask

Overall, Lendly is a legit lender that offers legitimate loans that are backed by a legitimate bank. A huge concern when getting a loan is whether your lender can be trusted and if your information is safe with your lender. Both of these are true with Lendly.

The application asks for basic information, such as your name, address and employment history, and Lendly will conduct a hard credit inquiry, which may affect your credit scores.

When it comes to credit scores, Lendly doesn't have a set minimum or maximum. People with all types of credit scores can apply.

How soon can I get my money? Once an approved applicant finalizes their application and signs their loan documents, funds from CCBank typically are deposited into your banking account the next business day. It may take up to 3 business days, depending on your bank's processing time after the funds are sent.

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