LendUp Announces Expansion of L Card for No-Credit/Low-Credit Users

If you have a damaged credit score or no credit history at all, it can be difficult to achieve your dreams of financial independence. Often, it can seem like banks and credit issuers structure their fees and interest rates to either prey on those with a shaky financial foundation, further exploiting those who may be already deep in debt. Finding a way to reestablish yourself with “credit repair credit cards” can be a slippery slope. After all, these cards typically feature high APRs, exorbitant fees, and hidden costs that may actually worsen the financial situation of the well-intentioned cardholder.

LendUp’s expansion of the L Card is different. A company that was founded with a mission to provide alternatives to predatory payday loans, LendUp has recently made it their mission to empower low-credit/no-credit consumers by giving them access to a credit card that bucks industry trends. Now, with their recent announcement, they’re looking to quadruple the availablity of their L Card.

The L Card comes with a number of unique benefits designed to help build credit and help with long-term finances, which include:

  • Immediate decisions,
  • No security deposits OR over-the-limit fees,
  • Regular reporting to the three main credit bureaus, and
  • Affordable payments.[1]

To further their mission of aiding cardholders, LendUp’s credit cards are issued in partnership with Beneficial State Bank, a financial institution that focuses on community development, non-profits, startups, and other ventures to aid their low-income customers. In this article, we’ll take a look at LendUp’s L Card, its many perks, and how consumers can get a new start on conquering their credit woes.

L Card Benefits

Low Monthly Fees

High fees for credit-repair credit cards are typical, as credit issuers seek to maximize their profits even if the cardholder pays their bills on time. Instead, LendUp reduced their monthly credit card fees. Depending on a customer’s creditworthiness, the L Card only has to pay a maximum fee of $5 per month (or, an annual fee of $60), which more than makes up for the ability to access a line of credit when needed.

Instant Decision

Waiting for a credit card application to be approved can put credit card applicants in credit limbo. LendUp gives applicants an instant decision. Similar credit cards by other credit issuers often don’t give feedback in a timely fashion.

No Security Deposit

One of the biggest obstacles for consumers to overcome when looking for a credit repair credit card is a substantial security deposit upfront to use a “secured” credit card. Essentially, the cardholder “borrows” against their own money each month in exchange for the usage and credit scoring benefits. What makes the L Card remarkable is that it doesn’t require a security deposit, functioning as an unsecured credit card that’s normally only available to those with average (and above) credit.

Credit Reporting

LendUp understands that cardholders want to rehabilitate their credit as fast as possible. That’s why the L Card users have their credit information reported to all three major credit bureaus (TransUnion, Experian, and Equifax) so that their credit is fixed as efficiently as possible. After all, underreporting credit history and utilization can have a negative effect on a credit score.

Companion App

If an applicant is approved, LendUp advises cardholders to use a companion mobile app that includes financial education resources, offers incentivizes not overspending, and a way to pay off a balance to avoid incurring fees.


Credit repair credit cards usually never come with a 0% introductory APR offer. However, the L Card carries a competitive APR, ranging from 19.99% to 29.99%. This card’s APR caps off at 29.99%, even if a customer makes a payment late.

Late Fees

LendUp understands that those seeking to repair their credit may be off to a shaky start. That’s why the L Card comes with an unprecedented 14-day grace period before issuing a late fee. Best of all, those fees are capped at only $7, which avoids minor mishaps spiraling into another crippling debt.

Increasing Credit Limits

For new cardholders, introductory credit lines start between $300 – $1,000, which can double after a year of responsible use. The motivation is that, given time, a person can raise their credit score and qualify for cards with more competitive perks and benefits.

Looking for more information about the L Card? Click here for terms and conditions.

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If you’re serious about repairing your credit history with a no-nonsense credit card, the LendUp L Card may be right for you. It comes with a number of unprecedented features that make it a wise choice if handled properly.

Interested in applying? Begin the application process today.




[1] LendUp. LendUp And Beneficial State Bank Announce Major Expansion Of Credit Card PartnershipPRNewswire. N.p., 16 May 2017. Web. 24 May 2017.


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