Lendumo: Overview, Review and Make Borrowing Better
Everyone needs short-term funds during emergency times such as medical emergencies, the time when you wish to change your house, or for supporting your children’s education. It can happen anytime, anywhere. That’s why proper financial planning is essential to avoid situations like it.
Lendumo is a prominent name when it comes to borrowing short-term funds from its community members. It is a tribal lender through which borrowers can ask for the requested sum of money for taking installment loans in small-small parts.
However, Lendumo loans come at a premium rate of interest and you have to pay a heavy amount for taking the loan.
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What Is Lendumo?
Lendumo is expensive. Whoever wants to take loans from this tribal lender should be ready to pay huge amounts of money back to it. Therefore, you can consider Lendumo as the last option.
Lendumo doesn’t clearly mention how much it charges money or interest for the amount provided to a borrower in the form of a loan.
How Does Lendumo Work?
Lendumo is also called Amplify Funding. It provides loans to borrowers through a 100% online process. It provides loans for short-term credit.
Lendumo has its office located in Wisconsin, the US. It is basically a tribal lender and operates all over Lake Superior Chippewa.
It can provide $1499 to a borrower who needs immediate funds. While those who want to borrow funds for the second time can take up to $2499. Customers can pay back the entire amount of the loan borrowed through multiple installments spread over months.
Pros and Cons of Lendumo
1. Merits of Lendumo
#1) 100% prompt payment
#2) Superfast processing capability
#3) No need for any down payment
#4) If your application is accepted, you’ll get the payment into your bank account.
#5) You’ll get full customer support
#6) No penalties or prepayment charges if you pay the entire amount in advance
2. Demerits of Lendumo
#1) The huge rate of interest.
#2) No additional charge for late payments
#3) Lendumo is not available across all states.
#4) You have to furnish a lot of information while applying for the loan.
Are Lendumo Loans Safe?
Lendumo is a lending app. Primarily, the customers of the lender include the tribe of a particular community. However, general customers can also apply for a loan. But, it’s always preferred to borrow loans from a recognized institution, which is approved by federal laws.
Lendumo abides by only tribal laws. It is neither licensed nor registered.
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Things You Should Know About a Lendumo Personal Loan
1. Too Much Expensive
Lendumo is quite expensive. It provides loans in small installments to people belonging to a particular tribe. People who are in dire need of money or need immediate financial assistance can reach out to Lendumo for help. Even a person who has bad creditability can apply.
2. Not Suitable for Military Lending
Like other tribal lenders, people belonging to the defense sector or are engaged in the military profession in any manner can’t get any help. At the time of applying for the loan, Lendumo clearly mentions that military members can’t obtain financial assistance or help.
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3. Exorbitant Rate of Interest
Lendumo has always hidden its rate of interest. At some point in time, it provides loans at a rate of 20% while at another time, it may charge around 36%. Thus, its interest rate keeps on floating.
Only if your application is accepted, you’ll come to know about their actual rate of interest. That’s why you should approach Lendumo only when all other options have failed. You won’t find much information about Lendumo online.
4. Pay Your Loan Early
As a borrower of Lendumo, you have the option of making repayment of the whole amount of borrowed funds without any additional charge. If you pay the whole amount in advance, it can save you from additional interest. You don’t need to pay any prepayment advance.
Should I get a Lendumo loan?
From the above explanation, it’s clear that Lendumo lends only unsecured loans. You don’t need to put up collateral security. If you are running short of funds, you can take help from Lendumo if you meet its eligibility criteria.
It offers an instant loan facility. You can get the requested amount of the loan instantly credited to your bank account within 1 to 2 days.
Taking a loan from Lendumo at a high rate of interest is not appropriate. You can instead take loans from any other bank or financial institute.
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Lendumo is a useful option for short-term or payday loan-type facilities. You don’t need to have a good credit score to get credit from it. All that you need is to give 24 hours to the approval team to scrutinize your application. If they like your application and want to move ahead, you’ll receive an email or mobile notification for it.
Soon, the amount of the loan will be credited to your active bank account. However, only take the loan if you are really in need of money. Otherwise, you can borrow money from your friends, relatives, banks, and others. The rate of interest (expected) at Lendumo is much higher than other lenders. Also, the institute operates in a bit mysterious manner as unless your application is accepted you may not understand its all relevant terms and conditions.