Lendumo Review

Lendumo Review

This a tribal lender offers installment loans up to $2,500. Learn more about their fees and interest rates in this review.

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Tribal lender that provides short-term installment loans for small amounts with big fees.

  • Best for – Quick access to funds when you’re in a pinch.
  • What to watch out for – Higher-than-average interest rates can accumulate over time.
Table of Contents

    Features of Lendumo

    • Loan Amount – $300 to $2,500
    • Loan Term – Depends on the amount financed – from 2 weeks to 2 months.
    • Fees – $30 late payment fee for three days or more delinquent and a $30 payment returned fee
    • Where They’re Available – Available in all states except Arkansas, New York, Connecticut, Pennsylvania, Virginia, Vermont, West Virginia, and Wisconsin. 
    • Fast funding
    • Fast application
    • Accepts low credit scores
    • High interest rates
    • Limited support for past bankruptcies
    • Low approval amounts for first time borrowers

    Lendumo installment loan details

    • Product Name – Lendumo
    • Max Loan Amount – $2,500
    • Min Loan Amount – $300
    • Loan Terms and Rates – Lendumo charges $30 if a payment is three days late or there aren’t enough funds to process the payment. There’s no fee for paying early. APRs range from 36% to 400%. 
    • Credit Score Range for Approval – Minimum of 350 and up
    • Turnaround Time – 24 to 48 hours after application submission 
    • Available States – Not available in Arkansas, New York, Connecticut, Pennsylvania, Virginia, Vermont, West Virginia, and Wisconsin.
    • Requirements – Have a regular income, be at least 18 years old, have a checking account, and not actively serving or currently dependent on someone who is active military. 
    • Acceptance – Accepts welfare status with income proof, requires proof of employment status, and accepts bad or no credit and previous bankruptcies.
    • Loan Security – Unsecured, short-term installment loans 
    • Fees – Lendumo charges $30 if a payment is three days late or, there aren’t enough funds to process the payment, and there is no early repayment fee. 

    What are the benefits of Lendumo?

    Lendumo comes with various benefits if you use it as intended, as a short-term loan to help get you out of a bind and the benefits include: 

    • Minimum Qualifications – As far as qualifications go, if you can prove your income, residency, and age, you have a good chance of securing a loan. 
    • Quick Funding – In most instances, you’ll get the money deposited into your account within one business day. 
    • No Early Repayment Penalty – The lender encourages you to repay the loan quickly to avoid interest fees.

    What to watch out for

    This short-term installment loan company can be a savior in a pinch, but it has a few heavy drawbacks, including: 

    • High-Interest Rate – The interest rates can easily climb over 400%, and the company says this is an expensive way to borrow.  
    • Not Transparent on Fees – You can’t see your fee schedule or interest rate until you apply for a loan. 
    • Won’t Lend to Military – The fact that they won’t lend to active military or a military dependent suggests that the loan interest rates are over the 36% interest cap the  Military Lending Act set. 

    Is Lendumo legit? 

    Yes, they are a licensed tribal lender. This means that the lender operates under the sovereignty of a Native American tribe. In the U.S., Native American tribes have sovereign immunity, meaning they can self-govern and operate outside of specific state regulations. Consequently, tribal lenders can offer loans in states where payday or installment loans might be restricted or illegal due to state regulations, meaning they often charge interest rates above 36%.

    Am I eligible?

    Qualifying for a short-term installment loan from Lendumo is straightforward. Here are the primary eligibility criteria:

    • Receive Regular Income – It’s essential to have a consistent source of income to ensure you can repay the loan.
    • Age and Citizenship – You must be at least 18 and a U.S. citizen.
    • Checking Account – You must have an active checking account to receive funds and repay the loan.
    • Military Service – They cannot provide loans to individuals actively serving in the military or dependents of active military personnel.

    How do I apply for a Lendumo loan?

    You can apply for a Lendumo loan online and need to complete the entire application to see your potential rate. To do so, you’ll: 

    1. Go to the Lendumo website and input your first name, last name, email address, and the loan amount you want before clicking submit to open the entire application. Next, check whether you’re a returning client or not. 
    2. Next, input your address, email address, phone, birthday, whether you rent or own your home and mortgage or rent amount. Say yes to being over 18 and no to the military question. Fill in your employment information and your banking information before submitting it. 
    3. Upload your proof, review and e-sign your documents, and call the lender to verify your information. Once they do and if they approve you, they’ll deposit the funds as early as 24 hours later. 

    What Documents do I Need to Apply?

    To apply for your loan through Lendumo, you’ll need the following:

    • Proof of identity like a driver’s license, tribal ID, state ID card, passport or other government-issued photo ID.
    • Proof of income like recent pay stubs, proof of employment, bank statements showing consistent deposits, or benefits statements if you receive government assistance.
    • Proof of address like utility bills, lease agreement or mortgage statement.
    • Checking account information like a check or bank statement with account and routing numbers.

    Not Sure About Lendumo?

    Considering other options besides Lendumo? Here are two notable alternatives to explore:

    • Earnin’ – A unique app that allows you to access your paycheck before payday, with a “pay what you think is fair” model instead of traditional interest rates.
    • Opploans – This lender offers installment loans, lines of credit, and other financial products, often with more favorable terms than traditional payday loans.


    Loans: $300 - $2,500

    APR: Up to 400%

    Credit score: No credit 

    Application simplicity
    User experience
    Customer Service
    2.8 Overall Rating

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    Lendumo Review