If you’ve been searching online for a short-term loan option, chances are you’ve come across Lendumo. But who exactly is Lendumo and what do they do? In this article we’ll take a deep dive into Lendumo to give you the full scoop on this tribal lender.
Introducing Lendumo – A Tribal Lender Offering Small, Short-Term Loans
Lendumo is a tribal lender that provides short-term installment loans for small amounts, with an online application process and potentially fast funding. Headquartered in Lac du Flambeau, Wisconsin, Lendumo is owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians. As a lender owned by a Native American tribe, Lendumo operates under tribal law rather than state law This allows them to provide lending services nationwide, except in states that prohibit tribal lending.
Digging Into the Details – How Lendumo’s Loans Work
Lendumo offers personal loans ranging from $100 to $2000 These small-dollar loans are designed to provide funds quickly when unexpected expenses pop up Instead of a lump sum payment, Lendumo’s loans are repaid in installments over 3 to 11 months. This makes repayment more affordable by spreading it out over time.
The online application only takes a few minutes to complete. Borrowers provide basic personal and employment details to determine eligibility and loan amount. Lendumo states that funds may be deposited as soon as the next business day after approval, offering faster access to cash compared to traditional lenders.
One unique aspect of Lendumo is that they allow prepayment without penalty. Borrowers can pay off the full balance early to save on interest. Lendumo actually encourages early payoff when possible.
Upholding Responsible Lending Practices
While providing fast access to funds, Lendumo also aims to promote responsible borrowing. Their loans are intended as short-term solutions for small needs, not long-term financial planning. Lendumo notes that their loans can be expensive due to high interest rates. They advise borrowers to pay off balances as soon as they are able.
Lendumo states they follow federal consumer protection laws on their website. They offer clear disclosure of rates, fees, and terms in their loan agreements. They also have 24/7 customer support to answer any questions borrowers may have.
What Sets Lendumo Apart? – Key Features and Benefits
So what makes Lendumo stand out from other lenders? Here are some of their key features and benefits:
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Fast funding – Online applications approved by 6pm CT can receive funds as soon as the next business day. Lendumo also offers a Real-Time Funding option for immediate access when needed.
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Installment payments – Loans are repaid in manageable monthly installments over 3 to 11 months rather than a lump sum. This makes it easier to budget repayment.
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Prepayment flexibility – Borrowers can pay off the full balance early with no penalty fees, allowing interest savings.
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Rewards program – Lendumo has a rewards program called U Rewards where borrowers earn points to redeem for gift cards or principal paydown. This provides an incentive for repeat customers.
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24/7 customer support – Round-the-clock support is available by phone for any questions on applications, payments, or the rewards program.
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Security – Lendumo states they use top security protocols to protect personal information provided.
Who Can Borrow From Lendumo? Eligibility Requirements
Lendumo has some basic eligibility requirements borrowers must meet to qualify for a loan:
- Age 18 or older
- Valid government-issued photo ID
- Regular source of income
- Active checking account
- Not an active-duty military member
- Social Security number
- Valid email address and phone number
Lendumo does not lend to residents of all states. They currently do not operate in Arkansas, Connecticut, Illinois, Maryland, Massachusetts, Minnesota, New Mexico, New York, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin.
They also run applicant information through national databases to verify identity and creditworthiness. Minimum credit criteria must be met for approval.
The Bottom Line – Who Lendumo Is and What They Provide
So if you need a small amount of cash quickly, Lendumo could be an option to bridge a financial gap. Just make sure to only borrow what you can reasonably repay, and pay off the balance as soon as possible to save on interest costs. Evaluate all your options and read the fine print to determine if a Lendumo loan is a good fit for your situation.
The Length of the Loan
How long or how short a loan is will have a large impact on loan repayment, so it is important to factor that in. Let’s say you have a loan repayment option of a few years vs. a few months but are unsure what option is best for you. Typically, if you go for a short repayment term, then you’ll have a higher monthly payment, but you’ll have lower interest overall. In contrast, a longer loan may mean a lower monthly payment but more interest paid. So, keep that in mind when filtering through loan options.
How Do Tribal Loan Lenders Work?
As mentioned earlier, tribal lenders are lenders that operate on Native American lands by Native American tribes. Because of this, they don’t operate as a traditional or even non-traditional lender; they may be exempt from state or federal regulations that other lenders have to follow.
When it comes to Lendumo, they abide by federal laws and regulations as incorporated by the Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin. Because of this, as a consumer, it is especially important that you review the terms and conditions of a loan even more carefully than you would otherwise. It is also important to do some extra research before choosing a traditional lender to work with.
Lendumo Review – Watch This To Before You Loan (Full Breakdown)
FAQ
Is Lendumo a legitimate loan company?
Lendumo itself is not a scam. However, as with any financial service, there are potential risks involved. Some people may find the fees and interest rates associated with payday loans to be higher than expected. If you’re not careful, this can lead to difficulties in repayment.
What happens if I don’t pay lendumo?
Lendumo charges a $30 late fee for any payment that is late three or more days and a $30 NSF fee for any payment that is returned due to insufficient funds or not honored by the customer’s financial institution for any reason.
How much is the Lendumo lawsuit payout?
Class members who do not exclude themselves from the Settlement will also receive automatic cash payments from a $37,350,000.00 ($37.35 million) fund based on applicable state laws and the amounts paid on their loans, as well as other benefits outlined below.
How long does it take to get money from Lendumo?
Get your funds delivered to your account as early as the next business day* with Lendumo!