Lendumo Loans Review: (Is it Legit?)

Online lenders such as Lendumo offer convenient, rapid solutions to traditional banking challenges in today’s evolving financial landscape.

Nevertheless, it’s essential to thoroughly examine the legitimacy and reliability of such platforms before entrusting them with your financial needs. This review will delve deep into the particulars of Lendumo’s loan services.

We’ll explore the company’s background, loan offerings, terms and conditions, and user experiences to answer the question: Is Lendumo a legitimate and safe choice for your borrowing needs?

We aim to give you the right information to make informed financial decisions. So let’s begin our exploration of Lendumo Loans.

What is Lendumo?

Lendumo, previously known as Amplify Funding, is a Wisconsin-based online lending platform specializing in short-term loans for relatively small amounts. The company is unique in that it is a tribal lender operating under the authority of the Lac du Flambeau Band of Lake Superior Chippewa.

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Lendumo offers loans of up to $1,500 for those new to the lending service. However, the loan limit can reach as high as $2,500 for repeat borrowers.

It’s worth noting that these loans are meant to address immediate, short-term financial needs, not serve as a perpetual financial solution. The nature of such short-term loans often makes them a more expensive borrowing option compared to traditional long-term loans.

One commendable aspect of Lendumo’s services is its policy on early repayments. Unlike many other lenders, Lendumo does not impose any penalties for paying off your loan ahead of schedule.

They actively encourage borrowers to do so whenever their financial situation permits, potentially saving customers considerable sums in accrued interest.

Also read: River Valley Loans Review

Types of Loans Offered by Lendumo:

Lendumo, much like payday loan lenders, offers small, short-term loans primarily aimed at individuals with limited financing options.

This includes people with bad credit or no credit history, who may find it challenging to secure a loan elsewhere. The company actively encourages such individuals to apply for their services.

However, it’s crucial to understand that this accessibility comes with a cost in the form of high-interest rates. Lendumo describes its lending services as an “expensive form of borrowing.”

The company’s policy of not extending its loans to active military members indirectly hints at this. Such a policy is usually in place to comply with the Military Lending Act, which caps interest rates at 36% to safeguard military personnel from predatory lending practices.

Regrettably, Lendumo does not reveal specific information about its interest rates until a loan application has been submitted. This lack of upfront information makes it exceedingly important for prospective borrowers to meticulously scrutinize their Lendumo loan agreements upon approval before deciding to proceed.

For instance, consider how much a short-term $500 loan might cost, depending on the annual percentage rate (APR). This would give you a clear idea of what to expect and help you decide whether a Lendumo loan is the right solution for your immediate financial needs.

Adding to the crucial details about Lendumo’s lending services, it’s important to mention the charges associated with late or returned payments.

If your payment is delayed by three or more days, Lendumo imposes a late fee of $30. Similarly, a $30 NSF (Non-Sufficient Funds) fee is charged for any payment that is returned due to insufficient funds in your account or if, for any reason, the payment is not honored by your financial institution.

However, one significant advantage Lendumo offers, which sets it apart from other lenders, is the absence of prepayment penalty fees. This means if you are in a position to repay your loan ahead of schedule, you can do so without incurring any additional costs.

This feature can be especially beneficial for borrowers who can stabilize their finances sooner than anticipated, as it allows them to clear their debt early and potentially save on interest payments.

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Eligibility Requirements to Get a Loan from Lendumo

Securing a short-term installment loan from Lendumo can be straightforward, provided that you meet their set eligibility criteria. If you align with the following requirements, there’s a high chance you can obtain the funding you need:

  1. Regular Income: Applicants must have a consistent and reliable source of income. This assures the lender of your ability to repay the loan over time.
  2. Age and Citizenship: Borrowers must be at least 18 years old and should hold U.S. citizenship. This is a standard requirement across most lending institutions.
  3. Banking Requirements: Prospective borrowers need to have an active checking account. This is where your loan will be deposited if approved and from where repayments will be automatically withdrawn.
  4. Military Status: Lendumo does not lend to active military members or dependents of active military members in compliance with the Military Lending Act.
  5. Residential Restrictions: It’s important to note that Lendumo does not extend its services to residents of certain U.S. states. Currently, residents of Arkansas, Connecticut, Illinois, New Mexico, New York, Pennsylvania, Virginia, Vermont, Wisconsin, and West Virginia are not eligible for Lendumo loans.

By checking these criteria beforehand, you can ensure a smooth and successful loan application process with Lendumo.

Also read: Modo Loans Review

Lendumo’s Physical Address and Customer Care Number

If you need to reach out to Lendumo for any loan-related inquiries or issues, you have several options at your disposal. You can contact them via phone at 877-558-1999 or email [email protected]. If you prefer to communicate through traditional mail, their physical mailing address is PO BOX 542, Lac du Flambeau, WI 54538.

In addition to these methods, Lendumo offers a live chat feature on its website. This can be particularly useful if you’re looking for quick and immediate responses to any questions.

Whether you’re a current borrower, a prospective applicant, or simply exploring your options, these avenues of communication ensure that Lendumo’s customer service team is readily available to assist you.

Lendumo Customer Reviews and Ratings

Regarding customer feedback, Lendumo has received notably high ratings on Trustpilot, boasting an impressive score of 4.6 out of 5 stars. This rating is based on a substantial volume of over 10,000 reviews, demonstrating that many customers have had positive experiences with Lendumo’s services.

On the other hand, it’s worth noting that there are no reviews or complaints posted about Lendumo on the Better Business Bureau (BBB) website. Additionally, BBB does not accredit Lendumo, a certification some consumers look for when assessing the trustworthiness of a company.

However, the absence of reviews and a BBB accreditation does not necessarily reflect negatively on the company. It’s always beneficial to consider multiple customer reviews and rating sources when evaluating any service provider.

In the case of Lendumo, their strong Trustpilot rating suggests that many customers have found their services satisfactory.

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Is Lendumo a Legit Lender?

Several factors are worth considering when assessing the legitimacy of Lendumo as a lender. Firstly, Lendumo operates as an online tribal lender under the Lac du Flambeau Band of Lake Superior Chippewa, indicating a recognized legal framework.

Additionally, the company offers transparency in its lending policies, clearly stating that its loans are expensive and not intended for long-term financial needs.

Moreover, Lendumo’s high rating on Trustpilot based on many reviews provides some reassurance regarding customer satisfaction. This suggests that many borrowers have had positive experiences with the lender, further reinforcing Lendumo’s legitimacy.

On the other hand, it’s worth noting that Lendumo is not accredited by the Better Business Bureau (BBB), and there are no reviews or complaints about the company on the BBB website. This lack of BBB accreditation and reviews is a potential downside for some borrowers.

Another point of credibility for Lendumo is its Online Lenders Alliance (OLA) certification. The OLA is a trade organization that promotes best practices and standards of conduct for online lending companies. This certification indicates that Lendumo adheres to high ethical standards in its lending practices.

Being an OLA member means Lendumo is committed to ensuring fairness, transparency, and customer respect. This helps further to solidify Lendumo’s position as a legitimate lender. However, potential borrowers should always remain diligent, fully understanding the terms and costs of any loan agreement before proceeding.

Some Pros and Cons of Lendumo Loans:

When considering a loan from Lendumo, weighing the pros and cons is helpful. Let’s look at some key advantages and disadvantages of borrowing from Lendumo.

Pros of Lendumo Loans:

  1. Accessibility: Lendumo welcomes applications from individuals with bad or no credit, offering financial solutions to those with limited options.
  2. No Prepayment Penalties: Lendumo allows borrowers to pay off their loans early without penalties, which can help save on interest if one’s financial situation improves.
  3. OLA Certified: Being a member of the Online Lenders Alliance (OLA), Lendumo adheres to best practices and high ethical standards in online lending.
  4. High Customer Ratings: Lendumo boasts a high customer rating on Trustpilot, indicating high customer satisfaction.

Cons of Lendumo Loans:

  1. High-Interest Rates: As explicitly stated by the company, Lendumo’s loans are expensive borrowing, which could lead to financial strain if not managed properly.
  2. Limited Availability: Lendumo does not provide services to residents of several U.S. states, including Arkansas, Connecticut, Illinois, New Mexico, New York, Pennsylvania, Virginia, Vermont, Wisconsin, and West Virginia.
  3. Small Loan Amounts: The maximum loan amount for first-time borrowers is $1,500, which might not be sufficient for some people’s needs.
  4. Lack of BBB Accreditation: Although it doesn’t necessarily reflect negatively on the company, some potential borrowers may be deterred by the lack of Better Business Bureau accreditation.

As with any financial decision, potential borrowers should carefully evaluate these pros and cons, as well as their financial situation and ability to repay the loan, before deciding to borrow from Lendumo.


In conclusion, Lendumo stands out as a legitimate, although expensive, lender that provides short-term loans primarily to individuals with limited financing options. They are transparent about their high-interest rates and are geared towards helping those with poor or no credit history.

Despite not being accredited by the Better Business Bureau, Lendumo is certified by the Online Lenders Alliance, demonstrating its commitment to upholding high ethical standards in its operations. Their high customer satisfaction rating on Trustpilot further strengthens their credibility.

However, as with any financial decision, it’s essential to carefully evaluate the costs and terms of a Lendumo loan. Due to the high cost associated with their loans, they should be considered a short-term solution for immediate financial needs rather than a long-term strategy.

As always, prospective borrowers should thoroughly research and understand the full terms of any loan before proceeding. It’s also advisable to consider various lending options and compare rates, terms, and customer reviews to make an informed decision.


What is the maximum loan amount I can borrow from Lendumo?

For first-time borrowers, Lendumo offers loans up to $1,500. However, the company may lend up to $2,500 for repeat customers, depending on the borrower’s repayment history and financial capability.

How quickly can I get a loan from Lendumo?

Once your loan application is approved, Lendumo typically deposits the funds into your account on the next business day. However, the exact time can depend on your bank’s policies.

Can I apply for a Lendumo loan with bad or no credit?

Yes, Lendumo encourages individuals with bad credit or no credit to apply. They focus more on your current ability to repay the loan than your past credit history.

Can I prepay my Lendumo loan without any penalties?

Lendumo does not charge any prepayment penalties. If your financial situation allows, you can repay your loan early, saving on interest costs.

How can I contact Lendumo for any questions or issues?

Lendumo’s customer service can be reached via phone at 877-558-1999 or email at [email protected]. Additionally, they offer a live chat feature on their website for quick and immediate responses.

Olivia is a finance expert with years of experience in the industry. She is passionate about helping people make informed decisions about their finances, and her expertise lies in the areas of loans and insurance policies.

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