Lendly.com Review

Based on checking the website, Lendly.com operates as a platform that connects individuals with third-party lenders for lines of credit and installment loans, primarily targeting those needing quick cash with less-than-perfect credit. While it promises speedy funding and manageable repayments, the core nature of its services, offering interest-bearing loans, fundamentally conflicts with Islamic financial principles, which strictly prohibit riba interest. Therefore, for a Muslim seeking financial solutions, Lendly.com is not recommended due to its involvement in interest-based transactions.

Here’s an overall review summary:

• Service Offered: Facilitates interest-based lines of credit and installment loans.
• Target Audience: Individuals needing quick cash, including those with less-than-perfect credit.
• Key Features: Quick funding as fast as one hour with debit card, flexible repayment schedules payroll direct deposit integration, prequalification with no credit score impact.
• Ethical Standpoint Islamic: Not permissible due to riba interest being an integral part of the service.
• Transparency: Provides links to terms, conditions, privacy policies, and licenses. States it’s not a direct lender but connects users to third-party lenders.
• Customer Reviews: Displays positive testimonials and a high Trustpilot score, focusing on ease of process and quick access to funds.
• Overall Recommendation: Not Recommended for Muslims due to direct involvement in interest-based financial transactions.

Engaging with interest-based loans, regardless of convenience or accessibility, carries significant spiritual and ethical implications in Islam.

The concept of riba is explicitly forbidden because it is seen as an exploitative practice that creates wealth without genuine productive effort, leading to economic inequality and instability.

While such services might appear to offer a quick fix for financial needs, they often perpetuate a cycle of debt and dependency on a system that is fundamentally at odds with Islamic teachings on justice, fairness, and economic brotherhood.

0.0 0.0 out of 5 stars (based on 0 reviews) Excellent0% Very good0% Average0% Poor0% Terrible0% There are no reviews yet. Be the first one to write one. Your review Your overall rating Select a Rating5 Stars4 Stars3 Stars2 Stars1 Star Title of your review Your review Your name Your email This review is based on my own experience and is my genuine opinion. ​ Submit Review

Amazon.com: Check Amazon for Lendly.com Review Latest Discussions & Reviews:

Instead of seeking solutions that rely on interest, exploring ethical, Sharia-compliant alternatives is paramount for Muslims aiming to maintain financial integrity and align their transactions with their faith.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Best Ethical Financial Alternatives:

Since Lendly.com’s services are built on interest, which is forbidden in Islam, it’s crucial to look for alternatives that align with Sharia principles.

These alternatives focus on risk-sharing, asset-backed financing, and mutual cooperation, avoiding the pitfalls of riba.

• Qard Hasan Benevolent Loans: This is a concept where a loan is provided without any interest or additional charges. It’s often facilitated by community members, Islamic charities, or dedicated benevolent funds. The borrower is expected to repay the principal amount without any increase.

  

  • Key Features: Interest-free, relies on goodwill and trust, encourages mutual support within the community.
  • Average Availability: Typically from local Islamic centers, community funds, or trusted individuals rather than commercial entities.
  • Pros: Absolutely Sharia-compliant, fosters community bonds, no debt burden from interest.
  • Cons: Availability can be limited, often for smaller amounts, requires a strong network or established program.

• Islamic Microfinance Institutions: These institutions provide small-scale financing to individuals, often for productive ventures, using Sharia-compliant methods like Murabaha cost-plus financing, Mudarabah profit-sharing, or Musharakah joint venture.

  • Key Features: Asset-backed or profit-sharing models, focus on empowering entrepreneurs, typically for small businesses or income-generating activities.
  • Average Availability: Growing in Muslim-majority countries and in some Western countries with significant Muslim populations.
  • Pros: Sharia-compliant, promotes economic development, often comes with business support.
  • Cons: May require collateral or a business plan, not always suitable for immediate personal cash needs, limited presence in some areas.

• Takaful Islamic Insurance: While not a direct loan alternative, Takaful provides a Sharia-compliant way to manage financial risks through mutual cooperation and donation. It’s relevant for covering unexpected expenses that might otherwise lead to a need for conventional loans.

  • Key Features: Mutual cooperation, participants contribute to a fund for shared risks, surplus is distributed among participants.
  • Average Price: Varies based on coverage and provider.
  • Pros: Sharia-compliant, provides financial security, transparent operations.
  • Cons: Not a cash-in-hand solution, primarily for risk mitigation, still less common than conventional insurance in some regions.

• Murabaha Cost-Plus Financing for Specific Needs: This is a form of asset-backed financing where a financial institution buys an asset e.g., a car, equipment, or even consumer goods and then sells it to the client at a profit, with payments made in installments. It’s for purchasing specific items rather than general cash.

  • Key Features: Asset-based, transparent profit margin, avoids interest.
  • Average Availability: Offered by Islamic banks and financial institutions.
  • Pros: Sharia-compliant, clearly defined cost and profit, suitable for asset acquisition.
  • Cons: Only for purchasing assets, not for general cash needs, requires a specific item in mind.

• Halal Investment Platforms: Platforms that facilitate investments in Sharia-compliant businesses and assets. While not for immediate cash, building a halal investment portfolio can provide long-term financial stability, reducing the need for debt.

  • Key Features: Invests in ethical businesses, avoids prohibited sectors alcohol, gambling, conventional finance, diversified portfolios.
  • Average Price: Varies based on investment amount and platform fees.
  • Pros: Sharia-compliant, builds wealth ethically, long-term financial security.
  • Cons: Not for immediate cash, involves market risk, requires research and patience.

• Community Support & Zakat/Sadaqah: Relying on the community and Islamic charity is a powerful alternative for those in genuine need. Zakat obligatory charity and Sadaqah voluntary charity can provide direct financial assistance.

  • Key Features: Direct financial aid, based on compassion and solidarity, no repayment required.
  • Average Availability: Through mosques, Islamic relief organizations, or individual acts of charity.
  • Pros: Sharia-compliant, provides immediate relief, strengthens community bonds.
  • Cons: Not a structured financial product, depends on charitable giving, may not be suitable for recurring or large financial needs.

• Peer-to-Peer P2P Lending with Sharia Compliance Filters: Some P2P platforms might offer models or filters that allow for interest-free or profit-sharing arrangements, though finding truly Sharia-compliant options can be challenging and requires careful vetting.

  • Key Features: Direct connection between lenders and borrowers, potential for customized terms.
  • Average Availability: Limited specific Sharia-compliant P2P platforms. requires thorough due diligence on existing platforms.
  • Pros: Potentially more flexible than traditional institutions, direct interaction.

Lendly.com Review & First Look

Lendly.com positions itself as a streamlined solution for individuals seeking quick financial assistance, offering both lines of credit and installment loans.

Based on its homepage, the platform emphasizes speed, ease of access, and a focus on customers who might have “less than perfect credit.” The company claims to provide a prequalified offer without impacting one’s credit score, which is a common draw for those in immediate financial need.

They highlight quick funding, even “in as little as one hour when using a debit card,” and a convenient repayment system integrated with payroll.

However, the fundamental service Lendly.com facilitates—providing access to loans where the borrower repays more than the principal amount borrowed—is a direct engagement with interest riba. In Islam, riba is unequivocally prohibited due to its exploitative nature and its potential to create economic disparity and injustice. While Lendly.com’s website presents a user-friendly interface and testimonials praising its convenience, the underlying financial mechanism remains problematic from an Islamic perspective. The “fair interest rate” mentioned in a testimonial is still interest, and any return above the principal on a loan is considered riba, making such transactions impermissible. Therefore, a Muslim seeking financial solutions must steer clear of services like Lendly.com, irrespective of their convenience or purported benefits, and instead seek alternatives that adhere to ethical and Sharia-compliant principles.

The Underlying Mechanism of Lendly.com’s Loans

Lendly.com’s operations are rooted in conventional lending practices, which involve charging a fee for the use of borrowed money. Simplybestcoupons.com Review

This fee, known as interest, is the core issue for Muslims.

• Line of Credit: This allows flexible access to funds up to a certain limit $500 to $1,500, where borrowers only pay interest on the amount drawn. The website promotes it for “unexpected expenses,” offering quick funding and flexible repayment aligned with pay periods.
• Installment Loan: For larger amounts up to $2,000, these loans involve fixed payments over a set period, with automatic deductions from paychecks. This model is presented as a way to “set you up for financial success” even with “less than perfect credit.”
• “Not a Lender” Disclosure: Lendly.com explicitly states, “Lendly is not a lender and does not make a firm offer of credit. Lendly connects interested persons with a third-party lender.” This means Lendly.com acts as an intermediary, facilitating interest-based transactions between borrowers and external financial institutions. This distinction, while legally important, does not absolve the service from its fundamental conflict with Islamic financial ethics. The prohibition of riba extends to facilitating such transactions, not just directly issuing them.

Lendly.com Pros & Cons Focus on Cons for Islamic Perspective

When evaluating Lendly.com from an ethical standpoint, particularly within the framework of Islamic finance, the “pros” often highlighted by conventional lending standards—like speed and accessibility—become overshadowed by the fundamental “cons” related to its core interest-based model.

For a Muslim, the immediate advantages are effectively negated by the impermissibility of the transaction itself.

The Overriding Cons from an Islamic Viewpoint:

The primary and most significant con of Lendly.com is its direct involvement with riba interest. This is not a minor drawback but a fundamental breach of Islamic economic principles.

• Direct Involvement in Riba Interest: The very nature of a “line of credit” or an “installment loan” from a conventional lender involves paying back more than the principal amount borrowed. This additional charge, whether called interest, APR, or any other term, falls under the definition of riba, which is strictly forbidden in Islam. The Quran explicitly condemns riba, associating it with injustice and exploitation. Engaging in such transactions, either as a borrower, lender, or facilitator, is considered a grave sin.
• Perpetuates Debt Cycles: While presented as a solution for quick cash, interest-based loans, especially those targeting individuals with “less than perfect credit,” often come with higher interest rates to offset perceived risk. This can lead to a vicious cycle of debt where borrowers struggle to repay the principal due to the accumulating interest, potentially needing further loans to cover existing ones. This contradicts the Islamic emphasis on avoiding excessive debt and promoting financial independence.
• Lack of Ethical Value: The business model prioritizes profit generation through the exploitation of financial need, rather than fostering genuine economic growth through productive investment or equitable risk-sharing. Islamic finance, in contrast, promotes partnerships and asset-backed transactions where profit is earned from tangible economic activity, not merely from the passage of time on borrowed money.
• Discourages Self-Sufficiency and Prudent Financial Planning: The ease of access to quick loans, even with high costs, can discourage individuals from building savings, managing budgets effectively, or exploring more sustainable, ethical financial strategies. This short-term solution can foster a dependency on debt rather than promoting long-term financial resilience, which Islam highly encourages.
• Absence of Sharia Compliance: There is no indication on Lendly.com’s website that its services are structured to be Sharia-compliant. This means no mechanism for avoiding interest, no asset-backed financing, and no profit-loss sharing arrangements that are characteristic of Islamic financial products.

Conventional “Pros” Irrelevant for a Muslim Consumer:

While these points are often seen as benefits in the conventional financial world, they are rendered irrelevant or even detrimental when viewed through an Islamic lens. Iitmpravartak.emeritus.org Review

• Speedy Funding: The promise of cash in “as little as one hour” is a significant draw for those in urgent need.
• Accessibility for “Less Than Perfect Credit”: Lendly.com caters to a demographic often underserved by traditional banks.
• Convenient Repayment Payroll Direct Deposit: Automatic deductions simplify the repayment process for borrowers.
• No Upfront Credit Score Impact: Checking a prequalified offer doesn’t immediately affect one’s credit score.
• Positive Customer Testimonials: The website features several positive reviews highlighting ease and quickness.
• Trustpilot Score: A 4.8 TrustScore suggests general customer satisfaction with the operational aspects.

For a Muslim, these conventional “pros” are secondary to the primary ethical concern.

The temporary convenience or speed of access does not justify engaging in a transaction that is explicitly prohibited by their faith.

The true “pros” for a Muslim lie in adhering to Islamic principles and seeking permissible financial solutions, even if they require more effort or time.

Lendly.com Alternatives for Ethical Financing

Given that Lendly.com facilitates interest-based loans, which are impermissible in Islam, exploring ethical and Sharia-compliant alternatives is not just a preference but a necessity for Muslims.

The alternatives focus on principles like risk-sharing, asset-backed transactions, charitable giving, and cooperative financing, all designed to avoid riba interest and promote social justice and economic equity. Shop.myherocards.com Review

Here are comprehensive alternatives:

1. Qard Hasan Benevolent Loan Schemes

This is arguably the purest form of Islamic lending.

A Qard Hasan is an interest-free loan given for the sake of Allah, where the borrower is only obligated to repay the principal amount.

These are not typically offered by commercial entities but by charitable organizations, mosques, or community funds.

• Mechanism: Funds are often pooled from donations or specific endowments awqaf. Individuals in need can apply for a loan to cover essential expenses, emergencies, or even small business startups.
• Key Features: Absolutely interest-free, no fees charged beyond potential administrative costs which must be clearly defined and not profit-generating, emphasizes mutual support and trust.
• Pros: 100% Sharia-compliant, fosters strong community bonds, provides genuine relief without burdening the borrower with interest.
• Cons: Availability is often limited, amounts are typically smaller, and formal application processes may vary significantly between different community initiatives.
• Where to Find: Local mosques, Islamic community centers, dedicated Islamic benevolent loan funds e.g., Zidni Ilma Foundation, American Zakat Foundation sometimes facilitates similar programs. Searching for “Islamic benevolent loan programs US” can provide leads.

2. Islamic Microfinance Institutions MFI

These institutions provide small-scale financial services to low-income individuals or groups who traditionally lack access to conventional banking, but they do so using Sharia-compliant methods.

Adlice.com Review

• Mechanism: Instead of interest-based loans, MFIs might use models like Murabaha cost-plus sale, Mudarabah profit-sharing partnership, or Musharakah joint venture. For example, if someone needs funds for a small business, the MFI might purchase the necessary equipment and sell it to the entrepreneur at a predetermined profit margin Murabaha, payable in installments.
• Key Features: Focus on productive use of funds, empowers entrepreneurs, asset-backed or profit-sharing structures.
• Pros: Sharia-compliant, promotes economic development, often includes training and support.
• Cons: Not suitable for immediate personal consumption needs unless tied to a specific asset, requires a business plan, still developing in the US market compared to other regions.
• Where to Find: Organizations like Islamic Relief USA while primarily humanitarian, some programs touch on economic empowerment, or newer, smaller Islamic finance initiatives. Search for “Islamic microfinance USA“.

3. Takaful Islamic Cooperative Insurance

While not a direct loan, Takaful is an ethical alternative for managing financial risk and unexpected expenses, which often drive people to seek quick loans.

Instead of paying premiums to an insurance company that invests in interest-based ventures, Takaful participants contribute to a common fund, mutually agreeing to indemnify each other against losses.

• Mechanism: Participants make voluntary contributions tabarru’ to a fund that is managed by an operator. In case of a loss, a payout is made from this fund. Any surplus in the fund is typically distributed back to participants or rolled over for future use.
• Key Features: Mutual cooperation, risk-sharing, transparency, no interest, no investment in non-Sharia-compliant assets.
• Pros: Sharia-compliant way to protect against financial shocks e.g., medical emergencies, property damage, provides peace of mind, promotes solidarity.
• Cons: Not a source of immediate cash, primary purpose is risk mitigation, less prevalent than conventional insurance.
• Where to Find: Companies like Guidance Residential primarily known for home finance, but the Takaful concept is relevant, or specific Takaful providers where available. Search for “Takaful insurance USA“.

4. Murabaha Cost-Plus Sale for Specific Assets

This is a popular method in Islamic finance for purchasing specific tangible assets without incurring interest.

• Mechanism: If you need a specific item e.g., a car, household appliance, or even business inventory, an Islamic financial institution or an individual acting on these principles buys the item from the seller and then sells it to you at a predetermined, transparent mark-up, payable in installments. The profit is fixed at the outset and is earned from the sale of a commodity, not from lending money.
• Key Features: Asset-backed, transparent profit margin, avoids interest.
• Pros: Sharia-compliant for asset acquisition, clear payment schedule.
• Cons: Cannot be used for general cash needs, only for purchasing specific goods, requires a specific item to be identified.
• Where to Find: Islamic banks and financial institutions in the US e.g., American Finance House LARIBA, interest-free financing options at some dealerships. Search for “Murabaha financing USA“.

5. Musharakah Joint Venture or Mudarabah Profit-Sharing

These are equity-based financing models suitable for business ventures, where the financier and the entrepreneur share the profits and losses based on a pre-agreed ratio. Ajautosparesltd.com Review

• Mechanism: In Musharakah, both parties contribute capital and share management responsibilities and profits/losses. In Mudarabah, one party provides capital Rabb al-Mal, and the other provides expertise and labor Mudarib, sharing profits but with the capital provider bearing all financial loss unless due to Mudarib’s negligence.
• Key Features: Risk-sharing, equity-based, direct involvement in productive economic activity.
• Pros: Highly Sharia-compliant, promotes fair distribution of wealth, encourages entrepreneurship.
• Cons: Primarily for business financing, involves sharing profits/losses, requires more complex agreements and trust.
• Where to Find: Islamic private equity funds, some ethical investment groups, or individual investors. Search for “Islamic business financing USA“.

6. Halal Investment Platforms

While not directly offering loans, building a solid financial foundation through halal investing can reduce the future need for debt.

These platforms allow individuals to invest their money in Sharia-compliant stocks, real estate, or other assets, avoiding industries like alcohol, gambling, conventional banking, and non-halal food.

• Mechanism: Investors pool funds which are then invested in companies or assets screened for Sharia compliance. Returns are generated from the performance of these underlying assets.
• Key Features: Ethical investing, wealth accumulation, diversification.
• Pros: Sharia-compliant wealth growth, long-term financial stability, supports ethical businesses.
• Cons: Not a source of immediate cash, investment carries risk, requires patience.
• Where to Find: Wahed Invest, Amana Mutual Funds, ShariaPortfolio. Search for “Halal investment platforms USA“.

7. Community Zakat & Sadaqah Organizations

For individuals facing severe financial hardship, eligible to receive Zakat, or needing temporary assistance, approaching local Islamic charitable organizations can be a viable and Sharia-compliant solution.

• Mechanism: Zakat obligatory annual charity is distributed to eight categories of recipients, including the poor and needy. Sadaqah voluntary charity can be given at any time. Many organizations collect and distribute these funds.
• Key Features: Direct financial aid, based on compassion and solidarity, no repayment expected.
• Pros: Fully Sharia-compliant, provides immediate relief for genuine needs, strengthens community support.
• Cons: Not a structured financial product, dependent on charitable giving, primarily for basic needs rather than large loans.
• Where to Find: Islamic Relief USA, Helping Hand for Relief and Development, local mosque Zakat committees. Search for “Islamic charity organizations USA“.

Each of these alternatives, while perhaps requiring more effort or having different scopes than a quick conventional loan, aligns with Islamic principles and provides a pathway to financial stability without compromising one’s faith.

How to Cancel Lendly.com Services and why it’s a good step

Since Lendly.com facilitates interest-based loans, which are fundamentally impermissible in Islam due to the prohibition of riba, the logical and religiously mandated step for a Muslim is to disengage from such services as swiftly and completely as possible. Mountainwarehouse.com Review

Cancelling any active loan or line of credit and avoiding future use of the platform is crucial for maintaining financial integrity according to Islamic principles.

While the website doesn’t offer a direct “cancel subscription” button for loans, understanding the process for ending your engagement and the broader implications is vital.

Understanding Your Obligation to Cancel and Repay Ethically

For any existing interest-bearing loan from Lendly.com or its third-party lenders, the Islamic position is to repay the principal amount as quickly as possible and avoid paying any interest if it can be legally and practically circumvented. However, if the contract legally binds one to pay interest, and there is no way out without severe legal repercussions or financial ruin, one should pay it while sincerely repenting and resolving never to engage in such transactions again. The priority is to fulfill legal obligations to avoid greater harm, while simultaneously seeking Allah’s forgiveness and striving for financial purification.

Steps to Disengage from Lendly.com:

1. Review Your Loan Agreement/Terms and Conditions:

   • Before taking any action, meticulously read the “Terms and Conditions” and “line of credit charges and terms” documents provided by Lendly.com accessible via links on their homepage. Pay close attention to the early repayment clauses, any penalties for early payoff, and the exact remaining principal balance.
   • Data Insight: A quick check of typical payday or short-term loan terms in the U.S. shows that annual percentage rates APRs can range from 300% to 700% or even higher, making early repayment critical to minimize the interest accrued.

2. Contact Lendly.com Customer Service Immediately: Postplanner.com Review

   • The most direct way to discuss early repayment or cancellation is through their customer service.
   • Phone: 1.888.8LENDLY 1.888.853.6359
   • Email: [email protected]
   • Action: Clearly state your intention to pay off your loan or close your line of credit in full to minimize or stop the accumulation of interest. Ask for the exact payoff amount principal + any legally accrued interest up to the date of payoff.

3. Prioritize Early Repayment of Principal:

   • If you have the means, paying off the entire principal balance of your loan as quickly as possible is the recommended course of action. This will stop the accrual of further interest.
   • Financial Strategy: Consider reallocating funds from less critical expenses, selling non-essential assets, or seeking a Qard Hasan interest-free loan from a trusted family member or community fund to cover the principal.

4. Confirm Account Closure:

   • Once you have repaid the loan, ensure you receive confirmation from Lendly.com or their third-party lender that your account is closed and you have no outstanding balance. Keep records of all correspondence and payment confirmations.

5. Remove Payroll Direct Deposit Authorization:

   • Since Lendly.com integrates with payroll systems for automatic payments, ensure that any authorization for payroll direct deposit deductions linked to Lendly is revoked once your loan is paid off. Contact your employer’s payroll department to confirm this cancellation.

6. Avoid Future Engagement:

   • The most crucial step from an Islamic perspective is to resolve never to engage with interest-based financial services like Lendly.com again. Seek out the ethical alternatives discussed previously for any future financial needs.

Why This Action Matters Islamic Perspective:

• Fulfilling Divine Command: Avoiding riba is a direct command from Allah in the Quran. Disengaging from interest-based transactions is an act of obedience and worship.
• Spiritual Purification: Financial purification from ill-gotten gains including interest is essential for a Muslim’s spiritual well-being and the acceptance of their prayers and good deeds.
• Economic Justice: By rejecting riba, one contributes to promoting an economic system based on fairness, risk-sharing, and mutual cooperation, rather than exploitation.
• Long-Term Financial Health: While conventional loans might offer temporary relief, they often lead to long-term financial strain. Moving towards ethical, debt-free, or asset-backed solutions promotes genuine financial stability and resilience.

Lendly.com Pricing and Hidden Costs The Riba Factor

Lendly.com’s pricing structure, like all conventional lending platforms, revolves around the concept of interest. While the website mentions “fair interest rate” in a testimonial, the core issue for a Muslim is not the fairness of the rate but its very existence. The term “interest” in any form is problematic, as it signifies riba, which is prohibited in Islam. There are no “hidden” costs in the traditional sense. rather, the fundamental cost—interest—is inherently “hidden” from an Islamic perspective of ethical finance, as it’s an impermissible gain. Amstransport-uk.com Review

The True “Cost”: Interest Riba

Lendly.com provides links to its “line of credit charges and terms” and general “Terms and Conditions.” These documents would detail the Annual Percentage Rate APR and any associated fees.

• APR Annual Percentage Rate: This is the key metric that defines the cost of a loan. It includes the interest rate plus any other fees involved in the loan. For short-term or “bad credit” loans, APRs can be exceedingly high. For example, some short-term loans can have APRs ranging from 200% to over 700%. While Lendly.com doesn’t explicitly state its APRs on the main page, accessing their “line of credit charges and terms” PDF provides crucial data.
  • Data Point: As of the document dated 5.28.2025 linked on their site, a sample line of credit in Florida shows a finance charge of $2.00 per $100.00 advanced in a 7-day billing cycle. This translates to a significant effective APR when annualized, demonstrating the high cost of such credit. For instance, borrowing $500 for a year at that rate would incur massive charges, far exceeding the principal amount. The actual APR is dependent on state laws and the loan amount/term.
• Finance Charges/Fees: Beyond the core interest, there might be other fees:
  • Origination Fees: A fee charged for processing the loan.
  • Late Payment Fees: Penalties for missing a payment.
  • Rollover Fees: If a loan is extended or “rolled over,” additional fees may apply, further trapping borrowers in debt.
  • Documentary Stamp Tax Florida: Lendly.com explicitly mentions this for Florida loans: “The amount of this tax, which is 35 cents per $100 or a portion thereof, will be added to your Lendly loan if your application is approved and funded.” While a state tax, it adds to the overall cost for the borrower.

Why This Is Problematic for Muslims:

• Prohibition of Riba: Any return on a loan above the principal amount is considered riba, which is explicitly prohibited in the Quran and Sunnah. This prohibition is absolute, regardless of the amount or perceived fairness of the interest rate. “O you who have believed, do not consume interest, multiplied many times over, but fear Allah that you may be successful.” Quran 3:130
• Exploitation of Need: High-interest loans often target individuals in desperate financial situations or those with poor credit, who have limited alternatives. This exploitative nature is antithetical to Islamic principles of justice and compassion, which forbid profiting from another’s dire need.
• Uncertainty Gharar and Speculation: While direct interest is the main issue, some elements of short-term lending can also involve elements of gharar excessive uncertainty or speculation, particularly if fees are opaque or terms are unclear, although Lendly.com aims for transparency on its site.

Financial Implications for Borrowers Beyond Religious:

Even from a purely secular financial perspective, the costs associated with quick, unsecured loans are often a trap:

• Debt Spiral: High APRs mean that a significant portion of early payments goes towards interest, not principal, making it difficult to pay down the debt. This can lead to needing more loans to cover existing ones, creating a cycle of increasing debt.
• Reduced Disposable Income: A large chunk of income is siphoned off for loan repayments, leaving less for essential living expenses or savings.
• Limited Financial Growth: The continuous drain of interest payments prevents individuals from building assets, investing, or improving their long-term financial standing.

For a Muslim, understanding Lendly.com’s “pricing” means recognizing that the core offering is built on a forbidden financial mechanism.

The focus shifts from scrutinizing interest rates to rejecting the concept of interest altogether, and seeking out Sharia-compliant alternatives for financial needs.

Lendly.com vs. Ethical Financial Practices

When comparing Lendly.com with ethical financial practices, particularly those rooted in Islamic principles, the contrast is stark. Elouris.com Review

Lendly.com operates within the conventional interest-based lending paradigm, which is fundamentally opposed to Islamic finance. This isn’t a minor difference.

It’s a foundational divergence in philosophy, purpose, and permissible methods of acquiring and providing capital.

Lendly.com’s Conventional Model:

• Core Function: Facilitates interest-bearing loans lines of credit, installment loans.
• Revenue Generation: Profits are primarily derived from the interest charged on borrowed money.
• Risk Allocation: The borrower bears the primary risk and the full burden of repayment plus interest, regardless of their financial performance or the success of their endeavor. The lender earns a guaranteed return.
• Target Audience: Often caters to individuals needing quick cash, including those with “less than perfect credit,” who may have limited access to traditional banking services.
• Ethical Stance: Aligns with Western capitalist models where money itself can generate more money through interest.

Ethical Financial Practices Islamic Finance:

• Core Function: Aims to provide financial services through risk-sharing, asset-backed transactions, and equity partnerships, avoiding riba interest.
• Revenue Generation: Profits are generated from legitimate trade, productive investments, or shared business ventures. For instance, in Murabaha, profit comes from selling a purchased asset at a markup. in Musharakah/Mudarabah, it comes from sharing actual business profits.
• Risk Allocation: Risks are shared between the financial institution and the client. For example, in a profit-sharing venture, if the business incurs losses, the capital provider also bears a share of the loss unless due to negligence, reflecting a more equitable distribution of risk.
• Target Audience: Open to all, with a strong emphasis on fostering economic justice, community well-being, and supporting productive economic activity rather than merely consumption through debt.
• Ethical Stance: Rooted in Islamic teachings that emphasize justice, fairness, social responsibility, and the prohibition of exploitation. Money is viewed as a medium of exchange, not a commodity to be traded for profit.

Key Differences in Principle:

1. Nature of Money:

   • Lendly.com: Treats money as a commodity that can be rented out for a price interest.
   • Islamic Finance: Views money as a medium of exchange, a measure of value, but not a commodity to be sold for profit. Profit must arise from real economic activity trade, production, services.

2. Risk Sharing:

   • Lendly.com: Risk is primarily borne by the borrower. The lender ensures a return irrespective of the borrower’s success.
   • Islamic Finance: Emphasizes shared risk. Both parties financier and client share in the profits and losses of a venture. This aligns the interests of both parties and encourages more prudent investment.

3. Ethical Foundation: Art3d.com Review

   • Lendly.com: Operates under commercial law, focusing on contractual obligations and profitability.
   • Islamic Finance: Guided by Sharia Islamic law, which provides a comprehensive ethical framework for economic activities, emphasizing fairness, social justice, and avoiding harm.

4. Permissible Transactions:

   • Lendly.com: Loans with interest, lines of credit interest-based.
   • Islamic Finance: Trade Murabaha, leasing Ijarah, partnerships Musharakah, Mudarabah, charitable loans Qard Hasan, and equity investments.

The Problem of “Convenience”:

Lendly.com’s appeal often lies in its convenience and speed.

However, for a Muslim, this convenience comes at a prohibitive ethical cost.

The ease of getting an interest-based loan cannot justify violating a fundamental religious principle.

The Muslim community is encouraged to seek out ethical alternatives, even if they require more effort, planning, or depend on community support, as these are the paths that lead to both financial integrity and spiritual well-being. Onerep.com Review

FAQ

What is Lendly.com?

Lendly.com is an online platform that acts as an intermediary, connecting individuals in need of quick cash with third-party lenders offering interest-based lines of credit and installment loans.

Is Lendly.com a direct lender?

No, Lendly.com explicitly states on its website that it is “not a lender and does not make a firm offer of credit.” Instead, it connects interested persons with a third-party lender.

What kind of loans does Lendly.com offer?

Lendly.com offers access to lines of credit typically $500 to $1,500 and installment loans up to $2,000, which are both types of interest-bearing credit products.

Is Lendly.com permissible in Islam?

No, Lendly.com is not permissible in Islam because it facilitates interest-based loans riba. Interest is strictly prohibited in Islamic finance as it is considered exploitative and unjust.

What is riba interest in Islam?

Riba is any excess or addition taken on a loan or debt over and above the principal amount. Guardianinvest.co Review

It is unequivocally prohibited in Islamic teachings due to its perceived injustice and negative impact on economic equity.

Why is interest riba forbidden in Islam?

Interest is forbidden because Islam views it as an unjust way of accumulating wealth without real economic activity or shared risk.

It can lead to exploitation, debt cycles, and an imbalance in wealth distribution.

What are the alternatives to Lendly.com for a Muslim seeking financial help?

Ethical alternatives include Qard Hasan interest-free benevolent loans, Islamic microfinance, Murabaha cost-plus sale for assets, Musharakah/Mudarabah profit-sharing partnerships for businesses, Takaful Islamic cooperative insurance, and seeking help from community Zakat and Sadaqah funds.

Can I get a loan from Lendly.com if I have bad credit?

Based on their website, Lendly.com caters to individuals who “have less than perfect credit,” suggesting they may be more accessible than traditional banks for those with lower credit scores. Shevoke.com Review

How fast can I get money from Lendly.com?

Lendly.com claims to offer “speedy funding” in “as little as one hour when using a debit card” for lines of credit.

Does checking my prequalified offer with Lendly.com affect my credit score?

Lendly.com states that checking your prequalified offer upfront will have “no impact to your credit score.”

What is the typical APR or interest rate for Lendly.com loans?

Lendly.com does not explicitly state a general APR on its main page but links to specific “line of credit charges and terms” documents which detail finance charges per billing cycle.

These rates are typically high, reflecting the nature of short-term, unsecured loans.

What is a payroll direct deposit for repayment with Lendly.com?

Lendly.com loans can be set up for “automatic installments that come right out of your paycheck,” meaning repayments are directly deducted from your payroll, which they market as convenient. Auctionninja.com Review

What should I do if I already have an active loan with Lendly.com?

If you have an existing interest-based loan, from an Islamic perspective, you should aim to repay the principal as quickly as possible.

Contact Lendly.com customer service to inquire about early payoff options to minimize further interest accumulation.

How do I contact Lendly.com customer service?

You can contact Lendly.com via phone at 1.888.8LENDLY 1.888.853.6359 or by email at [email protected].

Does Lendly.com operate in all U.S. states?

No, Lendly.com states that “Lendly loans and Lendly lines of credit are not available in every state.” They provide a “Loans By State” link for specific availability.

Is a bank account required to get a Lendly.com loan?

Yes, Lendly.com explicitly states that “A bank account is required in order to obtain a Lendly loan or Lendly line of credit.” Youstock.com Review

Does Lendly.com sell my personal information?

Lendly.com states, “Your privacy is important to us.

We will never sell your information and we promise not to spam you.” They also provide links to their Privacy Notices and CA Residents Privacy Policy.

What is NMLS #1948987 on Lendly.com?

NMLS #1948987 refers to the Nationwide Multistate Licensing System & Registry number for Lendly.com. This indicates they are licensed and registered to operate as a financial service provider in certain states. You can verify this number on NMLS Consumer Access.

What is the “Important Information About Procedures for Opening a New Account” section on Lendly.com?

This section refers to federal law requiring financial institutions to obtain and verify identity information name, address, date of birth, driver’s license, etc. from individuals opening new accounts to combat terrorism financing and money laundering.

Are there any hidden fees with Lendly.com?

While the website claims “no hidden fees, no oh you should have read the fine print” in a testimonial, the core cost is the interest APR and any applicable state taxes or late fees, which are disclosed in their terms and conditions documents.

From an Islamic perspective, any cost beyond the principal is considered problematic.