Yendo

Yendo, credit cards backed by what the customer owns

Yendo is a U.S. financial entity that offers credit cards whose limit is calculated based on the value of the applicant's assets, as well as their income, ability to repay, and credit history. The company operates in 40 states across the country, and its cards are issued by Cross River Bank, Member FDIC, under license from Mastercard International.

Product catalog

The offering is built around three main cards, each aimed at a different profile:

• Auto Card: a product highlighted by the company itself, designed for people who own a vehicle. It offers a maximum limit of $10,000, 1.5% cashback, and access to credit in about two minutes.
• Homeowner Card: aimed at homeowners and backed by the fixtures within the property, not the home itself. Its maximum limit is $2,000, with 1.5% cashback and access in two minutes.
• Premier Rewards Mastercard: an everyday card with a maximum limit of $750, 1.5% cashback, and access in two minutes.

The site also mentions a refinance and credit product, a personal loan, and an unsecured card announced as coming soon.

How it works and application requirements

The process begins with an offer check that, according to the company, does not affect your credit score and is completed in approximately one minute. After accepting the offer, Yendo verifies income, assets, credit, and other details to confirm eligibility. Once approved, the customer receives a working virtual card with Apple Pay, Google Pay, and Samsung Pay, while the physical card arrives by mail. The company states that eligible customers can access up to 40% of their credit limit, capped at $1,500, until they receive the physical card.

Credit limits range from $450 to $10,000 and are determined based on the value of the asset provided, income, ability to repay, and credit history. Yendo periodically reviews eligible accounts for possible limit increases.

Cashback and account management

The unlimited 1.5% cashback is credited to your statement on eligible purchases when the customer has autopay enabled. Account management is done from the mobile phone: checking balance, making payments, and tracking cashback. The company offers payment reminders and several payment methods, such as ACH, cash, Apple Pay, and Google Pay.

Differences from title loans

Yendo distinguishes its product from title loans, which it describes as short-term and high-cost. The company notes that its cards offer a revolving credit limit at a much lower rate and that the customer keeps their vehicle at all times. The title transfer is handled electronically with the corresponding state's DMV, although the customer can mail it in if they prefer. If there is still an outstanding balance on the vehicle loan, the applicant may still be eligible by refinancing the loan with Yendo within the same application.

Impact on credit history

The pre-approval check does not affect your credit score. If the customer accepts the offer, a full credit check is performed, which can have an impact. Yendo reports account activity to all three credit bureaus each month. On-time payments can help build credit history with responsible use, while missed or late payments can also be reported and affect your score.

Fees and availability

The annual fee on Yendo cards ranges from $40 to $69. Annual Percentage Rates are fixed and range from 24.88% to 35.88% for both purchases and cash advances. Cash advances are assessed a 3% fee. A one-time lien placement fee of up to $25, paid to the state where the vehicle title is held, may be charged to your card as early as your first monthly statement. The product is not a deposit and is available in 40 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.