LendUp
| Industry | Lending |
|---|---|
| Founded | 2012 |
| Headquarters | San Francisco, California |
| Products | Loans |
| Website |
www |
LendUp is a direct lender that provides financial education and gamification for responsible lending behavior.[1]
LendUp loans to customers that banks usually decline,[2] giving borrowers with poor credit scores access to short term loans without hidden fees, rollovers, and high interest rates.[3]
LendUp graduated out of the Y Combinator batch of 2012. It has received seed funding from Kleiner Perkins Caufield & Byers, Google Ventures and Andreessen Horowitz, among others.[1]
In September 2016 Lendup was fined by the Consumer Financial Protection Bureau and a California state regulator over widespread violations of payday- and installment-lending laws and agreed to pay over $6 million in penalties. The CFPB found that the company didn’t give consumers the opportunity to build credit or access to cheaper loans, as it had claimed it would.[4]
References
- 1 2 Gannes, Liz. "Kleiner Perkins, Andreessen Horowitz and Google Ventures Fund Payday Loan Alternative LendUp". October 10, 2012. All Things D. Retrieved 6 August 2013.
- ↑ Farr, Christina. "LendUp Uses 'Big Data' to Bring Better Small Dollar Loans To People In NeedBetter". October 10, 2012. VentureBeat. Retrieved 6 August 2013.
- ↑ Empson, Rip (21 June 2013). "Aiming To Disrupt Payday Lending, a16z-Backed LendUp Now Offers Instant Online And Mobile Loans". Techcrunch. Retrieved 8 January 2016.
- ↑ Wall Street Journal (September 28, 2016). "Lender ordered to pay total $6.3 million over payday-loan and installment-lending violations.".
