Looking to Disrupt Payday Lending, a16z-Backed LendUp Now Has Instant On The Web And Mobile Phone Loans
Y Combinator-incubated LendUp launched in October with supporting from Kleiner Perkins, Andreessen Horowitz, Bing Ventures, Kapor Capital as well as others, to create a solution that is fresh a classic issue: you need to pay your bills now, but you don’t have the cash to cover them. As opposed to move to predatory loan providers and banking institutions, using their high interest levels, borrow cash from friends or protect your eyes and hope they’re going away, what now??
It may look like a predicament that only befalls the chronically reckless, however in fact, 15 million Us americans turned to payday loan providers to borrow funds year that is last. Rather than winding up saddled with long-lasting financial obligation from concealed fees or wrestling with Draconian terms and high priced rollovers, LendUp really wants to provide those shopping for a fast fix to a short-term monetary conundrum an approach to borrow cash without hidden charges, expensive rollovers and high-interest prices.
The financing room most importantly has started to brim with startups — like BillFloat, Zest, Think Finance, Kabbage, On Deck and Lending Club — each of that is attempting to allow it to be easier for customers and smaller businesses to obtain access to capital and never have to leap by way of a million hoops. (more…)