Looking to Disrupt Payday Lending, a16z-Backed LendUp Now Has Instant Online And Mobile Loans
Y Combinator-incubated LendUp launched in October with supporting from Kleiner Perkins, Andreessen Horowitz, Bing Ventures, Kapor Capital yet others, to create a solution that is fresh an old issue: you need to pay your bills now, but you don’t have the funds to cover them. As opposed to move to predatory loan providers and banking institutions, due to their high rates of interest, borrow money from buddies or protect your eyes and hope they're going away, where do you turn?
It may look like a predicament that only befalls the chronically reckless, but in reality, 15 million Us citizens looked to payday lenders to borrow funds a year ago. In the place of winding up saddled with long-lasting financial obligation from hidden fees or wrestling with Draconian terms and high priced rollovers, LendUp would like to offer those searching for a fast fix to a short-term economic conundrum a method to borrow funds without concealed charges, expensive rollovers and high-interest prices.
The lending area in particular has started to brim with startups — like BillFloat, Zest, Think Finance, Kabbage, On Deck and Lending Club — each of that is attempting to ensure it is easier for customers and businesses that are small access money and never having to leap by way of a million hoops.