LendUp Launches in Oregon and New Mexico to Offer a Better Alternative to Payday Loans

SAN FRANCISCO, May 29, 2014 /PRNewswire-iReach/ -- This month, LendUp added Oregon and New Mexico to the list of states the California-based online lending innovator can offer a better alternative to payday loans.  14.4% and 23.6% of households are underbanked in Oregon and New Mexico, respectively.  Launching in these states will further the lender's mission to provide payday loans with purpose to the underbanked.

LendUp provides access to short term credit 24 hours a day, 7 days a week, and is accessible from any computer or smartphone. Customers benefit from LendUp's proprietary technology, which offers instant decisioning and a convenient, online application process. From application to repayment, customers can set their own terms, in a transparent process free of hidden fees or debt traps.

LendUp's coverage in the states of California, Missouri, Louisiana, Oklahoma, Mississippi, and Tennessee has kept the online lender moving quickly to keep up with demand. In expanding, LendUp has pursued a state-by-state strategy, seeking licenses in each and following state-specific guidelines. This approach ensures that customers understand the terms of their loan upfront and are afforded full consumer protection. LendUp has differentiated itself by offering the LendUp Ladder, which rewards positive repayment history by offering access to even better loans at lower rates over time. At the top of the ladder, LendUp customers can have their positive repayment history reported to major credit bureaus. This offers customers the opportunity to build their credit history, which is a feature totally absent in other payday loan products.

Staci, one of LendUp's first customers from Oregon, has already taken LendUp's free and interactive Credit Education courses and started her climb up the LendUp Ladder: "I have to admit that payday loans online kind of scare me, but this felt like a different experience to me. I'm already sharing the credit tips from your education courses with my friends. Good to know that cancelling credit cards could be worse than just not using them—did not know that before!"

In New Mexico, LendUp will start offering loans of up to $250 for up to 30 days from any smartphone or computer.  In Oregon, LendUp will offer loans of up to $250 for 31-60 days.  For customers in states where the prospect of real financial mobility may seem out of reach, LendUp hopes to offer the better alternative to payday loans.

About LendUp

LendUp is a socially responsible lender that offers a safe alternative to consumers that banks and credit unions decline. The LendUp Ladder changes the dynamics of the small dollar loan: rather than being a dangerous first step into a cycle of debt, it becomes an opportunity to learn good financial behavior and to build credit through education, gamification and a transparent fee structure. LendUp is located in downtown San Francisco and is backed by prominent Silicon Valley investors such as Y-Combinator, Google Ventures,Kleiner Perkins, Andreessen Horowitz Seed Fund, Thomvest Ventures, among other highly regarded angels and entrepreneurs.

Media Contact: ozgur uzuner, LendUp, 4156760174, [email protected]

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SOURCE LendUp