SAN FRANCISCO, June 17, 2014 /PRNewswire-iReach/ -- As of this week, Wyoming and Minnesota residents are eligible to apply for short term loans from the California-based online lending innovator LendUp. Since the beginning of this year, LendUp has been expanding to new states at an astonishing pace. The online lender is now licensed in 10 states, and shows no signs of slowing down.
While 12.6% of households in Minnesota are underbanked, the percentage is almost double in Wyoming, in which 21.1% of households are underbanked. While LendUp customers do need bank accounts to complete the online application, the application process is paperless, convenient, and secure. Further, the lender prides itself on flexible terms and fees typically below those of the competition.
Justin Potter, Head of Operations for LendUp, believes that seeking a state-by-state licensing strategy protects consumers, which is one of LendUp's core values. "With the individual states both debating existing payday legislation and looking to create new legislation, we hope to adapt our product to the requirements of each state to continue to bring consumers the best payday loan experience available", said Potter.
LendUp is able to provide 24/7 access to short-term credit due to it's in-house technology, risk, and collections teams. The application process for LendUp loans offers instant decisioning, instant funding, and on-call customer service from the company's in-house Customer Support team. From application to repayment, customers can set their own terms, in a transparent process free of hidden fees or debt traps.
LendUp has differentiated itself by offering the LendUp Ladder, which incentivizes borrowers by offering points for displays of responsible borrowing behavior. Borrowers can then use these points to borrow even more money at even lower rates. 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.
In both Minnesota and Wyoming, LendUp will start offering loans of up to $250 for up to 30 days from any smartphone or computer.
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@example.com
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