Y Combinator-incubated LendUp launched in October with supporting from Kleiner Perkins, Andreessen Horowitz, Google Ventures, Kapor Capital as well as others, to create a solution that is fresh a vintage issue: you need to pay your bills now, but you don’t have the funds to cover them. As opposed to look to predatory loan providers and banking institutions, using their high interest levels, borrow funds from friends or protect your eyes and hope they’re going away, where do you turn?
It might appear like a situation that only befalls the chronically reckless, however in reality, 15 million People in the us looked to payday loan providers to borrow cash this past year. In place of finding yourself saddled with long-lasting financial obligation from concealed fees or wrestling with Draconian terms and expensive rollovers, LendUp desires to provide those trying to find a speedy fix to a short-term monetary conundrum a method to borrow funds without hidden charges, high priced rollovers and high-interest prices.
The financing area most importantly has started to brim with startups — like BillFloat, Zest, Think Finance, Kabbage, On Deck and Lending Club — each of which can be attempting to ensure it is easier for customers and businesses that are small access money and never have to leap via a million hoops. Continue reading “Looking to Disrupt Payday Lending, a16z-Backed LendUp Now Has Instant On The Internet And Cellphone Loans”