Y Combinator-incubated LendUp launched in October with supporting from Kleiner Perkins, Andreessen Horowitz, Bing Ventures, Kapor Capital as well as others, to bring a fresh means to fix an old issue: you need to pay your bills now, but you don’t have the cash to pay for them. As opposed to move to predatory lenders and banking institutions, with regards to high rates of interest, borrow funds from friends or protect your eyes and hope they’re going away, where do you turn?
It might appear like a predicament that only befalls the chronically reckless, however in fact, 15 million People in the us turned to payday lenders to borrow cash year that is last. Rather than winding up saddled with long-term financial obligation from concealed fees or wrestling with Draconian terms and high priced rollovers, LendUp desires to provide those hunting for a fast fix to a short-term economic conundrum ways to borrow cash without concealed charges, high priced rollovers and high-interest rates.
The financing room in particular has started to brim with startups — like BillFloat, Zest, Think Finance, Kabbage, On Deck and Lending Club — each of that will be wanting to make it easier for customers and small enterprises to obtain access to capital and never have to jump by way of a million hoops. Continue reading “Looking to Disrupt Payday Lending, a16z-Backed LendUp Now Has Instant On Line And Mobile Phone Loans”