Y Combinator-incubated LendUp launched in October with supporting from Kleiner Perkins, Andreessen Horowitz, Bing Ventures, Kapor Capital yet others, to carry a solution that is fresh an old issue: you need to spend your bills now, but you don’t have the funds to pay for them. As opposed to look to predatory loan providers and banking institutions, along with their high interest levels, borrow funds from buddies or protect your eyes and hope they’re going away, what now??
It might appear like a predicament that only befalls the chronically reckless, however in reality, 15 million Us americans looked to payday loan providers to borrow cash year that is last. As opposed to winding up saddled with long-lasting debt from concealed fees or wrestling with Draconian terms and high priced rollovers, LendUp really wants to offer those interested in a fast fix up to a short-term monetary conundrum ways to borrow funds without concealed charges, expensive rollovers and high-interest prices.