Last week we announced a new partnership with LendUp ( http://www.springfour.cc/news.asp) that will allow LendUp customers to access SpringFour’s local resources that may help them address financial challenges that they are facing.
This partnership represents a new type of subscriber for SpringFour and we could not be more excited. LendUp, a well regarded player in the fintech space, is a lender that is providing an alternative to pay day loans. They are using technology to offer short term loans to those that need help in a transparent and innovative way.
LendUp provides loans for customers that typically have credit scores below 680 and cannot qualify for a traditional bank loan. The unique component of LendUp’s loan process is that, in states where the LendUp Ladder is available, customers have an opportunity to move up to better loan options as they pay back their loan and also have the opportunity to build credit histories and take advantage of free financial education and counseling sessions.
By partnering with SpringFour, LendUp’s customers can now find additional savings opportunities to address financial challenges through referrals to local non-profit and government agencies that offer programs and resources that may be of help in such areas as utilities, prescription drugs savings and childcare resources.
This partnership makes sense because both LendUp and SpringFour understand the importance of addressing the root cause of financial hardship. It’s not enough to just provide a product or service that funds that shortfall or meets the immediate, short-term need. Ultimately, for a customer to be successful in paying off that loan and moving forward on the path to financial health, the very reason for that loan needs to be mitigated. SpringFour helps to do so by curating resources that address many of the reasons that often precipitate the need for a short term loan—such as job loss, health crisis or unexpected home repair. LendUp’s mission is to provide anyone with a path to better financial health. We are happy to join them in that mission.
LendUp’s mission is to provide anyone with a path to better financial health. It offers safe, transparent products that expand access, lower costs, and provide credit building opportunities for the more than 80 million Americans who currently have limited options within the traditional banking system because of a low credit score. LendUp is located in downtown San Francisco and is backed by prominent Silicon Valley investors including Y-Combinator, Google Ventures, Susa Ventures, Data Collective, Kleiner Perkins, Andreessen Horowitz Seed Fund, Kapor Capital, QED, Eagle Cliff Investors, Yuri Milner and Thomvest Ventures, plus other highly regarded angels and entrepreneurs.