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Press Release

LendUp Launches in Mississippi to Bring Innovative Solution to The Payday Problem

PR Newswire

SAN FRANCISCO, April 9, 2014 /PRNewswire-iReach/ -- Last week, California-based online lender LendUp launched in Mississippi to help borrowers living in the state with the lowest credit scores in the nation achieve financial inclusion. LendUp has already seen success in California, Missouri, Louisiana and Oklahoma, where the lender is currently operating.

Mississippi is also the state with the highest percentage of unbanked or underbanked households in the nation, at 28.3%, so the opportunity to provide Mississippians access to a better, alternative financial product is critical. LendUp provides access to short term credit 24 hours a day, 7 days a week, and is accessible from any computer or smartphone, with instant decisioning and a convenient, online application process. The whole experience puts the customer first, by allowing them to decide exactly the amount they need and only for the number of days they need, in a transparent process free of hidden fees or debt traps.

LendUp has pursued a state-by-state strategy, seeking licenses in each and following state-specific guidelines. This approach ensures that customers have a safe experience and a customized product, with full consumer protection. LendUp has differentiated itself by offering the LendUp Ladder, which gives customers access to better loans at lower rates over time. 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 scores, which is a feature totally absent in other payday loan products.

LendUp's CEO Sasha Orloff is optimistic about introducing a solution to the payday loan problem to Mississippi: "The growing market for alternative financial products hs proven to be flawed and in many cases simply bad for consumers. We're trying to fix this, and we're committed to doing it the right way. That is why we embed free financial education and credit building opportunities to all LendUp customers, creating the path for long term positive change in our customer's lives", said Orloff.  

In Mississippi, LendUp will start offering loans of up to $250 for up to 30 days from any smartphone or computer. For customers in a state where the prospect of real financial mobility has seemed statistically out of reach, the promise of being able to move up the LendUp Ladder toward better credit is both hopeful and long overdue.

About LendUp

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, ozgur@lendup.com

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SOURCE LendUp

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