LendUp’s Focus on the Underserved Consumer

Consumer demographics are changing with more volatile income, and less interest and access to traditional banking products; LendUp has been working to provide a broader array of solutions for an underserved demographic of consumers and the fintech company has reported a number of successes; it has originated over $1 billion from more than 3.3 million loans; success for the company has come from offering innovative and diverse solutions paired with educational support; examples include graduated credit products that help customers migrate from a $250 emergency loan to a $1,000 installment loan to a $300-$500 low-balance credit card; the firm has integrated initiatives that improve credit availability for on time payments and credit management classes, also reporting $55 million in savings for customers.  Source

About the Author

Sign In