Y Combinator incubated LendUp established in October with backing from Kleiner Perkins, Andreessen Horowitz, Bing Ventures, Kapor Capital among others, to carry a brand new treatment for an old issue:
you need to pay your bills now, but you donвЂ™t have the cash to pay for them. As opposed to move to predatory loan providers and banking institutions, making use of their high interest levels, borrow cash from buddies 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 reality, 15 million People in america looked to payday loan providers to borrow money this past year. Rather than finding yourself saddled with long haul financial obligation from concealed fees or wrestling with Draconian terms and expensive rollovers, LendUp really wants to offer those searching for a fast fix to a short-term monetary conundrum ways to borrow cash without concealed charges, high priced rollovers and high rates of interest.