LendUp
LendUp was a fintech company based in San Francisco, offering various loan services primarily to consumers with low credit scores until it ceased operations in January 2022. The current LendUp.com platform, unrelated to the original company, connects borrowers with lenders for loans up to $5,000 but does not offer the LendUp Ladder program.
LendUp Services
LendUp offered a variety of loan services including payday loans, installment loans, bad credit loans, same day loans, personal loans, online loans, cash advance, and short-term loans. The platform enabled the submission of loan requests, but did not make loan or credit decisions directly. Instead, connected direct lenders processed these requests and could offer loans up to $5,000.
LendUp History
LendUp was an American fintech company based in San Francisco, specializing in credit and lending services. It was part of the Y Combinator W12 batch and primarily served consumers with low credit scores, often referring to them as 'the emerging middle class.' The company attempted to incentivize responsible financial behavior through its LendUp Ladder initiative. However, LendUp ceased loan operations in January 2022, and the LendUp.com domain no longer has any relation to the former LendUp as of July 10th, 2022.
LendUp Regulatory Actions
In December 2021, LendUp faced regulatory scrutiny when it was fined $100,000 by The U.S. Consumer Financial Protection Bureau for deceptive marketing and fair lending violations. This marked a significant point in the company's history, preceding its cessation of loan operations in January 2022.
LendUp.com Platform
LendUp.com is an online platform where borrowers can make loan requests and lenders can make loan offers. However, it is important to note that LendUp.com is not a lender and does not make any loan or credit decisions. Borrowers can use this service free of charge, but the platform does not offer the former LendUp’s LendUp Ladder initiative and has no relation to it. Furthermore, LendUp.com does not have access to any data, including personal data and login credentials, related to accounts from the former LendUp website.