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LendUp Launches Instant Loans - End of Payday Stores As We Know It?

SAN FRANCISCO, June 21, 2013 /PRNewswire-iReach/ -- Innovative online lending service LendUp.com is the first in U.S. to offer instant loans to customers who need money in minutes.

LendUp, a leader in short-term, small-dollar lending, is now offering instant online loans. With the ability to deposit money in as little as 15 minutes, LendUp is the first to set this new bar for online lenders, and addresses the most often cited downside of borrowing online as opposed to in a store.  Since LendUp's Instant Loans are also available on smartphones, LendUp is the only service to offer money right away, 24/7, wherever you are.

"This means a lot to our customers and our industry.  People take it as a given that they have to wait up one to four days to see money in their bank account," said Sasha Orloff, co-founder and CEO of LendUp. "In an emergency, that is too long of a wait. Now, wherever you are, if you can get internet, you can get a loan, instantly."

This is the latest in a series of industry-changing features that LendUp has introduced in its months since launch. First, LendUp built a business that only succeeds when borrowers are well-informed and repay loans on time, whereas competitors profit from confusing terms, late charges, and rollovers. Then came the LendUp Ladder, the only rewards program in the industry that encourages responsible borrowing and helps build credit. Now, LendUp removes one of the last advantages of visiting a payday loan store, by depositing money into participating bank accounts instantly.

Participating banks will allow instant direct deposits from LendUp, which also offers immediate loan decisions using a proprietary algorithm. Customers who have accounts with non-participating banks will receive money the next business day. LendUp couples its loans with financial education and the LendUp Ladder, a proven program that helps borrowers with poor or no credit history improve their credit over time.     

To learn more about instant loans from LendUp, visit https://www.lendup.com/

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 backed by prominent Silicon Valley investors such as Y-Combinator, Google Ventures, Kleiner Perkins, Andreessen Horowitz, Thomvest Ventures, Bronze Investments, among others.

To view this video on YouTube, please visit: http://youtu.be/45kCbZC6cho

Media Contact: ozgur uzuner, Lendup, 4156760174, [email protected]

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SOURCE LendUp

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