Has struck a milestone of $2 billion financed through the working platform. It’s delivered 6.5 million loans since its inception in 2012.
LendUp CEO Anu Shultes touts the platform’s ability to achieve a customer base that typically can’t access signature loans from big banking institutions. January the company confirmed its loan issuance milestone in late.
“Through our financing, training and cost savings programs, we’ve helped clients raise their credit profiles by thousands and thousands of points cumulatively and spared them vast sums of bucks in interest and costs from higher price items, ” Shultes stated in a statement. “While there’s a great deal more for all of us to achieve, this milestone is really a testament that is real the effect that economic providers like LendUp can and may have. ”
Rather than depending on a FICO credit rating for underwriting new clients, LendUp works together with a group of information boffins on an alternative solution model that makes use of a bigger swath of information points to evaluate risk for clients that have trouble credit that is accessing.
“We know how to simply just take a team of clients with comparable credit ratings and differentiate with who should get that loan and who should not, ” Shultes told Bank Innovation. “Those customers understand we’re here for them — it is a kind of judgement-free area. ”
This milestone comes per year following the company divided into two entities: LendUp, which continues to oversee the organization’s installment loan company, and Mission Lane, which manages LendUp’s past card company.