> I guess I should start a payday loans company marketed in such a way that using it doesn't offend the class sensibilities and self-image of well-off millennials and say I'm doing something "new".
Thanks for the mod work! It's a thankless job but appreciated.
Thanks for the nice words, doubly nice after getting penalized.
> Good Credit Not Required.
> Instant decision.
Wow.
I used to work for LendUp. They're the most caring and altruistic people I've ever met. I mean that literally.
LendUp uses machine learning & data science to decision people with more granularity than a credit score, and can therefore approve much deeper than banks or credit card companies ever would. On top of that, as LendUp learns you're a reliable borrower, it will lower your interest rate as far as it can for you, give you more favorable terms, and even extend a credit card for those that qualify.
LendUp helps people improve their credit when almost no one else will lend to them, and has been shown in independent studies to both improve credit scores and decrease the costs of borrowing for subprime borrowers. These are folks for whom the only other option is payday loans or pawn shops if there's a shortfall, and LendUp uses tech to give them much better options.
It's a noble mission, and one I'm damn proud to have been a part of.
High fees go hand in hand with the high risk they are taking of not being paid back. Everyone has to chip-in or the model doesn't work.
How do you know?
Stopped reading right there.
The landing page mentions "for people trying to build up credit history"
There was some startup that micro-loaned in poorer countries based on a person's cell phone info (ie, how many contacts, who they called the most, etc, etc).
Well intentioned loan sharks are still loan sharks. LendUp is attempting to solve a manufactured problem.
People don't need payday loans, they need social issues fixed that trap them in a cycle of poverty. No VC money available for that though.