LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Thursday it has surpassed $2 billion in consumer loans through its digital lending platform. The company reported that since 2012 it has provided more than 6.5 million loans, with an average loan value of approximately $300.
LendUp revealed its key mission is to provide anyone with a better path to financial health. The company claims one of its core values is that every product it offers a ladder, measured by the long-term financial well-being of its customers. The company’s credit cards, loans, and savings resources reflect our commitment to getting our customers to a better financial state.
“We are a data-driven company and build all of our technology in-house. With a firm belief that you’re more than your credit score, we’re extending credit as aggressively as possible and helping solve for the income volatility and financial instability that affects more than 140 million Americans.”
Speaking about LendUp’s milestone, Anu Shultes, CEO of LendUp, stated:
“We’re very proud of this significant lending accomplishment, the progress we’ve made in driving disciplined, profitable and sustainable growth, and our role as a standard bearer for responsible and inclusive lending and banking.”
Shultes went on to add:
“Through our lending, education and savings programs, we’ve helped customers raise their credit profiles by hundreds of thousands of points cumulatively and saved them hundreds of millions of dollars in interest and fees from much higher cost products. While there’s much more for us to accomplish, this milestone is a real testament to the impact that financial service providers like LendUp can and should have on the market.”