Based in San Francisco To lend will announce today that it has signed two service agreements with a global money transfer and payment services company, MoneyGram, according to a LendUp press release. LendUp will enable real-time offline payments for loans using MoneyGram’s ExpressPayment service at 39,000 branches in the United States
LendUp “provides cardholders with better credit products than those offered by traditional payday lenders”, and its first product called The LendUp Latter is an “alternative to payday loans”. With the connection of its mobile platform to MoneyGram’s agent network, borrowers will have another option for their loan repayment.
“Teaming up with MoneyGram is a perfect example of how we can use technology to provide more convenience to our customers,” said Sasha Orloff, CEO and co-founder of LendUp, in the release. “Today we are introducing new payment options exactly where many of our customers prefer to do business. Our goal is to make access to money fluid and transparent. This is another big step in that direction. “
Going forward, LendUp and MoneyGram plan to “introduce products and services that make accessing credit products through LendUp faster and more convenient”.
This is good news for Small Dollar Credit (SDC) consumers, as a recent report from the Center for Financial Services Innovation (CSFI) indicated that quick access to funds and the convenience of store location were among them. most important for the design features of the products.
Pete Ohser, executive vice president of MoneyGram in the United States and Canada, said in the statement that LendUp’s “cutting edge technology and user-friendly approach to loan transparency” as well as MoneyGram’s ExpressPayment service are “a victory “for both companies as well as for consumers looking to improve their financial situation.