New partnerships will give LendUp customers access to free credit counseling and localized resources for saving money on expenses such as groceries and child care
San Francisco, CA, August 18, 2016: As part of its commitment to providing consumers with paths to better financial health, LendUp announced two partnerships today that will help its customers better understand their finances and save money. The first will give LendUp customers free access to BALANCE, a national nonprofit credit counseling agency offering counseling sessions on topics including credit report management, debt management and budgeting, student loans and home ownership. The second partnership will give customers free access to SpringFour’s consumer-facing tool, S4direct, a database of a comprehensive set of local government and nonprofit resources that can help customers save up to an estimated $250 a month on expenses such as groceries, utilities and child care.
“LendUp’s mission is to provide anyone with a path to better financial health, and these new partnerships will help advance that mission by allowing our customers to easily access personalized credit advice and save money on their daily bills,” said Leslie Payne, Head of Social Impact for LendUp. “Because aligning company success with customer success is core to our business, this is a natural extension of our credit products and free financial education.”
Citing research that poor credit scores can cost families more than $250,000 in interest over a lifetime, LendUp has worked to couple safe financial products with free education and services that promote financial health. Through its new partnership with BALANCE, LendUp is bolstering its existing financial education and credit building offerings: Customers will be able to call BALANCE’s toll-free Financial Coach Hotline and schedule an appointment with a Certified Credit Counselor. BALANCE offers credit report education as well as sessions in debt management and budgeting, student loans, home ownership, home rental and bankruptcy.
“We were excited when LendUp approached us about a partnership,” said Kathryn Davis, BALANCE President and CEO. “Many of LendUp’s customers are focused on building a strong credit history, and our Certified Credit Counselors can provide them actionable advice about how to do so and support them through the process.”
LendUp also announced today that it will be partnering with SpringFour, a certified B Corp that offers referrals to local resources in more than 175 communities in the United States. Through the partnership, LendUp customers will gain access to SpringFour’s database of thousands of local resources, allowing them to search for organizations within their communities that can help with any number of expenses, including utilities, groceries, child care and prescriptions.
"Our mission is to help connect consumers to trusted and vetted local resources that can help make a difference in their financial lives. To do this important work, we look for partners that understand the value of assisting their customers on the path to financial health. LendUp is working to create better financial futures for their customers and these partnerships will go a long way in doing so," said Rochelle Nawrocki Gorey, Co-Founder and CEO of SpringFour.
LendUp expands access to credit, lowers costs, and provides credit-building opportunities to consumers facing limited options in the mainstream banking system. It currently offers a credit card and a variety of loan products to the half of Americans with credit scores below 680 who often cannot qualify for bank products. The company focuses on providing entry points to financial services that move customers up to more and better options. It also provides customers with opportunities to build credit histories and integrates free financial education into all of its offerings.
LendUp's mission is to provide anyone with a path to better financial health. It offers safe, transparent products that expand access, lower costs, and provide credit building opportunities for the more than 80 million Americans who currently have limited options within the traditional banking system because of a low credit score. LendUp is located in downtown San Francisco and is backed by prominent Silicon Valley investors including Y-Combinator, Google Ventures, Susa Ventures, Data Collective, Kleiner Perkins, Andreessen Horowitz Seed Fund, Kapor Capital, QED, Eagle Cliff Investors, Yuri Milner and Thomvest Ventures, plus other highly regarded angels and entrepreneurs.
BALANCE is the leader in innovative financial empowerment programs, financial education services, and housing and credit counseling. BALANCE is a non-profit and is a member of the National Foundation for Credit Counseling (NFCC). The company is accredited by the Council on Accreditation of Services for Families and Children, Inc. and is certified by HUD to provide comprehensive housing counseling services. BALANCE’s certified counselors have been helping individuals and families achieve their financial goals since 1969. For more information, visit https://www.balancepro.org/.
SpringFour connects individuals in distress to trusted and vetted local resources that can help make a difference in their financial lives. Our suite of products provide consumers with referrals to local programs and resources to help them improve cash flow and address the root causes of their financial challenges. SpringFour’s applications are built on over ten years of experience and are designed specifically to help reduce the cost of utilities, health care, child care, and other expenses. For more information about our products, visit http://www.springfour.cc/index.asp.
Reposted from original press release