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Lending a Hand to Uplift Individuals with Poor Credit

Lending a Hand to Uplift Individuals with Poor Credit

In its first cycle of venture funding, business financing startup LendUp, has raised $14 million to bring loans to people who banks normally shun away, so they can avoid plummeting into a sea of debt.

LendUp collects publicly available data from various sources, including social media sites like Facebook and LinkedIn. LendUp’s algorithm also considers an applicants’ credit history, and demographic data to determine if someone is qualified for a loan. LendUp’s model is designed to be “uplifting, rather than dragging people down”.

via LendUp gets $14M to bring affordable loans to people with poor credit | Venture Beat


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