Beneficial State Bank, LendUp Technologies, Inc. Launch Personal Builder Loan
June 1, 2015 | Press Release
FOR IMMEDIATE RELEASE
“This is the next step in Beneficial State Bank’s five year exploration of an alternative to predatory loans that is sustainable for both the provider and the borrower,” explained Kat Taylor, Co-Founder and Co-CEO of Beneficial State. “It is also part of a larger movement of creating beneficial financial products that make individuals and their communities more resilient and empowered.”
The Personal Builder Loan represents the second generation of Beneficial State’s Short-term Alternative Loan, piloted in 2011. “We knew we could use technology to help Beneficial State Bank expand their mission of empowering consumers,” explained LendUp Co-Founder and CEO Sasha Orloff. “Everything we build at LendUp is designed to serve pre-prime borrowers. The Personal Builder Loan brings LendUp’s simple application process, instant credit decisioning, and easy repayment processing to a new segment of customers that usually don’t get the benefits of cutting-edge software and design. This also marks our first formal bank partnership and we’re excited to continue the process of working with banks to help them reach more of the market.”
Research estimates that Californians alone pay $450 million in predatory loan fees each year. By offering lower fees, higher loan amounts, and more time to repay the loan, the Personal Builder loan seeks to keep more of that money in communities while expanding access to mainstream financial services and free financial empowerment education. “We are dedicated to increasing financial well-being for all of our stakeholders,” said Co-CEO, Dan Skaff.
About Beneficial State Bank Beneficial State Bank is an FDIC-insured Community Development Financial Institution (CDFI) and certified B Corporation that serves businesses, nonprofits, and individuals. Beneficial State answers to a triple bottom-line measuring its financial, social, and environmental impact to meet the needs of its communities. Beneficial State has a unique ownership structure-- its profits can only be distributed to Beneficial State Foundation to support our communities and the environment. The bank is headquartered in Oakland, California with branches in Seattle, Washington, Portland, Oregon and loan production offices in Sacramento and Santa Rosa, California. For more information, visit www.beneficialstate.com.
About LendUp Technologies, Inc LendUp Technologies, Inc. builds technology to expand credit access and choice. LendUp Technologies, Inc. is an affiliate of Flurish, Inc. dba LendUp. Its proprietary technology provides credit building loans that are lower cost, transparent, and available on any smart phone or computer. LendUp is located in downtown San Francisco and is backed by prominent Silicon Valley investors such as Y-Combinator, Google Ventures, Kleiner Perkins, Andreessen Horowitz Seed Fund, Startfund, Data Collective, Kapor Capital, Eagle Cliff Partners, Susa Ventures, SVAngel, Thomvest Ventures, Founders Coop, AFSquare, among other highly regarded angel investors and entrepreneurs.