LendUp and Beneficial State Bank Expand Their... - Card Issuers News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » LendUp and Beneficial State Bank Expand Their Relationship

LendUp and Beneficial State Bank Expand Their Relationship

Add to Favorites:

Beneficial State Bank, a social enterprise bank, and LendUp, a socially responsible lender, have inked a deal quadrupling the number of L Card’s available to consumers. The L Card is the duo’s joint credit card especially designed for people who have trouble getting credit cards due to either a poor credit score or a compromised credit profile.

The two rolled out the L Card in 2015, and this expansion is seen as a way for them to give more people access to credit, specifically those whose credit falls below the point where banks typically authorize a credit card.

“It’s uncommon to find a fintech startup and a bank who are so completely aligned on the same North Star, but that’s exactly the case with LendUp and Beneficial State. Like LendUp, Beneficial State is committed to expanding consumer credit access in a socially responsible way, and we’re proud to call them our partner,” said Sasha Orloff, LendUp co-founder and CEO.

“Our partnership is a perfect example of bringing our house-built technology, product design and educational experiences to bear for a similarly mission-driven bank and well-deserving consumers across the country,” she said.

Life with subprime credit costs more

Do people with subprime credit pay more for their financial products? Yes, according to the Credit Builders Alliance, finding that they typically pay more interest than people with good credit during their life. They indicate that these consumers pay $250,000 more than their counterparts.

According to research conducted by LendUp, many of their customers don’t have access to mainstream credit card products, like rewards credit cards (98.5%) and store reward-based credit cards (66.5%).

The L Card

The L Card was designed to let people build their credit card health over time. The annual fee for this card ranges from $0-$60 annually, and the APR falls in the 19.99% to 29.99% range.

This card comes with a wide range of features, including:

  • No over-the-limit fees or security deposits
  • Reports are sent to the three leading credit bureaus
  • Payments are affordable

They provide users with educational videos to help them become financially savvy.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Retail Credit Cards Are a Tough Sell with Consumers
Retail Credit Cards Are a Tough Sell with Consumers

Posted: April 10, 2017

Applying for a retail credit card can be a hard sell in store for some consumers, according to a new study by Vyze, a cloud-based financial technology company, finding that they are concerned about everything from security issues to long... Continue reading
Consumers Want More from Their Credit Cards
Consumers Want More from Their Credit Cards

Posted: April 20, 2017

Credit cards are definitely trending with consumers according to a new study by Harris Polls, and they know what benefits they want to come along with their cards, including no annual fees and reduced or waived late fees. Continue reading
New Deal for Alliance Data and Signet Jewelers
New Deal for Alliance Data and Signet Jewelers

Posted: June 15, 2017

Signet Jewelers and Alliance Data Systems Corporation have inked a new deal, paving the way for Alliance to become the Jeweler's primary issuer of private-label credit cards. With this agreement, Alliance Data will also take on about $1... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit