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

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

LendUp and Beneficial State Bank Expand Their Relationship

The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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