Fluris, doing business as LendUp, announced today the signing of two service agreements with MoneyGram, (MGI) a leading global money transfer and payment services company.
For the initial service roll-out, LendUp will enable real-time offline payments for loans issued by LendUp using MoneyGram’s ExpressPayment Service® at 39,000 agent locations in the United States.
LendUp is dedicated to providing consumers better credit products than what are offered by traditional payday lenders. By connecting LendUp’s mobile platform with MoneyGram’s extensive agent network, borrowers now have another convenient option for loan repayment.
“Teaming up with MoneyGram is a perfect example of how we can use technology to enable convenience for our customers,” said Sasha Orloff, LendUp CEO and Co-founder. “Today we are presenting new payment options exactly where many of our customers prefer to do business. Our goal is to make access to money seamless and transparent. This is another huge step in that direction.”
MoneyGram’s ExpressPayment Service is the first of several new products that will be available to LendUp borrowers as a result of this collaboration. In the future, LendUp and MoneyGram expect to introduce products and services that make access to credit products through LendUp quicker and more convenient, as well new payment services valued by LendUp customers.
Recent research published by the Center for Financial Services Innovation (CSFI)* confirmed that among Small Dollar Credit (SDC) consumers, rapid access to funds and store location convenience ranked among their most important product design features.
“The opportunity to offer our ExpressPayment Service through the agreement with LendUp further demonstrates our commitment to providing consumers with innovative and convenient payment options,” says Pete Ohser, MoneyGram’s executive vice president of U.S. and Canada. “With LendUp’s cutting edge technology and consumer-friendly approach to transparency in lending, we see this relationship as a win for both MoneyGram and LendUp, and more importantly for consumers who are looking to improve thetheir financial status.”