SAN FRANCISCO (8/13/14)--Flurish Inc., doing business as LendUp, has signed two service agreements with MoneyGram, a global money transfer and payment services company and a CUNA Strategic Services alliance provider.
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.
For the initial service rollout, 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.
"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/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 the collaboration.
Recent research published by the Center for Financial Services Innovation confirmed that among small-dollar credit 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," said Pete Ohser, MoneyGram's executive vice president of U.S. and Canada.