LendUp Adds Instant Online, Mobile Loans

Short-term lending startup LendUp is now offering “instant” online and mobile loans, according to TechCrunch.

LendUp can now deposit money into accounts in as little as 15 minutes, as opposed to the four-day process that many other services offer. TechCrunch notes that -participating banks currently offer instant direct deposits and loan decisions through LendUp. Users with non-participating banks have to wait to receive loans until the next business day.

PYMNTS.com spoke with Sasha Orloff, cofounder and CEO at LendUp, shortly after his platform launched last October.

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