Hundy Launches Mobile App Turning High Cost Payday Loans Into Low Cost Friends & Family Loans
Now available in the App Store for borrowers in California and lenders nationwide
Hundy, a peer-to-peer micro-lender that empowers the creditworthy to benefit from their good character, announced today at Money 20/20 that it has released the latest update to its lending platform enabling friend-to-friend lending for a low 1% fee. Now, even borrowers who don't pass a credit check, will be able to request a loan from a friend or family member utilizing all the tools of the platform including a signed loan agreement, SMS and email reminders, and automated payment scheduling. Hundy was designed to foster community around a marketplace of borrowers and lenders whose participants benefit from transparent terms, wide availability and low prices.
“Almost half the country can’t cover an unplanned $400 expense,” said Hundy founder and CEO Pete Budlong. “Unfortunately, because many of these folks have limited access to traditional credit, they end up paying exorbitant late fees or overdraft fees, or turning to high priced, unregulated payday loans. We built Hundy to give hard working Americans better access to affordable credit to help pay for things like rent, utilities and groceries. We’ve had over 82,000 people install our mobile app nationwide and have lent out more than $100,000 to Californians in need of a fair, convenient financial cushion.”
“The primary thing that drew us to Hundy was that they had architected a comprehensive platform that creates community around a high frequency use case for lending.” said Jon Lamb, Managing Director of Privatized Capital & Hundy board member. “We’re excited to see the second leg of the platform come to life by evolving the informal lending that happens between friends and family into a regulated, low cost alternative to the payday loan. With this release, Hundy now delivers on our broader vision of financial inclusion by establishing a community of people helping people.”
To learn more about Hundy and to download the app, please go to http://www.hundy.com.
Hundy, a peer-to-peer micro-lender that empowers the creditworthy to benefit from their good character (http://www.hundy.com), is a privately-held, angel-backed company based in Silicon Valley.
For the original news story, please visit https://www.prdistribution.com/news/hundy-launches-mobile-app-turning-high-cost-payday-loans-into-low-cost-friends-family-loans/3715469.