When unbanked and underbanked people need money, they turn to non-bank sources of credit, like pawnshops and payday lenders, that can sink them further into a debt cycle with outrageous fees, interest rates or unrealistically short periods of time before their loans come due. This creates a HUGE burden for the consumer and an endless cycle of revolving debt. Some people take out 2-3 of these types of loans at a time just to survive. That same consumer will then take out 2-3 more of these types of loans 2 weeks later just to payoff the previous loans. We want to CHANGE this cycle and HELP people rethink their financial decisions.
We at CashButton want to help these borrowers get out of that debt cycle and become more credit-worthy over time simultaneously. To that end, we have setup direct relationships with the few lenders who have that same vision such as Lendup (a Google Ventures backed company), Prosper, Avant Credit, RISE Credit and others to help borrowers get into a new type of loan to fix their immediate cash needs. These lenders then help the consumer to become more financially literate and better managers of their budget. Also, when a borrower has successfully repaid their loans to each of the lenders within established terms, those lenders will report information back to the appropritate credit rating agencies. This helps to increase the borrowers credit worthiness.
Despite all the effectiveness of the lending options and products, each lender has specific requirements for the type of consumer they have the ability to lend money to. Also, each of our lenders has slightly different styles of lending. Our site is really just a FREE tool that helps to alleviate the difficulty in matching your situation with the lending styles and requirements for each of these lenders.
Using our matching tool will require you to submit some information about your current situation. This is to match you with the best lender to meet your needs who shares our same vision. After providing the details of your situation, you will receive a list of lenders (example) that match your situation. When you select a lender, your information will be transmitted then to the lender so your account can begin with their institution. We will also direct you to their site so you can learn more about them.
LendUp is a trusted direct lender with a unique approach to getting out of the payday cycle. This approach is called the LendUp Ladder. As you climb, you earn access to more money at better rates for longer periods of time, and ultimately you can increase your credit score. Read more at Lendup.com LendUp featured in Wall Street Journal
RISE Credit developed a concept called RISE Rewards. RISE Rewards allows you to receive points by participating in various activities and transactions with your RISE account, such as completing a Financial U course or making timely loan payments. Accrued points can be used to lower your rate on your existing or future RISE loan. Read more at RiseCredit.com
Avant Credit's solution to ending the payday cycle is to increase the loan re-payment period and give larger loan amounts at lower interest rates. Avant also puts the responsibility on the borrower to make their payments monthly - whereas payday lenders automatically take the money out of the borrowers bank account. Read more at AvantCredit.com
Prosper pioneered the peer-to-peer lending market. This enables investors and borrowers to connect directly. Prosper cuts out the middleman and connects people who need money with those who have money to invest at very reasonable interest rates and re-payment periods. Read more at Prosper.com