While the personal loan has been around for centuries and the credit card has been around for decades they have never been combined into one product before. Until now. On stage at LendIt Fintech USA 2018 today Renaud Laplanche, the CEO and co-founder of Upgrade, will announce this groundbreaking new product.
I chatted with Renaud last week to get the latest news on Upgrade and to talk about this new product. He immediately wanted to start talking about financial health. As an industry we should be doing more to help the overall health of consumers and not just sell them a personal loan.
At Upgrade they are trying to do just that. They have released a broad suite of free tools to help consumers understand their credit health. They have credit monitoring tools like many other vendors but what Upgrade has done that is new is create a credit score simulator. This tool will show you a couple of dozen “what if” scenarios personalized to your own situation that are very practical and useful. There are also many articles and short videos to help people understand credit more. Having both credit monitoring and loans under one roof also provides benefits to users with a tighter integration between the two products.
There is more to discuss here but let’s get back to the focus of this article: Upgrade’s new Personal Credit Line.