They aren’t calling it “CorduroCare” – at least not yet. But the new partnership between a pair of Finovate alumni does aim to make it easier for people to pay their medical bills.
As reported in a VentureBeat exclusive, a program launched by Corduro and LendUp will allow patients at participating hospitals to take out loans through LendUp. First-time borrowers will be charged up to 15% of the total loan amount, and discounts are available for borrowers who make timely payments, pay early, or take advantage of LendUp’s credit betterment/financial health resources.
Once approved, borrowers use Corduro’s mobile app (available for both iOS and Android) to pay their bill. The largest hospital currently participating in the program is Dignity Health, a non-profit hospital network in California.
Corduro was founded in 2010 and is headquartered in Southlake, Texas. The company’s PayMobile app enables one-touch payments, credit card acceptance, and also includes a secure mobile wallet.
Based in San Francisco, California, LendUp was founded in November 2011 by Sasha Orloff and Jacob Rosenberg. The company’s LendUpLadder solution provides small dollar loans to help borrowers manage expenses and build credit.
Corduro and LendUp both demoed their technology at FinovateSpring 2013 in May, with LendUp winning Best of Show honors. Watch Corduro’s presentation here. See LendUp in action here.