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Get an 'A' and get a microloan. Is that really so smart?
A new microloan platform for those debt-laden millennials has teamed up with Dwolla to power its money transfer platform.
Dwolla is, of course, one of the original banking disruptors. It offers white label services to other startups like Lenny to provide a secure way to make payments.
Lenny, which hasn’t launched yet, takes into account student GPAs when calculating creditworthiness. The startup claims that using Lenny will help students establish a credit history. Which seems like a weak come-on: after all, isn’t everybody writing about the student debt that millennials are now shouldering? Doesn’t that give them credit history? Why layer on more credit.
And let’s pause and think about the name: Lenny. Is that to make students think loans are just adorable, little pets?
Lenny is also aspirational. In the Parker Warby mold, Lenny promises to “to promote education in impoverished countries via select charities around the globe.”
Photo: Chris Burke