Yendo offers a credit card backed by vehicle equity, allowing users to access credit limits up to $10,000 based on their car's value. This service provides affordable credit access to individuals with varying credit scores, addressing the challenge of limited financing options for those in need.
Funding
$260.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals with limited or damaged credit histories face challenges in accessing affordable credit options, hindering their ability to cover essential expenses or build a positive credit profile. Traditional credit cards often have stringent approval requirements, leaving a significant portion of the population underserved.
Solution
Yendo provides a Mastercard credit card secured by the equity in the user's vehicle, offering credit limits up to $10,000 based on the car's value. This approach allows individuals with varying credit scores to access credit at more affordable rates compared to alternatives like title loans or payday loans. The application process includes a pre-approval step with no impact to the applicant's credit score, followed by verification of identity and vehicle details. Upon approval and title drop-off, users gain immediate access to a virtual card for online and mobile payments, while a physical card is mailed to them. Yendo reports payment activity to all three major credit bureaus, enabling users to build or rebuild their credit with responsible card usage.
Target Audience
Yendo targets individuals with limited or damaged credit who own a vehicle and seek access to affordable credit-building opportunities.
Features
- Credit limits ranging from $450 to $10,000, determined by vehicle equity and ability to repay
- Virtual card access immediately after approval for online and mobile payments via Apple Pay, Google Pay, and Samsung Pay
- Physical Mastercard for in-person purchases
- Credit-building opportunities through responsible card use and reporting to Experian, Equifax, and TransUnion
- Cash advance feature for fast access to funds
- Referral program that rewards users for referring friends and family
- Online account management and payment options, including ACH, debit card, and cash payments
- Customer service support available to assist with application and cardholder inquiries