Ascend, an online lender that rewarded borrowers who used loans to rebuild credit with a lower interest rate, stopped lending in June 2017.
The San Francisco-based company focused on making personal loans to poor-credit borrowers who wanted to rebuild damaged credit. Every month, it rewarded those who showed responsible financial behavior, such as building savings or paying off debt, with lower rates.
Existing loans will continue to be serviced, said Scott Crawford, Ascend’s vice president of product and marketing.
For borrowers who received rate discounts through Ascend, it looked at the maximum reward received over the previous four months and used that for the remainder of the loan term, the company said.
Consider these other options for personal loans
- Personal loans for debt consolidation
- Personal loans for good, average and bad credit
- Where to get a personal loan
Updated Sept. 22, 2017.