Get credit based on your vehicle

Picture this:

You are a truck driver named Donald, and you took out a title loan on a truck worth between $15,000 and $20,000. This loan is 30 days long and has a 500% annual percentage rate (APR). Donald owns the truck outright but pledged the title to your car as collateral against the loan.

Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo is trying to change that by providing a service that allows people to tap into their vehicle’s equity for access to credit, with the upper rate of APR being 24%.

A user through the app can apply and get pre-approved within minutes for standard interest-rate cards, which are drastically cheaper than the loans available for a car. The user is then taken through the process of remotely validating their information with hardware provided by the company and activating their new Yendo credit card.

Consumers can then use those credit cards to help pay for in-store and online purchases, allowing them to build credit and earn rewards, and their repayment history is reported to the credit bureau.

Credit cards from Yendo have credit limits ranging from $450 up to $10,000. where the credit line depends on the make, model, mileage, and condition of the user’s vehicle in addition to their ability to repay.

And if Donald needs to, he can trade in his vehicle through the platform for a different car of lesser value to make strides towards repayment.

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