EXCLUSIVE— Lending startup Upgrade is opening a new personal credit line today, designed to give customers all of the benefits of credit with none of its flaws.

The product is essentially a cross between a typically credit card and a traditional personal loan, Renaud Laplanche, company CEO and c0-founder, told Bank Innovation. Laplanche previously co-founded and served as the CEO of personal lender, LendingClub.

Personal loans are “easy to budget for, but certainly not as convenient and flexible as a credit card,” Laplanche said. “[Customers] will pay interest on the exact amount of credit used, but it turns into an installment loan at the end of every month.”

These Personal Credit Line funds can be used like a credit card — and will also come attached with a physical card later in the year, as well as a tokenized version, he said — but have a fixed rate of interest and fixed term, allowing for easier budgeting and financial management by the user.

In addition to the credit line, the startup is also planning to integrate these cards with Apple Pay once they are released, Laplanche said, and is also working on a mobile app of its own, Laplanche told Bank Innovation.

“We are planning to launch a mobile app that also connects [our] Credit Health,” Laplanche said, referring to its PFM products that allow consumers greater transparency into their finances (users who have been rejected for one of Upgrade’s loans can use the product to find out exactly why, and perhaps improve their credit, Laplanche said).

Users of the app, which will be available “in the next few months,” will also be able to monitor their personal credit line on mobile, Laplanche said. The app will be available for both Apple and Android users.

Upgrade, which was officially launched in April of last year, has seen steady growth, according to Laplanche.

While the company is “not disclosing the exact number” of customers, Laplanche said, it is currently originating $100 million in loans per month, with the average loan amount at $10,000 per customer — so, if each loan represents a new customer, the company is adding approximately 10,000 customers per month, he said.

The company currently has $60 million in funding, according to Crunchbase. Customers can sign up for the Personal Credit Line’s waitlist now on the Upgrade website, and can receive funds from $500 to $50,000, Laplanche said. Like its traditional personal loan products, the credit line will be supported by its banking partner, WebBank.

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