French startup Lydia is saying a brand new partnership with Younited Credit, which helps you to borrow something between €500 and €3,000 and pay again inside 6 to 36 months. The characteristic shall be launched in France sooner or later in the course of the summer time.
This isn’t the primary time Lydia is enjoying round with credit score. The firm already partnered with Banque Casino to let customers borrow between €100 and €1,000. But that characteristic was restricted to short-term credit score as you needed to reimburse every part over three installments.
This time, you’ll be able to borrow extra money and you’ve got extra time to pay again your mortgage. Lydia will attempt to be as clear as potential relating to pursuits. And there’s no payment in case or early reimbursement.
Compared to the primary credit score product, you’ll be able to’t borrow cash immediately. You apply for a mortgage within the app and get a solution inside 24 hours. If you settle for the provide, you could have seven days to vary your thoughts — it’s a regulatory requirement in France. You then obtain cash in your account.
By providing two totally different credit score merchandise, Lydia needs to cowl extra use circumstances. If one thing sudden occurs (your laptop computer broke down, it’s important to ebook an emergency flight, and so on.), you’ll be able to borrow as a lot as €1,000 in only a few seconds.
You obtain the cash in your Lydia account and you can begin utilizing it immediately utilizing a digital card, Apple Pay, Google Pay, Samsung Pay, Lydia’s debit playing cards or Lydia’s peer-to-peer funds.
Fees on immediate credit score traces are fairly excessive as you pay 3.13% in pursuits and a one-time payment of €6.90 to €19.90 to obtain the cash immediately relying on how a lot you borrow.
If you’re planning an enormous buy however you’ll be able to wait every week, you’ll be able to undergo the brand new credit score providing with Younited Credit . This isn’t the primary time Younited Credit gives an built-in credit score product with one other fintech startup. For occasion, N26 additionally gives credit score traces with Younited Credit in France.
Lydia began as a peer-to-peer fee app with 3.5 million customers in Europe. It just lately raised a $45 million funding spherical led by Tencent. The startup now needs to construct a market of economic merchandise. And integrating Younited Credit within the app appears in step with that technique.
Lydia introduces credit score traces