French startup Lydia is announcing a brand new partnership with Younited Credit, which helps you to borrow anything between €500 and €3,000 and pay back within 6 to 36 months. The feature will be released in France in some unspecified time in the future through the summer season.
This isn’t the first time Lydia is playing round with credit. The corporate already partnered with Banque On line casino to let customers borrow between €100 and €1,000. However, that function was restricted to short-term credit as you needed to reimburse everything over three installments. This time, you can borrow more money and also you have extra time to pay again your mortgage. Lydia will try to be as clear as possible when it comes to pursuits. And there’s no price in case or early compensation.
In comparison with the primary credit score product, you’ll be able to borrow money immediately. You apply for a mortgage within the app and get a solution inside 24 hours. Should you settle for the provide, you have seven days to alter your mind — 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 instances. If one thing sudden occurs (your laptop computer broke down, you have to guide an emergency flight, and so forth.), you’ll be able to borrow as much as €1,000 in only a few seconds.
You obtain the money on 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. Charges on on the spot credit score traces are fairly excessive as you pay 3.13% in interests and a one-time charge of €6.90 to €19.90 to obtain the money immediately relying on how much 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 provides an integrated credit product with one other fintech startup. For instance, N26 additionally provides credit score traces with Younited Credit in France.
Lydia started as a peer-to-peer payment app with 3.5 million users in Europe. It recently raised a $45 million funding spherical led by Tencent. The startup now needs to construct a market of financial products. And integrating Younited Credit within the app appears according to that strategy.