French startup Lydia is revealing a brand-new collaboration with Younited Credit, which lets you borrow anything between EUR500 and EUR3,000 and pay back within 6 to 36 months. The function will be launched in France eventually throughout the summer season. This isn’t the very first time Lydia is experimenting with credit. The company already partnered with Banque Gambling establishment to let users obtain between EUR100 and EUR1,000. However that feature was limited to short-term credit as you needed to compensate whatever over three installments. This time, you can borrow more cash and you have more time to pay
back your loan. When it comes to interests, Lydia will try to be as transparent as possible. And there’s no fee in case or early repayment. Compared to the first credit item, you can’t obtain money instantly. You make an application for a loan in the app and get a response within 24 hr. If you accept the offer, you have 7 days to alter your mind– it’s a regulative requirement in France. You then get cash on your account. By offering 2 different credit products, Lydia wishes to cover more use cases.
If something unexpected happens(your laptop computer broke down, you have to schedule an emergency situation flight, and so on), you can borrow as much as EUR1,000 in simply a couple of seconds. You receive the money on your Lydia account and you can start utilizing it quickly using a virtual card,
Apple Pay, Google Pay, Samsung Pay, Lydia’s debit cards or Lydia’s peer-to-peer payments. Costs on instantaneous
line of credit are pretty high as you pay 3.13 %in interests and a one-time charge of EUR6.90 to EUR19.90 to receive the cash quickly depending upon how much you obtain. If you’re preparing a huge purchase however
you can wait a week, you can go through the new credit offering with Younited Credit. This isn’t the firsttime Younited Credit uses an integrated credit item with another fintech startup. For instance, N26 likewise offers line of credit with Younited Credit in France. Lydia began as a peer-to-peer payment app with 3.5 million users in Europe. It just recently raised a$45 million funding round led by Tencent. The start-up now wishes to develop a marketplace of financial items. And integrating Younited Credit in the app seems in line with that method. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.