The Credit Thing represents a simplification of the product, which now offers up to 62 days of interest-free credit and starting limits of up to GBP 1500 at an APR of 27.9%. The Credit Thing uses underwriting to help the 15+ million customers who are left behind by big banks a better chance of being approved and a neobank experience once they are. It can be challenging to get on the credit ladder, even with no issues in the past.
Using Open Banking, customers can link their current accounts as part of the application process, which means customers whose credit histories look thin or non-existent can reportedly prove their creditworthiness. In addition, customers apply in-app rather than online and are issued with a virtual card as soon as they are approved, which can then be added to Apple Pay or Google Pay or used to spend online.
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