The new product will be released in France at some point during the summer. So far, the French startup has already partnered with Banque Casino to let users borrow between EUR 100 and EUR 1,000. But that feature was limited to short-term credit as customers had to reimburse everything over three instalments.
With this new partnership, customers can borrow more money and have more time to pay back their loan. Lydia will try to be as transparent as possible when it comes to interests. And there is no fee in case or early repayment.
By offering two different credit products, Lydia wants to cover more use cases. If something unexpected happens (your laptop broke down, you must book an emergency flight, etc.), you can borrow as much as EUR 1,000 in just a few seconds, according to TechCrunch.
For immediate big purchases, consumers can go through the new credit offering with Younited Credit. Lydia started as a peer-to-peer payment app with 3.5 million users in Europe. It recently raised a USD 45 million funding round led by Tencent. The startup now wants to build a marketplace of financial products.
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