Lydia, the French peer-to-peer payment app startup, recently announced a new strategic partnership with Younited Credit to allow customers to borrow between €500 and €3,000 and with repayment options ranging from 6 to 36 months. Users can apply for the loan directly in the app with approvals granted within 24 hours. If the consumer accepts the offer, they have seven days to change their mind.
Consumers will receive their money directly on their Lydia account and can use the funds on Apple Pay, Google Pay, Samsung Pay, Lydia’s debit cards, or Lydia’s peer-to-peer payments. Fees on the credit 3.13% and include a one-time fee of €6.90 to €19.90, depending on how much money was borrowed.
During times of financial hardship—which the COVID-19 pandemic has spurred—many consumers are looking to take out loans to bridge payment gaps while they are temporarily off work. Apps like Lydia are a great resource to help consumers stay afloat.
24-Hour In-App Loans
Lydia Partnered with Younited Credit to Offer Longer Repayment Plans
Trend Themes
1. Peer-to-peer Lending - The partnership between Lydia and Younited Credit highlights the potential for peer-to-peer lending within the financial industry.
2. Mobile Loan Applications - The ability to apply for a loan directly within the Lydia app showcases the potential for mobile loan applications in the financial industry.
3. Flexible Repayment Plans - The range of repayment options offered by Younited Credit through Lydia's app suggests a growing demand for more flexible repayment plans available within the lending industry.
Industry Implications
1. Financial Technology - The partnership between Lydia and Younited Credit highlights the potential for disruptive innovation within the financial technology industry.
2. Peer-to-peer Lending Platforms - The availability of a 24-hour loan approval process through the Lydia app suggests the disruption of traditional lending platforms in the financial industry.
3. Mobile Payment Solutions - Lydia's ability to offer loan services within their mobile payment app showcases a potential disruption to traditional payment solutions in the mobile payments industry.