At SXSW this year, a new money lending app named 'Lenny' was launched. The app is specifically targeted towards the Millennial demographic and aims to provide them with convenient ways to access a line of credit, budgeting tips and all the while, boost their credit scores.
To begin with Lenny, users are able to sign up and apply for a credit line from a range of $100 to $10,000, with as little as 0% interest when balances are paid in full and on time. In order to determine the credit score of a user, as a mobile-first money lending app, Lenny uses an algorithm.
As well as being of use for keeping personal finances in check, Lenny also includes a peer-to-peer payment function, which makes it easy to arrange transactions.