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Lydia startup offers consumer credit

Published on July 30, 2020 - 2 mins reading time
Bank watch
Lydia continues to diversify. On July 6, the online financial services platform announced a partnership with Younited Credit to offer consumer loans. Read all about it.

A credit offer from 500 to 3,000 euros

Startup Lydia has teamed up with Younited Credit, the specialist retail lending platform, to launch an online consumer credit offer. Called "Petit Prêt Express", this offer enables app users to borrow between 500 and 3,000 euros over a period of between 6 and 36 months.

Lydia claims that the service, which will be available from this summer, will be "significantly cheaper" than that offered by traditional banking players. The fintech is counting on the automation of its processes, its technological expertise and that of its new partner, "particularly in the exploitation of data", to offer competitive rates.

Ultra-fast, simplified subscription

Lydia's offer is designed for the post-Covid-19 period, a difficult economic climate for households, young workers and students. In concrete terms, users of the application will be able to subscribe to the offer "ultra-fast" and simplified online. Once the credit application has been finalized, they will receive a definitive answer "at the latest" within 24 hours, says the startup. In the event of a positive response, the money is credited to the bank account of their choice within 7 days, in order to comply with the legal withdrawal period. It can be used freely to finance equipment projects, travel or the purchase of a new or used vehicle.

As for the cost of credit, the partners assure us that"there are no hidden charges". Information is provided to the user at the time of subscription, in full transparency.

Responding to users' expectations of immediacy

Since 2018, Lydia has offered an instant loan for borrowing up to 1,000 euros, repayable over a maximum of 3 months. This offer, which is aimed at troubleshooting, will continue to exist and will be complemented by the one launched in partnership with Younited Credit. In this way, the fintech aims to further diversify and meet its users' need for instant access.

By early 2020, Lydia had nearly 3 million customers. It is one of the Top 5 financial mobile applications. Through this new alliance with the online consumer loan distribution platform, the startup intends to consolidate "its position as an everyday super-app" by expanding its range of financial services. The company is backed by a number of investors, including Tencent, XAnge, New Alpha, CNP Assurance and Groupe Duval.