Get a loan as easily as downloading a mobile app
Lenny, a lending provider that caters to millennials, this past week announced the nationwide launch of its new money lending app with peer-to-peer payment capabilities.
Users set up a Lenny account by downloading the app and signing up and then apply for an initial credit line from $100 to $10,000 with 0 percent interest when balances are repaid in full and on time, according to a press release. This increases to interest rates starting at 4 percent and averaging 9.8 percent when payments are not made in full.
An exclusively mobile-first lender, Lenny uses a credit decisioning algorithm to determine an individual's credit score. Once their credit line has been approved, users can cash out to their bank account or instantly pay their friends using the peer-to-peer payment function. Users who repay loans on time can increase their credit limit by up to $1,000 each quarter, the release said.
"Lenny is building a one-stop shop organization that serves the financial needs of a generation," said Lenny CEO and co-founder Joe Bayen. "We help individuals improve their credit scores by informing major credit bureaus when payments are made on time. Your improved credit score can then be used to rent a house without needing a cosigner, help secure great credit cards, and more."