SANTA MONICA, Calif .– (COMMERCIAL THREAD) – Lenny today announced the nationwide launch of its new money lending app with peer-to-peer payment capabilities. The platform provides lines of credit to millennials, while helping them build healthy credit scores.
Users simply create a Lenny account by downloading the app and signing up and then can apply for an initial line of credit from as low as $ 100 up to $ 10,000 with 0% interest when balances are paid off. in full and on time. This increases at rates ranging from as low as 4% and average interest of 9.8% when payments are not made in full. A exclusively mobile lender, Lenny uses a credit decision algorithm to determine an individual’s credit rating. Once a line of credit has been approved, users can cash in to their bank account or instantly pay their friends using the peer-to-peer payment feature. When repayments are made on time, users’ credit limits can increase up to $ 1,000 per quarter.
“Lenny is building a one-stop-shop organization that serves the financial needs of a generation,” said CEO and co-founder Joe Bayen. “We help individuals improve their credit scores by letting major credit bureaus know when payments are made on time. Your improved credit score can then be used to rent a home without the need for a co-signer, help secure good credit cards, and more.
In an era when the average American college student leaves school with $ 35,000 in debt, students and graduates need help obtaining loans and financial advice more than ever. Millennials are doomed to enter the workforce with a financial handicap and minimal knowledge of how credit scoring systems work. Lenny solves this problem by providing a unique set of financial tools and ongoing financial education through his blog.
While Venmo is the current leader in peer-to-peer payments, Lenny breaks the mold by operating primarily as a loan service that will soon provide free credit scores to its customers. Likewise, while there are a number of competing products on the market, Lenny is the only lender to focus on mobile, allowing young and old to monitor their finances using their preferred financial technology. With 59% of US millennials accessing their bank accounts through mobile technology, Lenny is making the most of this market trend.
Bayen, who before arriving in Miami lived in Cameroon and France, is well aware of the problem a bad credit score can throw at you. After using a credit card to buy a car in college, he ended up with a bad credit score. Now that he has fought his way out of these difficulties, Bayen is keen to make sure that no other student or graduate is left with the handicap of a detrimental credit rating.
“Millennials, racked up with student debt and tuition fees, already have enough disabilities when they enter the workforce,” adds Bayen. “Our entire team is ready and waiting to make sure they don’t have similar issues with their credit scores either. ”
Lenny is the first mobile-only lending app to help Millennials manage and secure their credit scores. Founded by CEO Joe Bayen and CCO Francesco Matteini, Lenny helps users get credit and improve their credit scores to help them later in life. Lenny is an approved lender in the State of California. All lines of credit are subject to approval. Prices and conditions may vary. Baths and conditions of application.