Lending platform Lendable rolls out variable recurring payments with TrueLayer
TrueLayer, Europe’s leading open banking payments network, has today announced a partnership with personal loans platform Lendable. The collaboration marks the successful integration of TrueLayer’s Account Information Services (AIS) and Variable Recurring Payments (VRP) products into Lendable’s innovative financial ecosystem.
Built on simplicity, speed and transparency, Lendable offers loans, credit cards and car finance across a wide spectrum of borrowers. Driven to make personal finance hassle free, more transparent and more accessible, it leverages cutting-edge technology across its products to deliver five-star rated experience to users.
TrueLayer’s AIS and VRP products play a pivotal role in enhancing Lendable’s capabilities. AIS facilitates the seamless collection of data, empowering Lendable with comprehensive insights in underwriting decisions. Meanwhile, VRPs give borrowers more flexible and intuitive repayment options, aligning with Lendable’s commitment to user-centric financial solutions.
The integration of VRPs holds particular significance in addressing the growing challenge of household debt. According to recent statistics from the Bank of England, the annual growth rate for all consumer credit rose to 8.0% in September, the highest since November 2018, highlighting the urgent need for innovative tools that can help individuals manage their loans more effectively.
Mariko Beising, VP Financial Services & Partnerships, said, “Taking out a personal loan shouldn’t be a long and involved process. Borrowers today expect fast decisions and flexible repayment plans. In the face of rising consumer debt, our partnership with Lendable addresses a crucial need, offering timely and intuitive tools to help consumers navigate their financial responsibilities effectively.”
James White, Managing Director at Lendable, echoed the sentiment, saying “With the right tools, we can deliver a flexible and intuitive experience for customers that meets their needs, which is doubly important in financial services where products can otherwise cause unnecessary confusion or stress”
This strategic alliance between TrueLayer and Lendable reflects a shared commitment to pushing the boundaries of what is possible in the financial technology space. As they continue to explore new avenues for synergy, the partnership promises to unlock unprecedented opportunities for both companies and, more importantly, for the consumers that they serve.
