European Open Banking company TrueLayer has announced a partnership with personal loans platform Lendable to provide further insights into the loan processing journey.
TrueLayer will integrate its Account Information Services (AIS) and Variable Recurring Payments (VRPs) products into Lendable’s platform to provide its customers with quicker and more transparent loan information.
AIS will provide countless amounts of data for Lendable to use to gain comprehensive insights into underwriting decisions. Meanwhile, VRPs allow borrowing customers to make more flexible repayments which falls in line with Lendable’s user-centric financial solutions.
Mariko Beising, VP of Financial Services & Partnerships at TrueLayer, 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.”
Lendable offers loans, credit cards and car finance for a wide range of borrowers, aiming to make the lending process simpler and quicker. This is all in the aim to make personal finance hassle-free by leveraging technology such as TrueLayer’s AIS and VRPs offerings.
The integration of VRPs addresses 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 need for tools that can help individuals manage their loans more effectively.
James White, Managing Director at Lendable, added: “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”