Lenny Launches Money Lending App at SXSW, Providing Credit Lines to Millennials and Helping Build Credit Scores

  • Lenny, the lending app aimed at millennials, has launched, bringing
    a combination of credit lines, budgeting advice and transparent credit
    scores.

SANTA MONICA, Calif.–(BUSINESS WIRE)–Lenny
today announces the nationwide launch of its new money lending app with
peer-to-peer payment capabilities. The platform provides credit lines to
millennials, all while helping them build healthy credit scores.


Users simply set up a Lenny account by downloading the
app
and signing up and can then apply for an initial credit line
from as little as $100 up to $10,000 with 0% interest when balances are
repaid in full and on time. This increases to rates ranging from as low
as 4% and averaging 9.8% interest 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 a 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. When
repayments are made on time, users’ credit limits can increase by up to
$1000 a quarter.

“Lenny is building a one-stop shop organization that serves the
financial needs of a generation,” says 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.”

At a time when the average U.S. college attendee is leaving education
with $35,000
worth of debt
, students and graduates need more help than ever when
it comes to securing loans and financial advice. Young millennials are
doomed to enter the job market with a financial handicap and minimal
knowledge of how credit score systems work. Lenny fixes this by offering
a unique set of financial tools and continual financial education
through their blog.

While Venmo is the current leader in peer-to-peer payments, Lenny breaks
the mold by operating primarily as a lending service that will soon
supply free credit scores to its clients. Similarly, while there are a
number of rival products on the market, Lenny is the only lender that is
mobile first, allowing both young and old millennials to monitor their
finances through their preferred financial technology. With
59% of US millennials
accessing their bank accounts via mobile
technology, Lenny is making the most of this market trend.

Bayen, who before arriving in Miami lived in Cameroon and France, knows
first hand
the problem that a poor credit rating can give you. After
using a credit card to purchase a car while in college, he landed
himself with a poor credit score. Now having fought his way out of those
difficulties, Bayen is keen to make sure that no other students or
graduates find themselves with the handicap of a damaging credit rating.

“Young millennials, piled high with student debt and college fees,
already have enough of a handicap when they enter the labor market,”
Bayen adds. “Our whole team is ready and waiting to make sure they don’t
face similar problems with their credit scores, either.”

ABOUT LENNY

Lenny
is the first exclusively mobile led lending app aimed at helping
millennials manage and secure their credit scores. Founded by CEO Joe
Bayen
and CCO Francesco
Matteini
, Lenny helps users secure credit and boost their credit
rating to help in later life. Lenny is a licensed lender in the State of
California. All credit lines subject to approval. Rates and terms will
vary. Terms and conditions apply.

Contacts

Lenny
Eddie Arrieta, 1-646-580-6997
eddie@publicize.co
or
melissa@getlenny.com