Alchemy is now offering a white-label, customizable line of credit platform available for Fintechs, banks, and other financial services firms.
Alchemy explains that the line of credit product differs from the traditional installment loans in several ways. Most importantly, the open-ended nature of the product allows the customer to draw and payback without the need to re-apply. Alchemy’s service is said to be applicable for large, national financial services firms with thousands of branches. Customers may apply online without a need to visit any branches. Alternatively, a user may go into a branch to complete the process.
Founder and CEO of Alchemy Timothy Li explained that they spoke to hundreds of different lenders before launching the product:
“Our new line of credit product is designed to be flexible and adaptable to each lender’s needs. Whether you are running on a federal bank charter or regulated at the state level, our product can help with your needs,” said Li.
Li told Crowdfund Insider:
“Many Fintech lenders are looking for a way to better serve their customers while lowering cost. A line of credit product fundamentally reduces the cost of acquisitions as well as increase customer intention. This product will be a great addition to any banks and financial service’s line up. Giving their customers a choice of graduating from an installment product to a line of credit product is key for today’s competitive environment.”
Alchemy’s platform offers an end-to-end service providing a loan origination system, decision engine, loan management system, payment gateways and more. The company has enabled over $200 million in loans to date.