Lendable has added recurring payments to its platform by leveraging the services of TrueLayer, according to a company statement.
TrueLayer is an Open Banking provider and Lendable providers loans to consumers. TrueLayer said the new service was incorporated as Lendable leveraged its Account Information Services (AIS) and Variable Recurring Payments (VRP) products into Lendable’s ecosystem. Consumers are starting to expect services like scheduled payments so the feature makes sense for Lendable.
Lendable currently offers loans, credit cards, and auto financing.
Mariko Beising, VP of Financial Services & Partnerships at TrueLayer, said a personal loan shouldn’t be a long and involved process. Individuals expect rapid decisions and flexible payments. As consumer debt is on the rise, services like these can help users navigate their financial life effectively.
TrueLayer is currently active in 21 countries serving over 10 million users.