STARLING ROLLS OUT LOANS FOR CUSTOMERS: UK-based neobank Starling has introduced its first loan product, which is accessible via its app and allows users to borrow up to £5,000 ($6,367) with an annual interest rate between 11% and 15%. The application process is said to only take minutes, and customers need to provide details about monthly income and spending. Once approved, the money will be transferred into the user’s account instantly, and customers can choose repayment days and the period of the loan themselves. Starling already rolled out overdrafts for its customers, but they are more expensive than the newly launched loan product. As such, customers who already have an overdraft with Starling can now convert this into a loan, which will save them money. Building loan services in-house is likely a lucrative option for neobanks, as Revolut, which currently offers loans via a partnership with Lending Works, has confirmed that it wants to roll out its own loan service. While many neobanks are looking to form marketplaces for consumer finances via partnerships, loans will likely be an offering they provide in-house, as these products are particularly high revenue generating.


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