Cred Allow Users To Pay Rent Using Credit Card
Cred App popularly know as credit card payment mobile application lead by Kunal Shah is going to bring two new service for its users flexible credit line and paying your rent via credit cards by the end of this week , company is working very closely with its banking partner to make this lending product live.
Service would be free of cost, but rent payment service may be included i.e 1.75% of the total amount and credit line would be offered at around one-third of current interest rates in the market.
Cred is going to launch this feature on a pilot for selected group of people and if things go well in the pilot phase these feature will be live for all the Cred users, credit card player charges around 36-42% interest annually on the payment, ie 3%-3.5% interest monthly roughly, which is very painful for the customer, but paying the rent from Cred seems to be a much more economical option than paying directly through your credit card.
To pay rent via Cred, user has to add bank account details of the landlord or he can also add (UPI) unified payment interface handle of the landlord.
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Cred has one of the unique business model wilh initially offer its product to only those customers whose credit scores are at least 750 and people with lower scores will be initially waitlisted.
Cred is backed by investors Sequoia Capital, Ribbit Capital, DST Global, Tiger Global, General Catalyst among others. It has raised more than $170 million funding since launch.
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