Mobile lending startup iCreditWorks is launching an installment product to add to its suite of point-of-sale (POS) financing solutions that allow users to pay for purchases in four instalments.
The Pay-In-4 installment loan offered by iCreditWorks is paid by the customer in four equal installments. The first payment includes 25% of the loan, which is due at origin and must be paid by debit card, according to a press release issued Tuesday, August 9. No credit check is required.
“With Pay-in-4, we now offer a full suite of financing options to consumers through our unparalleled mobile app experience. Our platform presents the best loan offers to applicants across the spectrum of credit in seconds,” CEO Scott Young said in the statement.
“Loan offers now range from a short-term Pay-in-4 loan for as low as $100 to a standard $20,000 60-month loan, all with high approval rates,” said Young.
See also: Goldman Sachs trader Scott Young leaves for iCreditWorks
Young was chief commercial officer of Goldman’s Marcus consumer unit before leaving Goldman in May for iCreditWorks, PYMNTS reported at the time. At Goldman since 2017, he helped the bank secure an Apple Card deal and was known as an accomplished negotiator.
The new short-term installment loans offered by iCreditWorks are being promoted as an alternative option for healthcare payments instead of using credit cards. The startup pointed to the use of the product as particularly beneficial in the dental sector, according to the release, where affordability is often a season when people neglect to seek treatment.
“With the introduction of the Pay-In-4 loan, we continue to focus on only presenting responsible financing options that allow more consumers to say ‘YES’ to care,” said Cristian Mandachescu , director of risk management.
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Pay-In-4 loans will be available from all providers participating in the iCreditWorks program, according to the release.
Based in Iselin, New Jersey, and founded in 2020 by Chairman Stephen Sweeney, iCreditWorks offers a wide range of POS financing products on its mobile app.