Alchemy is now providing a white-label, customizable line of credit score platform accessible for Fintechs, banks, and different monetary providers corporations.
Alchemy explains that the road of credit score product differs from the standard installment loans in a number of methods. Most significantly, the open-ended nature of the product permits the shopper to attract and payback with out the necessity to re-apply. Alchemy’s service is alleged to be relevant for giant, nationwide monetary providers corporations with hundreds of branches. Clients may apply on-line with no want to go to any branches. Alternatively, a person may go right into a department to finish the method.
Founder and CEO of Alchemy Timothy Li defined that they spoke to tons of of various lenders earlier than 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,” stated Li.
Li instructed 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 provides an end-to-end service offering a loan origination system, choice engine, loan administration system, fee gateways and extra. The corporate has enabled over $200 million in loans up to now.