CRED launches new credit and lending app
What's the story
CRED, a leading player in India's fintech space, has launched a new standalone app called 'Cash by CRED.' The innovative platform is designed to help users evaluate their borrowing capacity and access loans based on their financial profile. The company said the app combines multiple credit-related tools, including credit score checks, loan calculators, and affordability analysis into a single platform.
User benefits
App open to all users
The new app isn't just for CRED members, but is open to all users. It analyzes spending patterns to estimate monthly surplus income and determine the level of equated monthly installments (EMIs) they can manage. The platform also provides information on interest costs, fees, and other charges before presenting loan offers to eligible users.
Founder insights
Aimed at promoting responsible borrowing
Kunal Shah, the founder of CRED, said the app is aimed at promoting responsible borrowing and repayment behavior. He emphasized that Cash by CRED provides users with greater transparency and context around credit decisions. This move comes as digital lending platforms continue to expand services aimed at simplifying credit access and improving transparency around borrowing.
Credit improvement
Cash by CRED currently available for Android devices
The company said the platform aims to help users build stronger credit histories by providing tools that assess affordability before offering loans. Cash by CRED is currently available for download on Android devices. Financial terms, loan offers and eligibility criteria will vary based on individual user profiles and lender assessments.