Mobile lending startup iCreditWorks is launching an installment product to add to its suite of point-of-sale (POS) financing solutions that enable users to pay off purchases in four payments.
The Pay-In-4 installment loan offered by iCreditWorks is paid by the customer in four equal installments. The first payment comprises 25% of the loan, which is due at origination and must be paid by debit card, according to a press release on Tuesday (Aug. 9). No hard credit check is necessary.
“With Pay-in-4, we now offer a full suite of financing options to consumers through our unrivaled mobile app experience. Our platform presents the most beneficial loan offers to applicants across the entire credit spectrum in seconds,” CEO Scott Young said in the release.
“Loan offers now range from a short-term, Pay-in-4 loan for as little as $100, to a 60-month standard installment loan of $20,000 — all with high approval rates,” Young said.
See also: Goldman Sachs Dealmaker Scott Young Departs For iCreditWorks
Young was chief commercial officer for Goldman’s Marcus consumer unit before leaving Goldman in May for iCreditWorks, PYMNTS reported at the time. With Goldman since 2017, he assisted with helping the bank close a deal with Apple Card and was known as a consummate dealmaker.
The new short-term installment loans being offered by iCreditWorks are being promoted as an alternative option for healthcare payments instead of using credit cards. The startup has pointed to the product’s use as being particularly beneficial in the dental sector, according to the release, where affordability is often a season people neglect getting treatment.
“With the introduction of the Pay-In-4 loan, we continue to focus on presenting only responsible financing options that allow more consumers to say ‘YES’ to care,” Chief Risk Officer Cristian Mandachescu said.
Read more: 2 in 3 Paycheck-to-Paycheck Consumers Prefer to Pay Drs. With Credit
The Pay-In-4 loans will be available through all providers participating in the iCreditWorks Program, according to the release.
Headquartered in Iselin, New Jersey, and founded in 2020 by Chairman Stephen Sweeney, iCreditWorks offers a wide range of POS financing products across its mobile app.