Starling Bank Launches First Personal Loan Product

UK-based mobile-only bank, Starling Bank , announced its first loan product; users can apply in-app to borrow up to £5,000. Once approved, they will choose both the day a repayment is made and over what period.

The loans will help customers plan in advance of purchases for big ticket items, like cars or home improvements. Alternatively, they can use the loans to spread the costs of items they have already bought.

“Our spread the cost loans offer a structured repayment schedule giving customers greater flexibility and control of their money. If an unexpected bill hits your account, or you are faced with an unavoidable large expense, you’ll be able to spread the cost with a loan and choose a repayment method, including both the time period and monthly repayment amount that suit you.” – Starling Bank’s Head of Lending, Stuart Leak.

Bottom Line: a financial ecosystem in the making. The Starling Marketplace allows users to store and manage receipts, access investment manager Wealthsimple, earn points and rewards using Yoyo Wallet and purchase travel insurance powered by Kasko and underwritten by AXA; to name a few.