Twino has launched a virtual credit card product in Poland to allow consumers to borrow flexibly with an individual credit limit available.
The European peer-to-peer lending platform’s Polish lending company NetCredit launched the credit line. Twino has added it to its platform for investors to fund.
The product, which allows customers to receive and use virtual credit cards within the Mastercard payment system, has a 12 per cent per annum interest rate for lenders and comes with a term of 12 months.
Twino said the term is expected to be even shorter as shown by the repayment trends of the existing client base.
Read more: Twino has stopped accepting new UK clients
“We see this as the next logical step to reach out to new client segments who usually are of even higher-quality borrowers, used to manage their spending and repayments in a flexible way,” Twino said in a blog on its website.
“The new product offers Polish customers a completely new dimension of flexible and transparent financing in the form of a virtual card with an individual credit limit available. It will allow NetCredit to better address the needs of current customers and will also allow to meet the expectations of new users.
“The company will be able to gain some resistance to regulatory changes, as well as achieve even better business results, thanks to the possibility of fitting into strong trends in the Polish market like a growing e-commerce market.”