Zilch Up, a new product from UK-based payments network Zilch, aims to make credit more accessible and credit history-building for those who are generally denied traditional credit in the country.
According to Philip Belamant, CEO and co-founder of Zilch, “millions of people in the U.K. have struggled for too long with limited or no access to credit due to thin and weak files.”
To improve the lives of millions of families and people by democratizing access to inexpensive and interest-free loans, Belamant continues, “We aim to overturn this status quo.
Belamant claims that recent testing demonstrates Zilch Up’s capacity to assist more than 25,000 individuals who are credit invisible in the U.K. become visible to credit reference bureaus.
Advantages of Zilch Up
Zilch Up provides credit score repair and inexpensive financing. Customers of Zilch Up have access to credit limits ranging from £50 (€57.9) to £1000 (€1,158). Users may boost their credit limit with only a few simple actions on the app.
Customers of Zilch Up can use the Pay Now option to stop their line of credit and use Zilch as a debit card. They may also change the app’s default mode to Credit mode, which enables them to pay 50% of the entire cost upfront and the remaining 50% over six weeks.
Being financially vulnerable
Users who deal with Zilch must make their payments on time more frequently than with other lenders to improve their credit scores. Another way to accomplish this is to borrow money from high-cost lenders that don’t disclose or have no past credit history.
Missed payments can still have a detrimental effect on the credit score, even though Zilch Up can assist customers in raising their credit score through partnerships with the U.K.’s top credit reference organizations. Depending on the person’s financial situation, Zilch promotes prudent spending.
Users of Zilch will soon have access to credit coaching and be able to monitor their credit scores in the Zilch app, which will assist their financial well-being.
As the cost of living continues to rise, Belamant argues, “We need to strengthen consumer protections and expand access to interest-free and affordable credit.”
Fintech that has won several awards
Zilch is an award-winning payments network that intends to revolutionize the $50 trillion (47.09 trillion euros) advertising and payments sectors by combining debit, credit, and savings. It stands out from other players in the financial sector thanks to its distinctive, vertically integrated, first-party data business model. Utilizing cutting-edge technology and creative payment options, Zilch is dedicated to giving its consumers a frictionless experience.
Customers of Zilch may take advantage of BNPL (Buy Now, Pay Later) interest-free finance while still receiving protection from the company.
The Financial Conduct Authority (FCA) originally authorized Zilch as a BNPL credit provider in the U.K. Since its debut in 2020, Zilch has accumulated over 3.5 million registered users in just 36 months.
Once users enable their card, they pay no fees at any of the thousands of online retailers on the Zilch app. As a Mastercard, it provides versatility since it enables payments to be made in various settings, including online and in-person.
