The Pay-In-4 installment loan offered through the iCreditWorks Platform expands its broad offering of loan products to include a short-term, four-payment, 0% APR1 option.
ISELIN, N.J., Aug. 9, 2022 /PRNewswire/ -- iCreditWorks, a fast-growing FinTech platform, announced today the addition of Pay-In-4, a short-term, 0% APR installment loan to the broad suite of Point-of-Sale financing products available through the platform.* The Pay-In-4 loan is paid by the consumer in four equal installments2—the first payment equal to 25% of the loan is due at origination via debit card—and requires no hard credit check.
"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," says Scott Young, Chief Executive Officer of iCreditWorks. "Loan offers now range from a short-term, Pay-in-4 loan for as little as $100, to a 60-month3 standard installment loan of $20,000--all with high approval rates."
The appeal of this product to the healthcare consumer is clear—it's a valuable alternative payment option that involves no accumulation of credit card interest and a path to repayment in just 6 weeks. This is particularly beneficial in the dental sector, where affordability is the number one barrier to treatment acceptance and the dental provider is often required to extend short duration unsecured "in-office" payment plans to assist the patient in accepting care.
"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," says Cristian Mandachescu, Chief Risk Officer.
Offering only responsible and transparent loan products through the iCreditWorks Platform allows consumers to pay for the care they deserve. Pay-In-4 loans will be available through all providers participating in the iCreditWorks Program.
*All loans issued by WebBank
1APR means Annual Percentage Rate. 2For example, a $400 loan payable in 4 equal installments, at 0% APR, will have $100 for each payment. 3For example, a $1,000 loan for 24 months with an APR of 15.99% will have a payment of $48.96.
iCreditWorks leverages innovative technology and mobility to deliver an omnichannel platform experience that provides access to a broad suite of "Point-Of-Sale" (POS) financing products, empowering consumers to take control of their financing. The first-of-its-kind iCreditWorks native mobile App delivers a simple, seamless, and secure financing experience that redefines the consumer journey.
To learn more about the Company, please visit www.icreditworks.com.
SVP – Professional Affairs
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