Lunar launches “pay later” product that lets users go back in time to split all expenses
Danish-based challenger bank Lunar launches a “pay later” credit making it possible to split all transactions in installments retroactively or postpone an expense up to 30 days in the Lunar app. It includes all payments in your financial life – from ecommerce to grocery shopping and utility bills
The new feature will be available for all users with a minimum deposit of €270 to their current account every month. Up to 30 days post transaction the user can go back in time and choose a payment plan to defer or split a payment in four.
Ken Villum Klausen, founder and CEO of Lunar said:
The product is built for the customer, not the merchants. You don’t need different providers and we do not prompt the customers to spend more when they buy. We let everyone manage their finances conveniently regardless of what kind of buy, bill or transaction they want to split or defer.
The new alternative to consumer credit comes after Lunar’s launch of its first consumer lending products on its own balance sheet.
Ken Villum Klausen said:
We have a very clear picture of our customers’ transaction history and that is why we have built a post-purchase credit option that is not limited to shopping, but can be used in all aspects of your financial life.
Lunar’s “Pay Later” product is built into the app and lets users split or postpone after going through a soft credit check. If a user wants to postpone a purchase or bill of €270 up to 60 days the fee will be €5. You can split a transaction of €800 into four for €66. Users can split or postpone transactions up to €1,400 a month.
Lunar is a modern Nordic bank established in 2015 in Denmark. Today Lunar has more than 200,000 users in the Nordics, offices in Aarhus, Copenhagen, Stockholm and Oslo and +200 employees.