Walmart, the world’s largest retailer, has recently announced a partnership with Lendly, a financial technology company, to offer low-interest loans to its customers. The partnership is part of Walmart’s ongoing effort to provide financial services to its customers.
The loans, which will be available to Walmart customers in the United States, will have an interest rate of just 6.99%. This is significantly lower than the average interest rate of most consumer loans, which can range from 10-30%. The loans will be available in amounts ranging from $500 to $5,000, and customers will have up to 24 months to repay the loan.
Walmart and Lendly are hoping that the low-interest loans will help customers manage their finances more effectively. The loans can be used for a variety of purposes, including home improvements, medical expenses, and other large purchases. Walmart is also hoping that the loans will help customers build their credit scores, as the loans will be reported to the major credit bureaus.
The partnership between Walmart and Lendly is part of Walmart’s larger effort to provide financial services to its customers. In recent years, Walmart has launched a number of financial services, including a prepaid debit card, a money transfer service, and a savings account. The company is also planning to launch a checking account in the near future.
Walmart’s partnership with Lendly is a great example of how companies are using technology to provide financial services to their customers. By offering low-interest loans, Walmart is helping its customers manage their finances more effectively and build their credit scores. It’s a win-win for both Walmart and its customers.