LazyPay, India’s most popular ‘Pay Later’ offering, rolled out its latest service – LazyPay Credit Shield to help consumers be cognizant about their financial health and credit score. The service will provide consumers with a credit report, credit health check, timely reminders on missed loans and payments, misreporting of loans, and credit card payments. LazyPay Credit Shield is also the first to provide an eligibility check for RBI’s three-month EMI moratorium for mitigating the burden of loan repayments owing to the COVID-19 pandemic.
LazyPay has partnered with CIBIL and Experian to help consumers, experiencing financial adversities during the pandemic, to check their scores on Credit Shield conveniently. As a platform for awareness, Credit Shield educates and empowers users with the pros and cons of the RBI moratorium. For example, it advises only those consumers to opt for the moratorium, who are facing financial hardships, as there might be additional interest charged on the loan after three months. It analyzes customers’ active tradelines and shares bank and loan product information to help customers understand financial repercussions, whether they should opt-in, and what they should do to opt-out.
Rolling out LazyPay Credit Shield, Prashanth Ranganathan, CEO, PayU Finance Pvt Ltd, said, “We believe in making a difference in the lives of our consumers, through meaningful innovation. LazyPay Credit Shield is aimed at promoting good credit behavior, as, over the years, we have seen, and experienced millions of consumers suffering due to poor credit scores on account of irregular loan repayments. It could be very easy to fall off the discipline required for good credit rating and a secure financial future during these times because of which the application of this tool becomes very relevant today.”
LazyPay Credit Shield will also help borrowers get information on their personal payment history, lending, and creditworthiness for most-suited loans and credit offers. With this offering, LazyPay highlights the importance of maintaining a good credit score as delayed payments may incur late fees, interest penalties and critically affect borrowing.
With an easy to use interface, simple phone number login, and OTP, LazyPay Credit Shield can be accessed for free by downloading the LazyPay app on iOS or Android or the LazyPay website. Adding to that, users can also check their credit score in one click and get to know their repayment remarks.