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Payments General

Reliance Money, PayU India to offer instant app–based personal loans

Thursday 9 August 2018 | 02:30 PM CET

Reliance Money has tied up with payments company PayU India to offer instant app–based personal loans under the LazyPay brand, through Citrus’s mobile application.

According to Reliance Money, personal loans will be disbursed to salaried and non-salaried customers alike in a paperless manner.
Reliance Money Solutions offers a variety of online financial products and services to help its customers manage their investment, financial, and protection planning. The company would conduct its one-step due diligence of checking the creditworthiness of the customers and as a measure to keep delinquencies under check, the Non–Banking Finance Company (NBFC) will seek direct debit facility on the customer’s account for loan repayment.

In 2017, PayU announced that it will invest USD 50 million in LazyPay over the next few years. The company acquired the service when it bought Citrus Pay for USD 130 million in 2016. In the recent past, PayU has made multiple investments in the digital lending space in India. The company, has pumped in a total of USD 11.5 million in PaySense after a funding round last month. Prior to that, PayU also infused USD3.7 million in ZestMoney, a consumer check out financing startup.

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