Curve begins testing Curve Credit

As an alternative to offerings like Klarna, Curve will offer an instalment plan payment offering through Curve.

Full article here

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This. I love this. I’ve used Klarna a few times where possible as it is handy to have to split a cost of an item across a few months without the need of applying for credit or going against my credit score. To have this within Curve literally screams game changer for me.

GO ON CURVE!!

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Sounds interesting. And from the article:

During the testing period, Curve Credit is lending from its own balance sheet, offering so-called “debtor-creditor-supplier loans” at 0% interest instalments as part of a staggered roll out. A full launch is expected at the tail end of this year when full FCA authorisation is granted. However, the vision for Curve Credit is to also eventually open up the feature to other credit providers and banks as part of a marketplace offering. When a Curve user splits a transaction into instalments, they’ll be able to choose Curve Credit as the lender or pick another lender/issuer integrated into the platform.

Why not thinking maybe in microcredits from Curve users as well to fund this feature? I mean, I could think on participating on an option, managed by Curve, where the user lending the money and Curve itself could split the profit of the interest charged. Easier for Curve to fund the service, and a way to engage users more, at same time than making some profit.

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TL;DR is it available outside UK for the Beta?

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I live in Ireland so I hope that it isn’t UK-only. As far as I can see, there is no such information available. I wouldn’t be surprised if it were limited to the UK.

The new May update is due tomorrow so hopefully we will get further details soon.

While I personally don’t really see myself wanting or even needing splitting up payments into several monthly installments, I really like how Curve is adding new features which are not standard elsewhere. OK, Klarna has something similar but the combination with Curve Go Back In Time and other unique features is great.

If only Google Pay worked for my card…

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i hope Curve investors get curve credit as first customers

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On the waiting list - cant wait to try this out!

Does anyone know whether curve gives you a seperate credit limit or do you need to have the “funds available” beforehand and then you get the money back into your account once you have turned it into a BNPL plan?

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i hope this too.

I cant wait to see this feature in the Curve app.

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Just a thought, since it is a credit product now, any purchases over ÂŁ100 will be protected by section 75?

We will have to see how Curve Credit works but I don’t think that Section 75 protection will apply for the same reasons as now

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I dont think so
It still a debit card

In my opinion there will be a spending limit in order to pay the amount in installments.


I hope yes.

As I understand Klana\clearpay etc, is they are not technically (in the eyes of FCA) a credit product… so would imagine this is too!

I think it’s always great when a start up innovates and starts offering new features. In this case, I hope Curve does this responsibly and even focuses on the education component of educating consumers about responsible lending/borrowing.

It’s definitely a massive opportunity, and so much more flexible that what others are offering as they are normally tied to a specific retailer etc where as curve has the opportunity to offer this on all big ticket spends on the card.

It’s a good idea but credit already exists. Klarna etc… The idea with using a payment method and get instalments and a 4 monthly 0% is paypal credit.

Surely this product needs to be similar to that. I would like to get a statement and make payments when I
Iike. If you get a decline then it could default to curve credit. You can then make payments from your cards.

However what’s to stop paypal launching a debit card? They already have fx free business one and could extend to personal accounts. They take amex too!

Will it work like the curve cash but just be allowed to go into minus territory? Will their be an option like paypal as on websites or will you just pay by the curve card with MC being the transactioner?

Will this be integrated with curve cash? Will it degault to this if their is a decline? Then you can push it on to your chosen credit/debit card later?

What will the offer be? 4 months zero %.
Lots of questions that need answering.

Just read some more info looks like this is just Klarna. But you have to pay by debit/credit card first. What’s the point if I have no money on my debit card. If I pay by credit card then this is already credit is it not? Surely selecting curve cash card could automatically debit the money. Curve cash and credit could be integrated like paypal balance and credit.

It doesn’t make sense to go back in time if I already know i don’t have money till payday and want to pa by credit

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I use Klarna a lot as well as PayPal. But not for the pay-it-later possibility (I always pay as soon as possible and living without debt), but for the delivery insurance it gives. Once I’ve had a refund from PayPal because a supplier didn’t deliver and didn’t react on contact approaches.
I know CreditCards do the same but I don’t want to have a credit card so I have the bunq TravelCard which is technically a CreditCard but without the possibility to have credit, and unfortunately without the insurance.

So I would love Curve to implement that :slight_smile:

Section 75 includes point of sale loans.

So it could be valid with any purchases within the regular limits (£100-£30k) to be covered under section 75 if you pay using Curve Credit. Klarna isn’t regulated, so they don’t offer Section 75 protection, so it depends what regulations Curve have to adhere to.

But purely based on the screenshots, you get the credit only after the purchase is complete. It’s effectively a loan to repay a purchase already made, so wouldn’t be counted as a point of sale loan?

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