- Delfin, a Revolving line of credit available 100% online on any salary card, in only a few minutes
- The customers reimburse a minimum monthly payment and a fixed cost only for the days when they used the money
- Customers do not pay cash withdrawal fees, file analysis, issuance, repayment or non-use of the loan
Ocean Credit, the first fintech startup to bring card2card money transfer technology to the Romanian credit market, is targeting 2.000 customers by the end of 2021 for Delfin, a Revolving credit line that will be accessible 100% online on any salary card, thus eliminating the need for a credit or overdraft card.
The Delfin loan can be transferred instantly to any debit card in Romania, including those issued by Revolut and Monese with Romanian BINs. Lending and debiting for these cards will take place in real time, due to the Mastercard MoneySend and Visa Direct technologies.
“We have been working on this product for more than a year and a half. In this time we have identified where both fast loans, as well as credit cards fall short. We have transformed these weaknesses into benefits that are now included in the Delfin package. That’s how we came to create a single product for all credit needs, whether it’s repair expenses, medical expenses, shopping or other personal needs. Delfin radically simplifies our customers’ experience and will significantly differentiate us on the market, as, once the customer receives a customized interest according to their history and risk profile, they will no longer have to go for other short-term loans”, says Radu Ciorbă, Founder of Ocean Credit and Volt application.
Unlike classic IFN loans, when it comes to the Delfin credit line, the customer does not fully repay the amount they had borrowed. Instead, they make a minimum monthly payment and a fixed cost only for the days when they used the money.
The Delfin product has three credit limits: 3,000 lei, 6,000 lei and 9,000 lei, and customers will pay a fixed cost, starting with 0.10% per day, well below the cost of other Ocean loan products, and over 10 times lower than the average interest rate on the IFN fast credit market.
Credit available in minutes
The new product is available through the platform www.oceancredit.ro. Those interested can access the Delfin credit line in no more than a few minutes, directly from their phone, tablet or computer, and, after approval, the money can be withdrawn instantly on any debit card.
The customer creates an Ocean Credit account, where they enter their identification data and information about their financial situation. Next comes the eligibility check, including the query regarding the income declared at the Tax Office and the customers’ credit history, which is automated. The customer will sign the agreements online.
If the answer is positive, the contract is generated on the spot and is also signed electronically. After signing the contract, the amount becomes available in the Ocean Credit customer account. Next, the customer decides how to use the credit line, and has the option to transfer the amount in full or by multiple withdrawals, on any debit card or even on several cards, as per their needs.
For Delfin, there are no case processing fees, no account or card administration fees and no other issuance, renewal, re-issuance fees. Moreover, customers the usual fees related to cash withdrawals from credit cards are not an issue in this case, because once the line of credit is transferred to any salary card, ATM withdrawal fees will generally be very low or even zero.
Ocean Credit granted loans of 30 million lei in the last 12 months
Ocean Credit increased its loan portfolio by 60% in 2020 and reduced its non-performing loans rate to 8%, due to the credit line provided by TBI Bank and to financial intelligence algorithms for risk management. Thus, the company can profile its applicants and adjust the price policy, hence attracting customers with high creditworthiness.
In fact, numbers show that 80% of Ocean Credit customers still access the available offers and more than 50% of them applied for a second loan in 2020. In the last 12 months, through the Ocean Credit platform, over 10.000 online loans were granted, amounting to 30 million lei.
In the first 9 months of this year, Ocean Credit exceeded the number of loans granted in 2020. This year also marked an increase in the value of the first loan obtained by Ocean customers, as in Q3 the average loan has been by 300 lei higher than the average loan in Q3 2020, and by 250 lei higher than the average in Q2 2021.
Also, in 2021, the company has successfully concluded a private bond investment of 1.84 million euros, which will enable it to continue its strong growth rate and multiply its portfolio twice by the end of this year.