SANTA MONICA, Calif., Aug. 16, 2016 /PRNewswire/ -- Lenny, the first iOS app to offer credit lines to Millennials, today launched Lenny Points (LPs), an in-app credit education game that offers incentives for users to learn responsible financial behaviors. Users can now accrue LPs to increase their credit line balances and unlock custom offers from bank and credit card partners. The new feature is the first rollout of Lenny's patent-pending credit education system.
Lenny launched in March to tackle the growing financial problem facing Millennials, as 43 percent have credit scores under 600 and 49 percent have never opened a credit card, which negatively affects major life purchases. After receiving strong demand from 10,000 users to date, the company debuted its first major feature since launch, Lenny Points.
"Lenny's mission is to help Millennials build a strong financial foundation through mobile-centric tools that fit their lifestyle," said Joe Bayen, chief executive officer, Lenny. "Research shows that 79 percent of Millennials learn more productively through games. The new Lenny Points game uses gamification models, data science and psychology to make building credit fun, interactive and easy to understand."
LP rewards users when they achieve specific credit goals on the app such as:
- Making monthly payments in full
- Making monthly payments on-time
- Maintaining a credit utilization ratio under 30% (Learn more)
- An increase in a user's credit score
Reaching specific LP achievements levels unlock higher credit line increases as well as unique offers from Lenny's credit card and bank partners. For instance, 20 LPs will unlock the first balance increase, which ranges from $100 to $500.
Users can visualize and track their month to month progress via an interactive dashboard that displays various essential items such as total LPs earned or their current FICO credit score.
The Lenny executive team has a strong background in producing and partnering with mobile games including Plague, the award winning and perennial iOS top 10 paid application, EA's The Sims Medieval and Popcap's Bejeweled.
Lenny is the first mobile-exclusive lender offering credit lines to Millennials. The company helps Millennials become prime borrowers via its patent-pending Dynamic Credit Education System. Founded by CEO Joe Bayen, CTO Sam Ribas and COO Francesco Matteini, Lenny helps users secure credit and boost their credit rating to help in later life. Lenny is a licensed lender in the State of California. All credit lines subject to approval. Rates and terms will vary. Terms and conditions apply.
JCUTLER media group