Review on fintech credit offerings

How’s been your experience with new generation fintech credit offerings… both Card based as well as BNPL (Buy now pay later) ?

Which of these would you recommend?
  • Onecard
  • Unicard
  • Lazypay
  • Postpe
  • Slice
  • Simpl
  • Zestmoney
  • Walnut 369

0 voters

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I see Lazypay, Slice and Onecard everywhere these days :face_with_monocle:

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Lazypay,Simpl,Walnut 369 Best!

No need of any bank ecs/nach.

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I have a bias with LazyPay. I wanted to try out their scan and pay feature. I contacted the customer care.

They told me to do Full KYC and they will give access. I did and it’s almost 2 years now… No Scan & Pay access in my account. So stopped using it.

Use experience with Simpl has been good. Their language in the SMS when I forgot to pay (because of 2 accounts confusion) was good.

Have no experience with Slice.

But then again… for credit card users, these BNPL products are not of much use. Right?

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Again… Do Slice and OneCard make sense for credit card users?

Onecard is a proper credit card, but offered by new fintech company.

Slice is targeted at those who can’t get credit card ie. Those with no credit history, millennials, etc.

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I thing it has something to do with NPCI’s approach. They have asked not to use upi platform for credit offerings, except overdraft bank accounts.
That’s why no BNPL players offer scan n pay right now. They advertise only.

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There are few advantages-

  1. Ease of transaction
  2. Unicard, etc offer free credit for 3 months
  3. Helps in reducing overall credit utilisation ratio
  4. Extra credit cushion for emergency spends

Although, I’m not sure whether these benefits are worthwhile for availing these BNPLs.

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Is it a proper credit card? I think it’s basically a credit line…

Oh yes… I get it. That’s why we are not able to use Bullet as well - same UPI credit concept. I forgot! Thanks for the reminder.

But again, I was not given access even before the RBI ban. :frowning:

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slicecard and unicard are credit lines
onecard is a proper credit card

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Looks like Lazypay is actually quite Lazy :joy:

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Ah yes… I got confused between Unicard (Unipay) and Onecard. My bad!!! Thanks @Krishnendu_Chowdhury

So many FinTechs… guess they are running out of names. :wink:

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Why did you guys vote for OneCard? You see it everywhere because they spend a lot of money advertising, but that doesn’t make their product good.

You have to make a fixed deposit to get a credit card, which sounds like a scam to me tbh. No real bank asks for a fixed deposit to give you a credit card.

Second, their reward system is terrible. I still don’t know what you can do with their reward points. Unicard reward system is much better, you get 1% instant cashback.

They didn’t clearly mention how it works when signing up. I thought I would get a metal card reading their site but was surprised to get a plastic card.

But I’m still using OneCard because it offers 40% discount on Swiggy. When they stop that, I’m getting my fixed deposit money back.

You have to make a FD for OneCard. It’s not a proper credit card

that is onecard lite
metal onecard doesn’t need fd, but good credit score needed

They told me I need to make a FD of 50k to get the metal card. They didn’t say anything about offerings without an FD.

maybe they’ve changed something
I’d tried long back
then they had checked my credit score and approved and then in the final step said we’re not available in your city (Kolkata)
I got super annoyed and left

They offer you a OneCard LITE because your profile doesn’t meet the internal policies.

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You got Onecard lite which is secured card (FD based) probably because your credit score is low or no credit history. Lot of other banks do this.

Also, Onecard lite is not issued in metal form.