The distress of the Orange Bank file is palpable. And his losses too. Since its launch in 2017, the group has already burned 880 million euros in an attempt to develop the banking branch. But the results are not there and the profits, projected for 2024, are certainly ancient history. In an attempt to find new customers and boost its outstandings, Orange Bank has signed with fintech Younited to launch a new personal loan offer. But there again, the announcement effect is not there.
Already, Orange Bank is only joining neobanks like N26, Lydia or the online bank Fortuneo, which already operates with Younited (formerly Younited Credit) to have a consumer credit offer. The offer is called “Express Loan”, and offers to take out loans from 1,000 to 75,000 euros in less than 5 minutes, thanks to a customer journey via the very simple application. Repayment terms range from 12 to 72 months at Orange Bank. As for the APR rate, it starts at 2.99% – but for a limited period.
The announcement of the partnership between Younited and Orange Bank dates from last year, and it finally took more than a year for a new consumer credit offer to arrive.
Orange Bank wants to communicate on rates similar to what can be found with certain competitors such as Hello bank!, Floa Bank. Boursorama Banque remains in the lead with an offer at less than 3% for a loan of 5,000 euros repaid over 24 months (APR of 3.3% at Orange Bank), but the telephone operator’s bank is still doing better than N26 and its Fixed APR of 4.59%. That said, the introductory offer only runs until October 9. After this date, impossible to find information on the evolution of the rates from the bank’s website.
Comparison of a consumer credit of €5,000 spread over 24 months for the purchase of a car from French online banks in 2022 © Presse-citron
Lack of transparency at Orange Bank
The establishment highlights its rather good negotiated rates as well as the possibility of taking out a loan even if you are not an Orange Bank customer. That is the whole objective: to acquire new outstandings outside its customer base, far from being equal to the figures presented in its accounts. If the establishment claims more than 1.7 million customers in France and Spain, a large part is only made up of customers of its smartphone insurance offer…
We would like the tariff brochures and the details of the offers to be more up-to-date at Orange Bank, which does not offer no additional information on its new personal loan offer to date, easily accessible. Moreover, the last documents that we were able to obtain on the site about the banking offer date from November of last year. At that time, Orange Bank only offered a 6-month consumer credit, without further details.
The place of Younited in Orange Bank credit
With the new Express Loan, Younited will take care of everything. As a white label, it is she who offers the technical tools to Orange Bank to be able to offer a customer journey in just 5 minutes, to have an intelligent tool to measure a customer’s repayment capacity and to receive the various documents for the contract.
As for the customer’s personal information, Orange Bank invites – not to say obliges – all those who do not have a bank account to link an external context directly to the application. With this, the establishment will be able to collect all the information it needs to evaluate with Younited the credit it can offer you. At least enough to make the Orange Bank application your banking aggregator.
