Dwolla Launches Line of Credit
Dec. 19, 2011
Dwolla, an online and mobile payment platform that enables merchants to reduce the per transactions fees they pay, announced a new feature that gives consumers who use the payment method access to a $500 credit line. Prior to the release of Instant, the company said users could only initiate an immediate transfer of funds if they had money in their Dwolla account. If a user wanted to access money from a different source, like a linked credit union or bank checking account, the transfer could take up to three days. By opting-in to Instant for $3 per month, users have a second option for transferring funds immediately. Users without enough funds in their Dwolla accounts or those who want to by-pass the two- to three-day waiting period to transfer funds from a linked account will choose Instant to pay for their purchase or transfer immediately. Dwolla is working with a fellow Des Moines, Iowa-based company TMG Financial Services to extend the credit line.