MIAMI–(BUSINESS WIRE)–Blinc, an innovative lending Fintech, announces the launch of a platform that aims to help the underserved segment, by providing a more affordable lending option to those left behind by traditional financial institutions.
“According to a 2017 Harvard study, about a third of households struggle to afford basic expenses,” said Fabio Torelli, CEO and co-founder of Blinc. “Those who live paycheck to paycheck don’t normally have the credit rating required to qualify for traditional bank loans or credit cards and as a result are subject to predatory interest rates. up to 300% APR set by predatory lenders to fund the gap.”
Using technology, Blinc has simplified the process of applying for, qualifying and disbursing funds for personal loans. “At Blinc, we don’t believe in credit scores. It is the ultimate symbol of an outdated model that we are determined to disrupt,” added Torelli. Instead, it uses data from its proprietary algorithm to assess an applicant’s ability to manage the loan and determine how best to structure the payment schedule to avoid overwhelming the borrower. Blinc’s solutions help consumers strengthen their creditworthiness. The interest rate on Blinc loans is capped at 35.9% (APR) and could be lower, depending on various factors.
What makes Blinc unique?
- Ease and speed of use. The online application process takes less than 5 minutes.
- No credit score check. There is no credit score inquiry with Blinc.
- Instant loan deposit option. The approved loan amount is deposited in the borrower’s bank account on the same day.
- Always On: the solution is 100% digital, omnichannel, with 24/7 customer service to deliver on the promise of a fast and unique experience.
Qualified borrowers receive a single offer, which varies depending on the borrower’s state of residence. With a good track record, the borrower can unlock access to more products, benefits, and lower interest rates.
“At Blinc, we want to protect borrowers from predatory lenders and predatory fees while helping them better understand cash management in order to achieve financial freedom. To achieve this vision, we have a full roadmap of innovative products launching over the next 12 months,” concluded Torelli.
BlincLoans is available in beta mode in select states. For more information visit: www.blincloans.com.
BlincLoans was created to provide credit to those who work hard and need help paying their monthly bills. Blinc does not rely on credit scores to assess creditworthiness, but rather uses technology to assess the applicant’s ability to repay and structure the loan. Blinc offers a range of fair and affordable lines of credit with fixed, low payments because it believes that access to socially responsible credit and the development of financially literate citizens can improve people’s lives and society.