So much is made of trying to reach Millennials and take home the money that they spend, yet so much of how our financial institutions operate is designed to restrict or punish them as they strive to establish financial freedom.
How absurd is it that merely applying for credit could potentially hurt your chances of gaining credit? Well, if you find the status quo outrageous, outdated, demeaning, you will delight in hearing about Float.
Float is a digital lending platform that provides checking account holders with convenient and affordable lines of credit as an alternative solution to their short-term illiquidity needs. Screw the shady payday lenders, predatory banks and credit companies with their insanely high interest rates and overdraft “protection.” Float is faster, smarter and all-around better.
With Float, a personalized line of credit is a mere 180 seconds away. Instead of relying on credit scores (which factor in plenty of variables often beyond an individual’s control), Float offers credit “based on how you make, spend, and manage your money.”
In just a few taps, you can send credit directly to your debit card, either already in pocket or easy to access via mobile banking. Policies and pricing are completely transparent. Float charges a 5% fee for transfers of $50 or more, $2.50 for transfers under $50. Borrowers have until the 21st of the following month to pay back money loaned, which defuses the 1st of the month pressures that cause so many complications in the first place. Float does not charge any other fees, interest, or APR to access your line of credit.
Besides the benefits of instant coverage and a line of credit for those special moments of need, choosing Float has the added advantage of helping to actually build credit history – it’s a ladder to financial stability, not a trap door.
Who hasn’t been in a tight spot at one time or another? It’s a miserable feeling. Especially when you know you have money coming in, but not quite in time. I must say, I’m pleased to find I haven’t turned into an old-timer thinking you should only buy what you can pay for with money in the bank. Where’s the sense in passing up incredible opportunities – singular events, giving someone a Christmas gift, for example – because your paycheck is due to arrive three days late?
I remember being a working college student and someone offering me another job that meant upgrading my wardrobe. I didn’t have enough credit yet to charge the clothes, or friends I felt comfortable asking for money, and I didn’t want to ask my parents for their help, again (after all, part of living away from home is learning to take responsibility for your own life, right?).
“We exist to free people from financial pressure and encourage them to live life on their terms,” say the creators of Float. May the app spare others from ever again feeling stuck in a similar crummy spot. Learn more about the company or apply for a Float line of credit at hellofloat.com.