#235: money App can offer an inexpensive and Humane option to costly Payday Lending, & More
1. Money App can offer an inexpensive and Humane option to costly Payday Lending
Square’s money App evidently is testing a new financing item that may allow users to borrow between $20 and $200 bucks at a 5% fixed charge for a month plus 1.25per cent in non-compounding interest for every single extra week borrowers increase their loans. The fee that is fixed 60% at a yearly price (APR), which will be lower than “payday” loan storefronts cost. By cross selling and leveraging its low fixed expenses, money App can provide pay day loans at lower prices possibly preventing вЂdebt traps’ and revolutionizing the credit market that is single-payment. (mais…)