MIAMI--(BUSINESS WIRE)--Blinc, an innovative lending Fintech company, announces the launch of a platform that aims at aiding the underserved segment, providing a more affordable lending option to individuals who are left behind by mainstream finance institutions.
“According to a 2017 Harvard study, around one-third of households struggle to pay for basic expenses,” said Fabio Torelli, CEO and Co-Founder of Blinc. “Those living paycheck to paycheck normally don’t have the credit score required to qualify for traditional bank loans or credit cards and, therefore, are subject to predatory interest rates of up to 300% APR set by abusive lenders to finance the gap.”
Through technology, Blinc has simplified the application, qualification and funds disbursement process of personal loans. “At Blinc we don’t believe in credit scores. It’s the ultimate symbol of an outdated model that we’re determined to disrupt,” added Torelli. Instead, it uses data from its proprietary algorithm to assess an applicant’s ability to handle the loan, and define how to best structure payment schedule to avoid overwhelming the borrower. Blinc’s solutions help consumers build credit worthiness. The interest rate on Blinc loans is capped at 35.9 percent (APR) and could be lower, depending on a variety of 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 hard 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, omni channel, with 24/7 customer service to deliver on the promise of a fast and unique experience.
Qualified borrowers get 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 abusive lenders and predatory fees while helping them better understand cash management in order to attain financial freedom. To achieve this vision, we have a comprehensive roadmap of innovative products being launched in the next 12 months,” concluded Torelli.
BlincLoans is available in Beta mode in select states. For more information visit: www.blincloans.com.
About BlincLoans
BlincLoans was created to provide credit to those who work hard and need help to pay their monthly bills. Blinc doesn’t rely on credit scores to assess credit worthiness, instead it uses technology to assess the applicant’s ability to repay and structure the loan. Blinc offers an array of fair and affordable credit lines with fixed, low installments, as it believes that providing access to socially responsible credit and developing financially savvy citizens can improve people’s lives and society.
