MIAMI--(BUSINESS WIRE)--OneBlinc, a financial empowerment fintech, announced the launch of its AI-powered salary advance tool, BlincAdvance — now available to all United States federal employees via web, iOS and Android.
BlincAdvance, which has been in testing among OneBlinc existing users for the last few months, has already yielded customers more than $500 each in savings and avoided overdraft fees.
“The results were simply astounding,” said Fabio Torelli, CEO and co-founder of OneBlinc. “We observed an immediate impact in our users’ bank balances from day one. BlincAdvance will literally predict if there is a risk of overdraft, and step in to save the day for our client with an instant deposit.”
In a recent survey conducted by the American Payroll Association, nearly two-thirds (63%) of Americans indicated they would experience financial difficulty if their paychecks were delayed for a week. The result is almost always a temporary negative bank account balance and an associated penalty. And in 2020, Americans paid almost $9 billion to banks in overdraft fees, according to the Center for Responsible Lending. OneBlinc aims to alleviate these pain points for its clients from less affluent segments, who are often victims of these burdensome fees, helping them hold on to their money in the first place.
“We designed BlincAdvance with the underserved customer market in mind. Today over 90 million people in the U.S. don’t have access to fair financial products,” added Daniel Ossa, Head of Product Innovation . “Shockingly, one of our clients used to spend almost one-third of her earnings on predatory fees. This is not acceptable in this day and age, and we want every OneBlinc client to know we have their back.”
With BlincAdvance, users can receive an advance portion of their salary each pay cycle, without paying abusive fees for lack of sufficient funds or overdraft charges. BlincAdvance funds start at $25 and go up to $300 as users pay and / or add more OneBlinc products, such as loans or checking account services, to their account.
“Many of our customers are looking for better solutions to their financial problems,” said Torelli. “They are stuck in a vicious cycle that can lead to debt and a lower quality of living. With solutions like BlincAdvance from OneBlinc, we can help them bridge the gap until their next paycheck when life happens, with no added fees or catches.”
BlincAdvance is just one of the newest tools OneBlinc offers its users in its mission to protect them from predatory practices while rebuilding their financial well-being. Other tools include Free Checking Account, Cash Back Program, Get Paid Earlier and ToolBox, a hub that introduces customers to free solutions for different financial pains such as student loan debt, high cost carriers, financial education content and more.
The BlincAdvance app is available on iOS and Android for use by all Federal employees.
OneBlinc, a tech-enabled financial platform, provides easy-to-pay financial products and offers the opportunity to rebuild credit, as well as education and finance-related services to help people up their money game, avoiding abusive fees and predatory rates. OneBlinc serves customers across the U.S. and is working to become the destination online bank for public sector employees, offering customized solutions for this specialized market of 15 million people. OneBlinc doesn’t rely on credit scores, but instead uses technology to assess the applicant’s creditworthiness. By offering an array of fair and affordable credit solutions, OneBlinc believes that providing access to socially responsible credit and developing financially savvy citizens can improve people’s lives and society. The company plans to expand into mobile banking offerings and develop a resource hub for financial education later this year.