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There are some fintech startups working on this idea. One of them is basically trying to bank the unbanked and then give their "safe" customers access to a no-i
by jdavis703 9y ago
There are some fintech startups working on this idea. One of them is basically trying to bank the unbanked and then give their "safe" customers access to a no-interest loan when they need to make a large purchase or have an emergency come up (this is similar to schemes like PayPal Capital, except for consumers). That, combined with more education around the axiom of "I'm too poor to buy cheap things" would help provide more knowledge around reducing consumer culture.
- frgtpsswrdlame 9y agoHow do you make money providing no interest loans to the unbanked? Do you have an example of a startup like that?
- jdavis703 9y agoI can't name names, but the idea is you find other ways to extract the money. For example the benefit could be offered as part of a person's employment or it could be done through rev-share partnerships with retailers and consumer services companies.
- mLuby 9y agoCompanies selling to "the Unbanked" may be willing to pay a fee to someone bringing those otherwise unattainable sales to them. Not sure, but perhaps something like LendingCircle?