4 ms·

At the end, the professor writes about the fact that lower income folks typically have variable income levels, yet still have to pay rent, forcing them to resor

At the end, the professor writes about the fact that lower income folks typically have variable income levels, yet still have to pay rent, forcing them to resort to payday loans. There is a startup called Even that is trying to help with that problem: https://whatiseven.com https://whatiseven.com

mrdmnd 12y ago
Resisting urge to register https://whatisthisicanteven.com https://whatisthisicanteven.com.
icebraining 12y ago
Interest-free loans to people with low incomes for $12/month. I wonder how they're financing that, and still making money.
- technotony 12y ago
  It depends on the loan size. If the loan is $1000 then that's 1.2% interest per month. They can make money with that, and maybe their average loan size is smaller than that in which case the effective APR is even higher.
- dragonwriter 12y ago
  Even expressly does not provide loans; since it uses an undisclosed algorithm to calculate "averages" that are expressly not actual averages, they can probably guarantee that they are more likely to be taking in funds that are above the "average" than paying out for below "average"; with an undisclosed algorithm, they could even guarantee that you can never receive more in "Boosts" than you've paid in previous deductions. They also don't seem sure what their fee is -- their ToS says $5/week, other parts of the site say $3/wk.
mzzk 12y ago
This will not cure any "low income folks" woes. Simply averaging the paychecks will not help the fact unexpected issues arise... or the fact that they don't earn enough to live a simple life. This service at $3 is silly.
- dragonwriter 12y ago
  > Simply averaging the paychecks They aren't simply averaging; they expressly state that "average" is used loosely and they are using an undisclosed algorithm that is not a mathematical average.

4 ms·

At the end, the professor writes about the fact that lower income folks typically have variable income levels, yet still have to pay rent, forcing them to resor

by HorizonXP 12y ago

mrdmnd 12y ago
Resisting urge to register https://whatisthisicanteven.com https://whatisthisicanteven.com.
icebraining 12y ago
Interest-free loans to people with low incomes for $12/month. I wonder how they're financing that, and still making money.
- technotony 12y ago
  It depends on the loan size. If the loan is $1000 then that's 1.2% interest per month. They can make money with that, and maybe their average loan size is smaller than that in which case the effective APR is even higher.
- dragonwriter 12y ago
  Even expressly does not provide loans; since it uses an undisclosed algorithm to calculate "averages" that are expressly not actual averages, they can probably guarantee that they are more likely to be taking in funds that are above the "average" than paying out for below "average"; with an undisclosed algorithm, they could even guarantee that you can never receive more in "Boosts" than you've paid in previous deductions. They also don't seem sure what their fee is -- their ToS says $5/week, other parts of the site say $3/wk.
mzzk 12y ago
This will not cure any "low income folks" woes. Simply averaging the paychecks will not help the fact unexpected issues arise... or the fact that they don't earn enough to live a simple life. This service at $3 is silly.
- dragonwriter 12y ago
  > Simply averaging the paychecks They aren't simply averaging; they expressly state that "average" is used loosely and they are using an undisclosed algorithm that is not a mathematical average.