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The interest free part of course limits them from generating profit directly that way, but alternate revenue models are certainly possible on top of the $3/week
by mrsteveman1 11y ago
The interest free part of course limits them from generating profit directly that way, but alternate revenue models are certainly possible on top of the $3/week users have to pay on a continuous basis.
> The contractor could sign up for Even, and then retire, collecting a $2500 "paycheck boost" interest free.
I'm not sure how things play out legally with them claiming to not be a lender, but I doubt the Even team hasn't considered something so basic as how to recover money they've "credited" to someone's account if the income they see drops to zero and stays that way.
In cases of outright fraud the person wouldn't just be risking collections or a court judgement to recover the money, they'd probably be facing criminal charges.
- jklein11 11y agoJust because something is illegal doesn't make it any less costly to enforce. I agree that Even probably has some recourse, I'm just not sure what it is. Part of me thinks that this is Even's first pivot. See if there is a market and then see if and how they can monetize it.