Looking at their website (https://even.me/)- https://even.me/)- this app both acts as a bank itself and interacts with a person's bank account. Some interesting

Looking at their website (https://even.me/)- https://even.me/)- this app both acts as a bank itself and interacts with a person's bank account. Some interesting notes - even is actually FDIC insured, so at least the money they are moving out of a person's bank account is insured in case the company collapses. Their linkedin page also notes they are... "A bank that automatically manages its customers' finances. Pays their bills. Balances their budget. Saves and invests. And at the tip of the iceberg, gives each and every customer a weekly paycheck of purely disposable income. " So not only is the income you get each week stabilized - the long term intent is the income you get is solely above and beyond bills and, presumably, investment goals. At some point - Even could issue debit cards, link up with paypal accounts, and literally supplant the banks that they are working with currently. Loans are a tricky concept, and Even is attacking a very appropriate market - more than 69% of payday loans are used just to pay normal bills, counter-intuitive to what I would have guessed (emergencies such as health and auto-repair are only around 16%). Some math: $3 a week = $156 a year - savings of ~$360 versus average payday loan interest. 12 million people use at least one payday loan during a year, with numbers skewed as a higher % of population in states with "looser" regulations on payday loans (6.6% of pop) rather than states with "very strict" regulation (2.9% of pop). Average loan = $375, 8 separate loans taken during a year, plus $520 on interest payments across all loans. 6 of those 8 loans are actually extensions of just 2 loans! If regular bills are budgeted for, and the money is literally reserved by Even, that eliminates the need for 70% of all non-extended payday loans. Add in budgeting for emergencies, and 84% of payday loans are gone - so whatever interest they do or do not charge for the other 16% is not going to approach normal interest costs. As jawns points out - majority of loans are because people can't afford their bills... Since they are FDIC insured - I'll assume they operate like a standard credit union overall and are buffering people's loans using other people's savings...again they also claim they want to invest people's money for them.