MIAMI--(BUSINESS WIRE)--Apr 3, 2019--Blinc, an innovative lending Fintech company, announces the launch of a platform that aims at aiding the underserved segment, providing a more affordable lending option to individuals who are left behind by mainstream finance institutions.
“According to a 2017 Harvard study, around one-third of households struggle to pay for basic expenses,” said Fabio Torelli, CEO and Co-Founder of Blinc. “Those living paycheck to paycheck normally don’t have the credit score required to qualify for traditional bank loans or credit cards and, therefore, are subject to predatory interest rates of up to 300% APR set by abusive lenders to finance the gap.”
Through technology, Blinc has simplified the application, qualification and funds disbursement process of personal loans. “At Blinc we don’t believe in credit scores. It’s the ultimate symbol of an outdated model that we’re determined to disrupt,” added Torelli. Instead, it uses data from its proprietary algorithm to assess an applicant’s ability to handle the loan, and define how to best structure payment schedule to avoid overwhelming the borrower. Blinc’s solutions help consumers build credit worthiness. The interest rate on Blinc loans is capped at 35.9 percent (APR) and could be lower, depending on a variety of factors.