MIAMI--(BUSINESS WIRE)--BlincLoans, now OneBlinc, a disruptive fintech, brings affordable and fair financing options to the underserved, money-strapped, poor-credit individuals, as an alternative to predatory lenders. Payday lenders charge an average 400 percent Annual Percentage Rate (APR), while overdraft, returned checks, insufficient funds and late fees charged by banks, cost financially strapped individuals $170 billion per year, according to the Financial Health Network.
“While payday lenders and banks are running a very lucrative business, their practices are putting many people in severe financial distress,” said Fabio Torelli, CEO and Co-Founder of OneBlinc. “Some of our customers spend more than 10% of their total net income on bank overdraft, insufficient funds and late fees alone.”
OneBlinc disburses personal loan funds in a few hours, with an APR capped at 35.9% and without a traditional credit check. To determine credit worthiness, the company analyzes information from multiple sources, using technology, machine learning and Big Data. OneBlinc reports payment history to the major credit bureaus, so those who don’t default can rebuild their credit.
“We help our customers achieve financial stability with innovative products, convenience and reasonable pricing. We also reward loyal customers by unlocking new features on our platform,” commented Torelli.