And we also report successful repayments to the major credit bureaus so each loan is a credit repair opportunity
As they build out their team, the company is seeking regulatory approval in additional states, and is adding customers to a wait list in the meantime.
When it comes to competitors, Huang said they’re unique in Washington, and that there are installment loan products elsewhere, but with difficult terms. In some cases, people can repay a $400 over 12 months, but it will end up repaying $800 in total.
“Tyler, Prasad and I co-founded Possible Finance to provide middle-class Americans with the financial tools needed to manage their day-to-day lives and protect themselves during an emergency,” said Huang.
We caught up with Huang for this Startup Spotlight, a regular GeekWire feature. Continue reading for his answers to our questionnaire.
Explain what you do so our parents can understand it: A friendlier alternative to payday loans that’s less expensive, easier to repay, and repairs credit.
Inspiration hit us when: As a part of our research, we wanted to talk to as many payday loan users as possible. Through that, we lined up dozens of customer phone calls. Those calls made it very clear to us that we can create an experience far better than the status quo today. Continue Reading