Our Battle Against Subprime Credit
3 min read
We are covering our "why" and the latest updates. Let's go!
Part 1: "Why"
When our team began building True Finance, I heard this quote
"find a problem, provide a solution and the money will follow"
Simple enough →
? Select a BIG problem
?? Provide a FRICTIONLESS solution
?? MONEY will follow
Turns out, the problem we decided to tackle was MASSIVE - luckily this was calculated and intentional. We really care about helping people own their future by owning their money.
Here is our why:
We are on a mission to have a generational impact on the finances of American families. Having served over 10 million subprime users, we understand the weight they carry daily - so we launched True in an effort to fight a broken cycle of poverty caused by poor credit and no savings. Did you know that...
→ 11.1% of American consumers have FICO scores below 550?
→ 34.8% of American consumers have subprime credit scores?
"34.8% of American consumers have FICO scores?ranging between 580 and 669. These subprime scores are categorized as?fair. They may be subject to scrutiny when applying for credit, but do not result in the same disadvantages experienced by people with bad credit.?However, even individuals who have a score of less than 580 can?apply for personal loans for bad credit, though at a bit higher interest rate"
Our Solution?
领英推荐
Our free version enables users to view their score via Array.
In addition to knowing their score, customers can understand which factors impact them negatively by understanding their credit report. Once they understand where they stand, it's time to break free ??
2. Cash Advance + Automated Payments $3.99 - Launching in a few weeks
→ $100 Cash Advance with 0% APR to protect users against an overdraft or providing some extra cash before payday.
→ Automated Payments, our users will be able to link their credit cards and students loans into the true app, set their payments on auto-pay and never miss a payment again. Plus all debt will be segmented by APR, so they can pay down their most expensive debt first.
→ Identity Protection, get alerts against fraud. Anything there is activity on your credit report, you get an alert. We got you!
→ Track how you spend, see all of your spending organized by category to budget well and set goals.
3. Credit Builder Card (update pending)
Part 2: Latest Updates
2. True Finance has obtained their SOC2 Type 1 Certification. True partnered with www.vanta.com and we are working toward obtaining our Type 2 Certification. We also passed our Penetration Test (PEN) with a score of A+
Thanks for reading and stay tuned for updates as we prepare to launch our Premium version. The best has yet to come.