According to the Federal Deposit Insurance Corporation (FDIC), 60+ million U.S. consumers aren't well-served by today's banking products. Limited access, hidden fees and poor customer service have become the norm, especially for underbanked consumers. To make matters more difficult, banks and credit card companies are fast eliminating available credit to consumers with lower credit scores. As a result, millions of Americans utilize non-bank credit products such as payday and pawn loans. These products provide quick cash to make ends meet, but don't provide a way for consumers to graduate to lower cost credit products or improve their overall financial health. This is where Think Finance steps in.
"At Think Finance, our purpose is to provide relief and help people build a brighter financial future. We strive to develop innovative and affordable options for those who can't access traditional credit," says Ken Rees, CEO of Think Finance. Founded in 2001 and based in Fort Worth, TX, Think Finance offers a technology and analytics platform that powers next generation financial products, helping meet the immediate credit needs of underbanked consumers.
Think Finance's products provide increased convenience, transparency and value to millions of consumers whose needs are not being met by traditional banking products.
We strive to develop innovative and affordable options for those who can't access traditional credit
Its online financial products bridge the gap between payday loans and mainstream credit. One product, elastic, is a line of emergency credit developed by Think Finance, where employers can offer their employees a product priced significantly lower than payday loans, bank deposit advances and bank overdraft charges. Elastic integrates with company payroll systems and offers a convenient and secure way to access a confidential emergency line of credit ranging from $200 to $1,000. It is available 24/7 and is deposited directly into the employee's personal bank account, payroll card or prepaid card as early as the next business day. Employees can choose to pay back the advance in one to five payments, and payments can come directly from the employee's paycheck, making elastic the most flexible and convenient emergency cash option available.
Being one of the first credit service companies to provide consumers with the convenience of getting loans online, Think Finance works to lower interest rates for its customers. Using its Data Analytics platform, Think Finance and its lenders were able to bring down the average product rate to almost half that of payday loans.
Think Finance aims to bring deep consumer understanding together with the next-generation financial products. Backed by some of Silicon Valley's renowned venture capital firms like Sequoia Capital and Technology Crossover Ventures, the company is constantly building new products to help consumers save money, build credit, and gain more control over their financial well-being.