I really appreciate the engagement, whether positive feedback or clarifying questions.
I built this product to provide people with a simple, fair and friendly alternative to high-interest credit products. A lot traditional credit products can be complex and have negative consequences if not used correctly.
We don’t charge any recurring interest, penalties or hidden fees. Just a one-off simple fee each time you cashout. If you don’t pay us back, hey no consequences, other than you can’t use the product until you do.
Right now we are doing a closed test with a few select customers. The website open to the public is just a landing page where you can register your email address if the product interests you (earnt-it.com)
The product is certainly not for everyone. If you can afford to pay back your credit card each month or pay your overdraft back each month then these are much cheaper alternatives. We are trying to help people that don’t have these alternatives. In time we want to release more products that help people get to a better place financially.
The reason we have put an APR on our website is because we want to try and be as transparent as possible with customers so that they can compare the cost of using our product against alternative options they might have available to them. We want people to make the right decision for them.
We are certainly open to feedback and making sure we are communicating our product correctly with customers.
I am pretty sure to offer any form of consumer credit in the UK you need to be regulated - and this earnt.it offering doesn’t see to be any different to any other company offering a payday loan type service
Yeah I found this aswell it seems like after the faze of onboarding it slowed right down , I have also been told that they have been told to stop lending but I can’t really get my head around why because the reason I was given just doesn’t make sense , the support is really bad and time frames for reply’s are just as bad.
I got the exact same reply on Friday evening so I’m even more confused now At first I did think it was a great idea and would challenge those like Portify but Portify are still trading and have stated that people will not be allowed to increase limits at the moment but the facility is still available so I don’t understand as you say a company that isn’t registered has been given “information” that they cannot lend