BillFloat, Inc. is the only U.S. provider of small loans designed for consumer bill payment. Earlier this week, the company announced a new program called Less is More. This arrangement enables qualified consumers to get real-time assistance with paying a bill for a service like cell phone, insurance, or cable.
The company utilizes a proprietary decision-making process to provide the loan in real-time.
This service is an excellent alternative to high-priced payday loans and cash advances. By offering money to cover part of a bill, BillFloat can help more people while incurring lower risk. When consumers accept a partial loan, they pay the remainder of the money due using their own funds.
This practice works similar to a co-payment for medical care and by combining the funds, the bill is paid in full.
BillFloat CEO Ryan Gilbert says is makes sense to reduce consumer costs by guiding loan applicants to select a smaller loan. Under the program, lenders assess the ability of the applicant to repay the loan. Since applicants pay a portion of their unpaid bill, a lender can provide a loan that meets applicant needs, while reducing interest expense and preventing unnecessary lending.
The network of lenders used by BillFloat provides an offer to the applicant that carries a three percent monthly interest rate. Consumers must repay the loan and bill payment fees within 30 days. Each loan is based on FDIC Small-Dollar Loan Template guidelines.
Customers of more than 3,500 U.S. service providers can take advantage of this funding.
By including BillFloat in its payment options, a billing entity can reduce collections and prevent customer accounts from slipping into delinquency and, ultimately, service termination. Through an online application process, BillFloat customers have real-time access to small-dollar loans.
They receive just enough credit to meet their short-term bill payment obligations and their credit score should not suffer as a result.
On 12/21/11, I went online to http://www.metropcs.com to purchase a handset and chose Billfloat as the method to pay on the dropdown menu selection on the website. I signed up with Billfloat and gave them all of my banking information to deduct the first of three payments for the purchase of the handset. I thought it was a great payment option during the holiday season for a present I was purchasing for my son for Christmas. I chose overnight delivery and followed up with the phone service provider the next day to realize they did not have a purchase order for me but show a pending payment on my phone bill for $96.00 I called Billfloat and they stated they could not help me they are only a third party to Metropcs and I have to contact them to reverse my payment. Billfloat charged to a service and late fee for this payment option advertised for the purchase of a phone but now I am overpaying a phone bill that was not due or late! I think this is deceiving to consumers that would like to purchase with a flexible payment option and not tricked into paying a bill. Please investigate so they can fix their website because this is false advertising! Also, my bank account is going to dedected for the next 2 months when the payments are due to a phone handset I never received!
Your Desired Resolution:
I am seekinga reversal of payment to the phone bill, cancel the service charge and finance fees with Billfloat and also cancel the next two payments that would be due.
On 12/21/11, I went online to http://www.metropcs.com to purchase a handset and chose Billfloat as the method to pay on the dropdown menu selection on the website. I signed up with Billfloat and gave them all of my banking information to deduct the first of three payments for the purchase of the handset. I thought it was a great payment option during the holiday season for a present I was purchasing for my son for Christmas. I chose overnight delivery and followed up with the phone service provider the next day to realize they did not have a purchase order for me but show a pending payment on my phone bill for $96.00 I called Billfloat and they stated they could not help me they are only a third pary to Metropcs and I have to contact them to reverse my payment. Billfloat charged to a service and late fee for this payment option advertised for the purchase of a phone but now I am overpaying a phone bill that was not due or late! I think this is deceiving to consumers that would like to purchase with a flexible payment option and not tricked into paying a bill. Please investigate so they can fix their website because this is false advertising! Also, my bank account is going to dedected for the next 2 months when the payments are due to a phone handset I never received!
Your Desired Resolution:
I am seekinga reversal of payment to the phone bill, cancel the service charge and finance fees with Billfloat and also cancel the next two payments that would be due.
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