I reverse engineered Dave.com. Borrow $75. Pay $1/month membership fee even if you never borrow. Default tip is 15%. Accelerated ACH 75$ into your bank account is $4.95 [“or wait 2 ~ 3 days for it to arrive]. “Help us plant a Tree.” SERIOUSLY 😒 $5.00. All in 75$ “Loan” > 600% APR. [Dave, Mark Cuban invested, has 5M subscribers paying $1/month!] Jer@TheBusinessOfLending.com
I think they might be using the Tala and Branch approach to underwriting users without credit history in emerging markets (Africa). They use some component of transaction history and phone data, but the largest driver of loan availability is your payback performance on your past loans with those companies.
They use Plaid, Yodlee... and via AI review your last two years of bank statements! They also use IWVPro.com. to get real -time wages earned from your employer(s) 70K+ employer data pipes! Jer@TheBusinessOfLending.com
I reverse engineered Dave.com. Borrow $75. Pay $1/month membership fee even if you never borrow. Default tip is 15%. Accelerated ACH 75$ into your bank account is $4.95 [“or wait 2 ~ 3 days for it to arrive]. “Help us plant a Tree.” SERIOUSLY 😒 $5.00. All in 75$ “Loan” > 600% APR. [Dave, Mark Cuban invested, has 5M subscribers paying $1/month!] Jer@TheBusinessOfLending.com
I think they might be using the Tala and Branch approach to underwriting users without credit history in emerging markets (Africa). They use some component of transaction history and phone data, but the largest driver of loan availability is your payback performance on your past loans with those companies.
They use Plaid, Yodlee... and via AI review your last two years of bank statements! They also use IWVPro.com. to get real -time wages earned from your employer(s) 70K+ employer data pipes! Jer@TheBusinessOfLending.com