Want a steady income? There's an app for that
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Re: Want a steady income? There's an app for that
#2The article is very good and the business idea seems solid too. It reminded me of the article from last week about how etsy is a "B corporation" and they've committed to put social and environmental concerns before profit. It sounds like that would be a good choice for this company too. Providing financial products to poor people is a slippery slope if you're trying not to be evil. Payday loans, rent a center, layaway, check cashing all serve to perpetuate a cycle of poverty. If even can be a profitable company and also help to break that cycle it will be really great.
Re: Want a steady income? There's an app for that
#3TL;DR?
Re: Want a steady income? There's an app for that
#4[deleted]
Re: Want a steady income? There's an app for that
#5Duplicate of https://news.ycombinator.com/item?id=9460628
Re: Want a steady income? There's an app for that
#6tl;dr
App called "even" allows people with incredibly variable income (case study is on a massage therapist, lots of money one week, little the next) to even out their income. They evaluate their income history, then offer a stabilized value, say $380/week. Weeks they make more, the application takes it and puts it aside. Weeks they make less, it either pulls it in from a reserve, or an instant loan is made.
Costs users $3/week. Which is non-trivial, but less than a payday loan company.
Re: Want a steady income? There's an app for that
#7tl;dr App called "even" allows people with incredibly variable income (case study is on a massage therapist, lots of money one week, little the next) to even out their income. They evaluate their income history, then offer a stabilized value, say $380/week. Weeks they make more, the application takes it and puts it aside. Weeks they make less, it either pulls it in from a reserve, or an instant loan is made. Costs us…
When I started reading I thought it was going to be "Uber for Masseuses" but it turned out to be more interesting than that. I hope it works out.
Re: Want a steady income? There's an app for that
#8tl;dr App called "even" allows people with incredibly variable income (case study is on a massage therapist, lots of money one week, little the next) to even out their income. They evaluate their income history, then offer a stabilized value, say $380/week. Weeks they make more, the application takes it and puts it aside. Weeks they make less, it either pulls it in from a reserve, or an instant loan is made. Costs us…
Thank you. This article was way too long to get such a simple thing across.
Re: Want a steady income? There's an app for that
#9That's a seriously fucked-up webpage without Javascript =/
http://i.imgur.com/Lr53m7u.png
Re: Want a steady income? There's an app for that
#10Amidst all these verbose vignettes of precious characters, what DOES Even DO? Oh, ok, there's one paragraph in there that sheds some light:
"The app then holds back an “Even cushion” — a savings account it manages for the user. In the demo I saw, the app, drawing on a sample bank account, reported that “if you earn less than $380, Even will automatically boost your paycheck. If you earn more than $380, Even will automatically pay back boosts and save the extra to your cushion.”