A Financial Start-Up That Provides the Illusion of a Salary – Pacific Standard: The Science of Society
We have no interest in making money off of the floats, Farmer says. The bigger theme is that so many people get into debt through really simple timing mismatches, Farmer says. The gap between a paycheck and rent being due pushes many to predatory payday loans. Even is trying to fix that problem with its small-loan service, but its unclear how the interest-free loans will be supported save the companys excess holdings or its venture capital (it has raised $1.5 million). Clients will have to be maintained in a strictly low level of debt for the service to survive on a large scale. Evens weekly payments arent quite as stable as they first appear, or as marketing might suggest. If someone adds a second job or hours get cut permanently, goes to school, or is not working Fridays anymore, thats a point where well inform the users based on this new info that your [salary] numbers going to change, Farmer says. We have to figure out how much warning is going to be ideal for them. The service provides the illusion of added stability over the fundamental experience of being unsalaried, but unlike an actual salary, Evens payments will still be variable. Still, theres some peace of mind benefits. We talk a lot about removing the mental overhead of peoples money management, Farmer says. EVEN IS CURRENTLY IN a closed beta as the first clients test out the system and Farmers team modifies it accordingly. The product certainly fulfills a need that our country has created for itself.
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