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Valued Member
Posts: 36
Registered: ‎03-22-2013
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Anyone a member of "Float" ?

[ Edited ]

I just learned about on finovate. Has anyone joined this? It looks like you spend through their site, then based on your credit score and average monthly spend, they give you an interest free credit line. Unfortunately they are only in a few states so far, but it looks like an interesting new idea.


Personally, I do a lot of shopping at Amazon. It looks like I could buy gift cards on Float's website and qualify for interest free loans that way.. without changing the amount I spend or anything.. just have to buy the gift cards for spending that I already do from Float.

Super Contributor
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Registered: ‎01-28-2010
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Re: Anyone a member of "Float" ?


Interesting concept.   Looks like they are lending in only 10 states now.    I'm guessing that each "loan" taken out from them will report as a 10 month installment loan, although they do appear to have some type of reoccuring monthly progam as well.


Their terms state they'll pull your credit, although its not clear which CRA and whether it is Hard or Soft.   Also I don't know if they report to all 3 CRAs.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Posts: 637
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Re: Anyone a member of "Float" ?

In all honesty their logo and site design make it look like the whole operation is run out of someone's basement.


Maybe it's not as sketchy as it looks, but it definitely looks sketchy.

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Senior Contributor
Posts: 11,485
Registered: ‎10-21-2012
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Re: Anyone a member of "Float" ?

TheConductor wrote:

In all honesty their logo and site design make it look like the whole operation is run out of someone's basement.


Maybe it's not as sketchy as it looks, but it definitely looks sketchy.




Valued Contributor
Posts: 1,653
Registered: ‎06-09-2008
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Re: Anyone a member of "Float" ?

I really like the idea of trying to finance a bank product with existing incentives from vendors, rather than a complex penalty fee structure or punishing interest.  I think that if this idea gains traction, they could form some powerful partnerships with retailers that could benefit everyone involved in the transaction.  That would be cool to see.


The thing I don't like is having to rely on giftcards for in-person purchases.  I get "paid" in GCs for some semi-volunteer work that I do, and I know my local grocery clerks HATE it when I ask them to split a transaction so I can clear a small balance off a card, and they practically try to shoot laser beams through my head when I want them to give me the balance on the card first.  It's also easy to loose track of balances on cards, and wind up with a pile of small balance cards, or cards to places you just don't shop at as much as you expected.


I might do this for a few select retailers (like Amazon) where I can load the cards into my online account, but otherwise, I don't think it would be worth the hassle.

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