Hi OP after seeing your post, I tried out grain credit. It is a very interesting product. They have both secured and unsecured offerings. When I setup the account App said I am getting $1000 credit. But later it changed to $1000/$500 with $1000 grayed out. There is a charge of $1.01 which I did not understand. Later I found that it is a test transfer they do when they setup new account they advance that $1.01 and withdraw later. Today after the test deposit the limit changed to $1000 and $1000/$500 went away.
From what I understood so far they have both secured / unsecured offerings. Customer could be asked for a security deposit or get credit with out deposit account. I got $1000 unsecured version of the account. They charge 1% when we draw the funds. Once the statement cuts, there is a 21 day grace period during which we can pay off the full amount without a finance charge. They have 12% for people setup auto withdraw or 15% with out auto payment withdraw feature.
I guess it is not a bad product. There is a 1% fees when we draw funds. That is almost like a cash advance fees. No interest charged if the account is paid off with in 21 days after the statment cuts. I guess it is better than payday loan. I wonder how it is reported on the Credit Reports and how it is qualified for the scoring purposes.
OP Thank you for mentioning about this product in your post. It is an interesting concept. Let me try it out for few days and see how I like it.
