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@kiana_moattari Hi Kiana, great question!
Like banks, we lend out funds secured by real estate mortgages and keep a portion of the interest as revenue. What's different is that we don't have the same operating overhead as a large bank (we don't have physical branches throughout the country and do not need to employ an army of people just to operate). As a result, when we lend out funds, we are able to pay out more of the interest directly to our users.
@eeshun303 Hi Ebenezer, thank you for your support and interest in our product! Unfortunately at this time, Boost is only open to users in the US. Please stay in touch as we may open this up in the future!
@vnguyen25 Hi Vicky! We are a company of individuals passionate about the real estate industry. When we took a look at different ways individuals have been traditionally able to gain exposure to this asset class, we noticed a big gap in investment opportunities for the average investor. The system isn't fair - you either had to be wealthy to buy property directly or connected with big institutions to gain access to lucrative, secured, high-yield loans. We built our boost account to challenge this status quo. The average saver leaves their money with the bank and makes no interest, only to have the bank turn around and lend out that money for much higher rates. We are taking the bank's business model and stripping out all the excessive operating overheads. We don't need branches throughout the country and do not need an army of individuals staffing these locations. Instead, as a fintech company, we choose to operate lean and are able to pass these higher rates directly to our users.
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?makers If plad is not working for PNC, is ther any way around (cannot wire and would rather not pay a fee)?
@kyle_mccormick1 Hi Kyle! We have a wonderful in-app support team available to help you with any questions like these. If you're curious, download the app and reach out to them - they will walk you through this!
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How is this different from other high yield savings accounts?
@daniel_lavarte Hi Daniel, glad you asked! Our product is actually quite different from what our competitors offer. If you're looking for a place to park your money with a government guarantee but are okay losing purchasing power to inflation, then a standard FDIC account at a bank would be best for you. However, if you're looking to take on a much higher rate secured by an alternative asset class (real estate mortgages in this case), then we are the right product for you!
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cool concept, my friend works here and I just wanted to congratulate the team on a successful launch! Looking forward to taking a deep dive and using the product.
@vinson_hall Thanks for stopping by, Vinson, we appreciate the support!
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Was confused. Followed tutorial. Got a 6% boost. Next thing you know I’m in an rsvp and can’t get the money back into the 6%. The tutorial as great as it is locked the money now for 45 days into a 4.25% property. Confused how that happened but ok my fault. Just wish the tutorial was clearer.
@tiktok_cooking Hi there, thanks for sharing your feedback. We're always looking to improve the product and offer the best experience possible to our users, and so we will take this into account moving forward. If you experience any issues in the future, please feel free to contact our in-app support chat, and they will be happy to assist!
@antanas_bernatonis Hi Antanas, thanks for your question. Right now, this product is only available in the US. Please do keep in touch as we may open this up in the future!
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The tagline should be "All of the risk, none of the reward". Real Estate is highly risky and yields 8% to 12% on average. This allows Tellus to get Free money from other people, make a 12% return (and pay 2% of people who lend money), while pocketing most returns. If they lose money, its not their money anyway. CFPB should pay attention to this.
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