Hi PH, as always I'm super late to the party! Thanks @kristofertm for hunting us and @bentossell for letting us know it was on PH, excited that you liked the product.
Well everyone I would be stoked to get feedback on Bill Skip. It helps users delay paying any bills for 6 months. So cable bills, medical bills, car payments, utilities, phone bills, mortgage, etc.
We really created it to be a "payday loans killer". At a flat rate of 4% it's less expensive then alternatives like credit cards, payday loans, auto title loans, pawn, and the rest.
I actually created Bill Skip for myself and have been using it for the last 4 months to inject flexibility into my personal budget. Now releasing it to the public.
So please let me know what you think. Have a bill you don't want to pay right now? Skip It! Tell your friends, tell your neighbors, tell that weird guy at the gym!
Not a bad deal...
"For each bill skipped we charge a flat fee of 4% of the bill amount.
Our fee is way lower than the average interest rates of credit cards (17-21%), payday loans (347%), pawn loans (156%), or auto title loans (300%)."
"If you do not pay in full within the 6 month period, interest (Annual Percentage Rate is 19.99%. Minimum interest charge is $2.00) will be calculated from the posting date (which is usually within a few days after the purchase date) and will be billed to your account."
@kristofertm That's correct. The cool thing about our business model is that we'll only make revenue if people successfully pay off their bill within the 6 months. As such we send monthly reminders encouraging people to pay at least 1/6 of their bill. Also we think our flow is super transparent (i.e. when a user enters a bill they see what they will pay, etc.).
@jacqvon Thanks for this feedback. We've been trying to hone or messaging so that we're not dismissed as being "payday loan-ish". In fact our goal is to murder payday loans/auto title loans etc. So maybe we have to work on making that more apparent
@jacqvon This actually looks to be a much more responsible way for deferring payment than the typical options available to consumers such as credit cards and payday loans. Look at the rates. They're very good for this type of loan.
@samir_doshi thanks Sam! I think one big takeaway thus far is the need to tweak some messaging. The purpose of the tool is to help not hurt
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Please be clear about which countries can even use the service. I'm Canadian, read through all the FAQs, yet nothing was mentioned about it being only for US residents, until I got to applying for PayPal Credit - just to find out that I had to enter a state.
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Does PayPal Credit do a hard pull on your credit history whenever you pay a bill on bill skip?
@clemmakesapps I believe it does perform an initial credit check when you apply. Then there are only subsequent checks if a user submits a request to increase their line. However because the lines are relatively low in amount we have people with lower FICO/ no credit history get approved. So we've been happy with that.
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