BucksApp, a lending app for students, has launched its services alongside the close of a $2m funding round.
The app is now available to university students in Florida, giving them easy access to quick cash. The student can take out $50, $100, $150 and $200 and repay it over four separate instalments. Borrowers can also set it up to take out the loan bi-weekly or monthly.
BucksApp founder and CEO Sebastian Romero said, “We need to first understand a college student situation, because on top of getting used to a new environment and balancing a new schedule, making new friends, being homesick, students have to study and keep up with the expenses,”
“Sometimes my student budget was not enough. I had to choose between buying a book or eating well; paying last-minute utility bills or going out with friends. Stretching my allowance meant a lot of stress.”
Last year, Student Finance, an alternative to student loans, collected €1.15m in a funding round. The FinTech provides students with an Income-Share Agreement (ISA) which sees them pay a fixed percentage of their income for a set period of time, in place of a tuition fee.
Copyright © 2020 FinTech Global
