Stack is a financial technology company focused on reimaging alternative financial services for underserved populations and communities. To start we’ve developed a mobile lending circles app for iOS.
No, Stack partners with Evolve Trust bank and SynapseFi to deliver affordable and secure financial services. All of the funds held within Stack are FDIC secured.
We’re working hard to get a product out as soon as possible, stay tuned for more updates and progress early 2019.
It’s easy, sign up and verify your identity. Since we will be creating a free deposit account for you we’ll need you to take a pic of your ID and provide your social. This helps us keep the platform secure from fraud and money laundering.
Unfortunately, no. User’s will have up until the first payment is made to choose to leave the group.
Yes, we will report all of the users payment history to the major credit bureaus.
This could vary so we don’t know for sure yet and it will depend on a few factors like your existing credit score and your payment history within Stack. Other services offering lending circles offline have seen increases by up to 100 points.
The Stack Score is a trust rating that is based on a member’s payment history and group participation. It gives users a way to indicate if another user in the marketplace is dependable and trustworthy.
Make payments on time and complete groups that you sign up for. Late payments can decrease your opportunities for being able to join larger Stack groups.
The internal Stack Score is just a measurement of a users ability to payment their group contributions on time and what marketplace features they might have access to. The credit score is the world-wide standard for a person’s ability to pay back credit.
Yes, new members will be required to complete their first Stack before joining multiple groups. Members with higher Stack Scores will be able to join up to 4 Stacks at a time.
We know that late payments from any group member can inconvenience other members. So we make it easy for members to make payments on time by
1) sending out several payment and payout reminders including one the day before a scheduled payment
2) payments are automatically withdrawn from the user’s linked bank account.
However, if a late payment is made user’s will be charged a small late fee and their Stack Score will be negatively affected.
This is considered a default and Stack will cover the group. After 7 days of non payment and inconvenience to the Stack group, we will step in and make the remaining contributions on the user’s behalf. This is our guarantee.
All balances are due immediately. User’s who fall behind will have an opportunity to make payment arrangements. If no arrangements are made within 30 days, we will attempt to work with the user to collect payment before reporting a negative mark to the credit bureaus.