Fluid is world first interest free loan specifically addresses the new to credit population in the United States.
Our audiences are the 20 million college students in America. With various legislations passed in the past decade, access to credit become increasingly difficult for our college students. The adverse effect of these legislations created a negative feedback loop that also reduce the chances of building credit. Lack of access and reduction of credit experience in young millennials and generation Zs further constrained the biggest population cohort from getting credit after graduations.
Fluid is the solution to this problem. Fluid offers an interest free loan up to $500 to everyone that’s eligible. We try to provide everyone an app that is fun to use, stress free and most importantly help everyone to build up their credit.
We spent many months design our product to make it interest free. Today, we want to talk about why we think an interest free loan is the new standard and deliver credit education tailored to each social cohort (Universities in our case) can strengthen community and create a sense of pride and ownership.
We don’t have to look further. The ancient Jewish tradition of Gemach is a perfect example of what we are striving for. Gemach or “acts of kindness” is a Jewish free-loan fund which subscribes to both the positive Torah commandment of lending money and the Torah prohibition against charging interest on a loan to a fellow Jew. Unlike bank loans, gemach loans are interest-free, and are often setup with easy repayment terms.
Many Jewish community or Universities have their own Gemach and it bonds the community together. This “Loving Kindness” is at the core of Fluid, an interest free loan with easy repayment offered within a tight knit community. Fluid welcomes students from all walks of live but we couldn’t help but to talk about this incredible relationship.
Rabbi Yoni Birnhaum explains here:
We are also in the process of developing a group saving scheme loosely based on the ancient tradition of A Chit fund. A chit fund is a kind of savings scheme practices in India.
A few individual will come together a pull their money together into a pool. And if one member is having an urgent need, he or she will bid to withdraw a certain amount from the chit fund.
Here’s a video describing how a Chit fund works:
Please sign up to be come a beta tester at www.fluidfi.com/beta
Founder and CEO
Timothy Li is a serial FinTech entrepreneur. He is the Founder & CEO of Fluid Credit, a credit building app exclusively for 22 million university students. Tim has held various C-level & advisory positions at RocketLoans (Quicken Loans), RealtyMogul, Kabbage, LoanDepot, Mosaic, Blinker, Think Finance, Experian and JPMorgan Chase. He’s is a senior contributor at CrowdFundInsider.com and speaks at various FinTech conferences.