Sam Conklin is no stranger to overdraft fees. Then, for users who still find they're in a pinch, it may approve a loan of up to $75. In 2016, financial institutions hauled in $33.3 billion on overdraft fees alone, according to Moebs Services, an economic research firm. Someone who takes out a payday loan can expect to pay a median fee of $15 for every $100 borrowed, according to the CFPB. "We see overdraft fees, payday loan fees, ecetera as a waste that could be eliminated with a product like ours," says Quinten Farmer, 27, co-founder of Even.

Source: Forbes November 30, 2017 17:26 UTC