Our challenge was to build a fintech app that provides payday advances and emergency loans. Its goal is to help employees, regardless of credit history, access an extra week’s pay anytime to help manage unplanned expenses and build credit.
We built the app offering two key financial health products – Extra Week’s Pay, and Early Pay. The programs allow employees to avoid the payday loan trap. What’s more, the user can securely link their bank account to the app.
We were thrilled with the results. Their forecasting was incredibly accurate. They were great at estimating the workload and forecasting the hours and cost involved. There was dynamic communication. It was impressive.
I especially liked that they went a step beyond the scope and questioned some of our processes. Then, they suggested ways they could do it better.
I can’t praise them enough when it comes to project management. It was excellent. Their Scrum process is exceptionally well-thought-out. We have standing meetings, a refinement meeting, and a backlog planning meeting. They make my life easy. They’re direct with what they need from me as the Product Owner.
The program helps users with unplanned expenses by offering loan amounts up to $2,500, depending on their employment status and history. User repays the loan according to their payroll schedule.
With this program, users can advance their pay and repay with their next paycheck. Choose the amount, payback date, and decide how quickly you need the funds by selecting Express or Standard Funding.
The app uses Plaid to connect user’s bank. It’s secure – the transfer of the information is encrypted end-to-end. It’s private – user’s credentials will never be made accessible to HoneyBee app.
User receives a notification as soon as their employer has approved their information.
User can check all the information about their loan: status, amount, date of next payment, or repayment schedule.
User can easily update their data and bank account details while taking out a loan.