Funding
Funding not disclosed
Founders
Product
Problem
Many consumers rely on payday loans that charge high compound interest and hidden fees, leading to debt cycles and financial strain, especially for those needing short‑term cash but lacking affordable credit options.
Solution
Vaults offers short‑term payday loans that eliminate compound interest and charge only a simple, transparent fee. Borrowers receive a fixed amount of credit with a clear repayment schedule, and the platform provides an extended repayment window for users who need additional time. By using merchant category code (MCC) data to assess risk, Vaults can price loans based on geographic cost‑of‑living factors, ensuring rates remain affordable. The service is delivered online, allowing users to apply, receive funds, and manage repayments without visiting a physical storefront.
Target Audience
Primary customers are individuals seeking short‑term, affordable credit solutions, particularly those who would otherwise turn to high‑cost payday lenders.
Features
- Fixed‑rate loans with no compound interest, only a single disclosed fee
- Extended repayment periods to give borrowers extra time to repay
- Risk assessment based on MCC and regional cost‑of‑living data for fair pricing
- Fully digital application and fund disbursement process
- Transparent terms displayed up front, with no hidden charges or late‑fee penalties