Pay Off Debt Interest-Free With Float Money

It’s so easy to feel overwhelmed by debt. You may feel like you’ll never get caught up. If you’re like me, most of your monthly spending probably goes towards bills and essentials. You may not have a whole lot left to put towards debt and the interest that comes with it.

Thankfully, there is a solution. I recently learned about a new company that aims to help the average household do two things — put your regular shopping to work for you and provide access to a zero-interest line of credit. I think this unique concept might be just what some of you need to get ahead.

Float Money gives its members the opportunity to access a line of credit that is repaid interest-free. Float members leverage their regular shopping with Float retailers into a valuable asset – loyalty – that members can borrow against.

How Does Float Work?

Float members build a credit line (the Float Line) which is determined by two things:

1. The user’s Membership Level, which is initially determined by FICO score and then rises over time as the user continues to use Float.
2. The user’s average monthly shopping through the Float network. Members can shop online with Float’s internet retailers, and/or in physical stores with Float’s selection of gift cards. The goal is to shop regularly through Float and to do as much of your local weekly and monthly purchasing with gift cards as you can (for groceries, coffee, gas, pharmacy, etc.). See the “How it works” page on floatmoney.com for more details.

For example, a member with $800 of monthly shopping with Float gift cards or online (an easy number to hit with just groceries and gas) who has a Member Level of 150, can borrow $1200 interest-free. Member Level goes up the longer you stay with Float.

Float makes a commission on purchases made through their online shopping network and makes a profit on gift card sales as well. So, in a fashion similar to a website that offers cash back for shopping, Float instead makes interest-free loans. The more a member shops with Float’s merchants, the greater the credit line they build.

Float members are often seeking a “safety net” to compensate for low household savings. While others seek the benefits of an open unused credit line and how it can positively impact their FICO score. Most are using Float to pay down other high-interest debt.

Float members can use borrowed funds however they see fit (to fill budget gaps, fix the house or car, pay off debt, etc.) and pay loans back over time. So it doesn’t matter if you want to buy the latest toy, pay for summer camp or replace a broken bike, Float is there. Click here to learn more.

If you are looking for ways to pay off debt or even just to help you pay for an upcoming expense, I would encourage you to take a look at Float and see how they can help you accomplish your financial goals. As a new and very unique credit solution, it may take a moment or two to truly appreciate the Float model and how it all works, but if you give it a chance it might just be the solution you are looking for.