Current

Current, the fintech that advances your paycheck and builds credit

Current is a financial technology company that offers a banking app focused on paycheck management. Its offering is built around four areas that the company itself presents as Spend, Save, Invest, and Advance. The company targets users who want to receive their salary before the usual date and access credit tools without the requirements of traditional banking.

Paycheck Advance and early pay

The Paycheck Advance service allows you to request advances of up to $750 once you qualify by adding your paycheck. The company notes that this is an optional feature for eligible customers, that the available amount is displayed in the mobile app, and that it may change over time. Conditions and eligibility depend on Finco Advance LLC, a financial technology company that is not a bank and that offers this feature.

In addition, Current states that you can receive your pay up to two days early when you add your direct deposit.

Build credit with no annual fee and no interest

The company offers a card designed to build credit history with no annual fee, no interest, and no credit check. However, the site details that some fees may apply, including out-of-network ATM fees ($2.50 per transaction), late payment fees (3% of any total due balance outstanding and past due for two or more billing cycles), foreign transaction fees (3% of the full transaction amount, with a minimum of $0.50), card reorder fees ($5 for regular delivery and $30 for expedited delivery), cash deposit fees ($3.50 per deposit), and third-party processing fees.

The company notes that individual results may vary and that improving your credit score depends on factors such as payment history, credit utilization, length of credit history, and other financial activities. In its presentation, Current states that it is possible to increase your credit score by more than 80 points after six months.

Rewards, savings, and investing

The service description includes savings bonuses of up to 4.00%, cashback, and an account with no overdraft fees. These benefits are presented alongside the spending, saving, and investing features that the company integrates into its app.

User base and positioning

Current states that it has more than six million members who use its services. The company presents itself as the #1 best banking app for your paycheck, a claim that reflects its own marketing positioning.