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Experience with Payfully?

Has anyone used this service, and did you have a good experience? I am skeptical that they are asking for your banking login…

I used to work in finance. I would never, ever give my banking logon credentials to anyone except my husband. That’s a huge red flag. Your bank doesn’t even have your logon credentials. Also, most banks will not reimburse you for fraudulent transactions if you’ve given your logon credentials and/or ATM card PIN number to anyone.

Because they mean to debit your account! Watch out, this sounds dodgy. It’s a payday lender for Airbnb.

If you’ve given them permission; they can debit your account without having your logon credentials. I pay most of my bills online. I give them my bank name, account number and routing number. I would never in a million years give my logon credentials.

@EllenN the aren’t asking for your log in, just your banking info to send you money similar to ABB. They may have relationships/APIs with some of the larger banks that allow you to log into your account and then the info auto populate, like when you buy an airline ticket from United with a debit card. Nothing shady, just trying to make consumers life easier in order to get their payday loan fee! :joy:

@konacoconutz Agree its essentially getting a payday loan, but as someone else pointed out, if you can invest that money and make a higher return than the fee you are paying it could be worth it, depending on the person.

Ellen Killoran said that Payfully was asking for banking login information, not just bank name, routing number and account number. That is what I was responding to.

Per Payfully’s website:

How much does it cost?

Depending on the amount of the request and how far away your advance is we charge from $15 to $45 dollars for every $500 we advance.

If you can invest and make a higher return that their fees, you are a gifted investor and should be doing that full time.

@EllenN I don’t really understand your snarkiness, as I was just trying to clarify what they are doing, and it isn’t some shady endeavour you have decided they are. It doesn’t take a ‘gifted investor’ to get a less than 10% ROI, which is what $15-45 on $500 is.

I wasn’t being “snarky”. I was stating facts.

Hi @Ellen_Killoran,

We use a service called Plaid. (https://plaid.com/) This allow us to send the money to Airbnb hosts and to get reimbursed easily. We don’t collect any login username or password.

Plaid is 100% safe and is used by many popular finance services like Venmo and Transferwise.

Daniela

I believe it was a different Ellen to whom you were responding.

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