Who says you can’t buy time?
BillFloat — a company that helps customers add up to 30 more days to pay their monthly bills without incurring late fees — announced this week that additional automotive financing and auto insurance companies will be using BillFloat as a payment option for consumers. The extended list of companies will give one million more customers the ability to use BillFloat for their monthly car payment or auto insurance bill.
Just added to BillFloat’s auto loan line-up is Jacksonville, Fla.-based MarkOne Financial. San Francisco- based BillFloat already partners with Wells Fargo Auto, Toyota Financial Services, Ford Credit, Honda Financial Services, and TD Auto Finance, among others.
“BillFloat gives people a positive choice to a challenging situation in their lives,” said Bruce Newmark, president of MarkOne Holdings. “We don’t want anyone to default on a loan, and by offering BillFloat as a payment option, we help our customers make their payments on time and invest in their future financial stability.”
Here’s how the service works? For a charge, a bill payer signs up and asks BillFloat to pay his bill on-time, thereby avoiding any late fees. In exchange, he has 30 days to repay BillFloat.
The charge for the bill-pay service ranges from $4.99-$14.99, subject to discount and service provider costs. An interest rate of 3% on the dollar amount of the loan is also charged for the service.
The company is backed by PayPal as well as leading venture firms including First Round Capital, Venrock, SoftTech VC, Baseline Ventures, and SV Angel.
