Fair is designed to be an option for those who are new to the country, have no credit or need access to interest-free loans. It operates with Coastal Community Bank as its sponsor bank.
According to TechCrunch, the neobank’s goal is to provide ‘ethical, transparent banking’ via a membership model that eliminates all banking fees. Members can pay a one-time membership fee of USD 99 (paid in full or in instalments) to have access to all of Fair’s online banking and financial services.
Fair aims to differentiate itself by offering interest-free lending, as well as the ability to invest, get insurance, and plan for retirement in one platform that is available in English, Arabic, and Spanish (with more languages to come).
Among Fair’s features are free international transfer, early access to paycheck funds, ‘instant, interest-free’ microloans, an annual dividend account, debit card accounts for kids and interest-free loans for home, auto and business that are equity-based. Those equity-based loans are Sharia compliant, meaning that it’s not kosher to take interest. They also comply with Jewish law.
In partnership with Avibra, Fair is offering free supplemental life, accident medical and AD&D insurance to all members as part of its banking services.
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