The information required on the BillFloat application page includes the applicant’s name, the total amount due, when the applicant wants to schedule a payment and the applicant’s account number. Next, the applicant enters his personal information, such as his Social Security number and his bank account details as well as the routing number. BillFloat requires this information to verify the identity of the applicant.
There is no credit check requirement in order to sign up with BillFloat. Once the applicant has entered the required information, BillFloat gives him a repayment summary and a bill payment summary.
The bill payment summary shows the amount of money BillFloat has to pay on the applicant’s behalf, the exact time the bill should be paid, and the service fee charges. The applicable fee is mostly dictated by the total bill the borrower is supposed to pay. The repayment summary shows the total amount that was floated to pay the bill, the amount of interest the borrower is expected to pay and the expected total repayment amount. Floated repayments must be repaid within 30 days. First-time users are allowed to float bills not exceeding $200. Once a person has established a good repayment history, BillFloat extends him more credit to float bills and reduce his fees.
The types of bills borrowers can settle through BillFloat include utilities such as water, electricity and gas, cable and satellite services, and wireless and Internet services. Borrowers can also pay their insurance and auto loans through BillFloat.