Customers of BillFloat enlist the company’s help to pay bills to over 2,500 utilities, insurance providers, cable companies, and other billers around the United States. In return for a processing fee and an interest rate much lower than most short-term loans, BillFloat will pay a customer’s bill on time and allows them to repay later.
Using BillFloat is easy and fast. First, after applying and being approved by BillFloat, a customer provides the biller’s name and their account number, as well as the amount of the bill and the date it must be paid. Then, BillFloat pays the biller directly. Next, the company schedules an automatic withdrawal of the repayment amount from the customer’s bank account. BillFloat also sends out a reminder of the pending withdrawal and allows customers to repay early if they wish to save on total interest paid.