SAN DIEGO, May 16, 2016 /PRNewswire/ -- Zebit, a company committed to offering no-cost, transparent credit to hardworking Americans, today launched a new direct-to-consumer offering exclusively available to active and retired military personnel. Dedicated to improving the financial lives of those who serve, Zebit provides access to $1,000 interest-free credit for active and retired military members associated with the U.S. Army, Marine Corps, Navy, Air Force and Coast Guard. The credit can be used in Zebit's online marketplace to purchase brand name products and services while paying for them over time without fees, interest or penalties.
"Zebit helps the military community say goodbye to deceptive credit options and fight financing gimmicks that may have previously burned them," said Michael Thiemann, CEO and co-founder at Zebit. "Unlike expensive credit cards, risky rent-to-own services, and harmful financing alternatives, Zebit was created as a socially responsible platform that stands firm in never charging interest or fees. The number of military personnel in debt is troubling. With access to our solution, Zebit gives U.S. service men and women, along with their families, the financial stability they deserve."
Military personnel have an average debt-to-income ratio of 46.5 percent, about 10 percent higher than average American households.1 One in four military families carry $10,000 in credit card debt and 10 percent of families owe more than $20,000.2 The lifestyle of a military family—including living paycheck-to-paycheck, the added expenses of frequently moving, and the pressure on spouses to manage bills during deployment—can increase the risk of needing to turn to harmful credit options. Zebit is focused on improving the lives of those who serve the U.S. by offering them $1,000 interest-free credit without a credit check. It allows them to more affordably buy what they need now, while paying for it over time, without any added cost. Zebit's responsible credit model, called a ZebitLine, is used to make purchases in the Zebit Market, featuring thousands of brand name goods and services at retail prices. This first of its kind financing solution helps users avoid revolving debt and accruing interest that comes with credit cards or other financing options. Active and retired military also have access to Zebit's free financial wellness resource library that features budgeting tools, online education, and the Instant Budget mobile app, which takes the guesswork out of budgeting and automatically creates a customized budget based on income, where someone lives, and the number of people in his or her household.
"Many who serve are trying to stretch one household salary across a large family," said Elicia Ritter, veteran sergeant of the U.S. Marine Corps and vice president, finance and treasurer at Zebit. "It's a shame that many companies out there take advantage of the military's dedication to our country with financing options that have deceptive fine print where one wrong move can create a spiral of debt. Our military community needs a solution like Zebit; it should be a welcomed tool for any active or retired military person who needs to make large or unexpected purchases."
Active and retired military personnel interested in joining Zebit and receiving $1,000 interest-free credit should visit www.zebit.com/military. Zebit is planning to expand registration to the National Guard, reserves, veterans, and spouses in 2017. For every new military personnel registrant, Zebit will also donate $10 to the Semper Fi Fund, Fisher House Foundation or Intrepid Fallen Heroes Fund.
To learn more about Zebit's offering for military personnel and employers, visit www.zebit.com.
Zebit is committed to offering no-cost, transparent credit to hardworking Americans. Zebit counters deceptive financing alternatives with interest-free credit, financial education, and planning tools to help working Americans and military personnel take control of their everyday financial lives. Its direct-to-consumer offering is exclusively available to active and retired military members associated with the U.S. Army, Marine Corps, Navy, Air Force and Coast Guard, with plans for expansion among National Guard, reserves, veterans and military spouses in 2017. Employers can also offer Zebit as a free employee benefit to lower employee stress and improve the corporate bottom line. Zebit is located in San Diego and is backed by VCs that include Crosslink Capital, Wildcat Venture Partners, Leapfrog Ventures and Correlation Ventures. Learn more at www.zebit.com/military.
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