Need money so as not to end the month in negative? Sherwood offers to help you. It is not a question of the mythical forest which sheltered Robin Hood but of a mobile application available on Android and iOS. Its mission is to help you out when you are short of cash. There is no question of taking from the rich to give to the poor, even if the stated objective of Sherwood is to play the good Samaritans. How? 'Or' What ? By advancing the amount you need to avoid being overdrawn and paying agios.
The application, which has just been launched, offers its members to advance them, free of charge for the moment and without interest, up to 250 euros (100 euros during the running-in phase of the application) the time you perceive your income. "This is to offer a quick cash facility for all those who are struggling to make ends meet or who have to face an unforeseen event that plunges them into red," summarizes one of the three co-founders, Pierre-Eloi Acar. In other words, a lot of people. "60% of French people have a discovery at least once a year according to a recent study by the Panorabanques comparator," he said.
A refund within a month
More traditional answers already exist but they do not satisfy the bosses of Sherwood. "It is possible to ask for an advance from your family or relatives but it is very unpleasant especially if it is repetitive," explains Pierre-Eloi Acar. As for the loans offered by banks, they remain very expensive and do not stick to the thirty-day cycle which allows you to fall back on your feet by repaying the amount advanced. "
Now precisely, Sherwood's principle is to be based on this cycle of one month immediately the income paid into the current account of the debtor. Before launching an advance request, you must have previously associated your bank account with the Sherwood application which is operated under a white label by Bridge, the tool dedicated to professionals developed by Bankin ', the fintech specialized in the management of accounts. "Thanks to this partner who has the approval of the Prudential Supervisory Authority and Resolution (ACPR), our members are guaranteed to benefit from the security standards of banks", he underlines.
An algorithm detects your income
Once the bank identifiers are recognized, an algorithm can detect the main income paid each month into your current account. "In the absence of a salary, he will detect the amount received regularly which will serve as a reference - whether it comes from Pôle emploi or any organization (retirement, etc.) - and will submit it to you for validation. "
This choice made, you can make your advance request, which will be paid, within 24 hours, to your checking account. You then automatically reimburse as soon as your income is received. Otherwise, an alert warns you of any future discoveries and offers you an advance. "Ultimately, an anti-overdraft shield will anticipate the additional need for cash and automatically unlock the funds to prevent you from going into the red," said the director.
Free for now, this advance device will pay off in the long term. "For the moment, we are financing our equity advances based on our first fundraising but our service should be invoiced at 5 euros per month of use by the end of the year", confides the young chef which also targets the corporate market. Deliveroo, Feed, StarOfService… Many of them are already using Sherwood for their payday advances.
