Credit scores are obsolete. Not to mention, very unfair to new-to-credit consumers. We've been there before, so we understand! We don't run credit checks because we aim to provide everyone equal access to credit for their most essential bill payments. Currently, you are automatically approved for a $1000 monthly credit line when you sign up.
When you sign up for Neon, you get a $1000 monthly credit line, at 0% APR, no fees, no hidden costs. Every month, we use this to pay up to $1000 in bills that you've already added with us. In other words, you can think of it as has having a credit card with an annual limit of $12,000. All we need is that you pay us back on time, according to your payment schedule (navigate to Payments to learn more).
At this point, we are offering a fixed $1000 monthly credit line to all our customers. However, we do offer credit line increase if you make your payments to Neon on time for at least two months. We encourage you to start by adding bills up to $1000. Chat with us to request a credit line increase, when you need it.
You can use Neon to cover both household or business bills. You can include all your essential household and business related bills in the eligible categories—Rent, Electricity, Telecom, Internet, Gas, Water, Parking, HOA.
Glad you asked! If you already have an online account with your utility provider, provide us with your login credentials, just once. We will pull all your relevant bill details each month and make payments as they become due.
If you do not have an online account, you can add an offline bill and we can mail the check to your provider on your behalf. If you'd like to explore alternate ways of covering your payments, chat with us to discuss your options.
You can pay us back in four equal installments. Your first payment will be due at the end of the month for which we cover your bills and the remaining three every two weeks thereafter. So for ex. if we cover $1000 in bills during March, you will owe us $250 each on March 31, April 15, April 30, and May 15.
We're working hard to ensure that you never miss a payment again. To keep it this way, we require that you set up automatic payments to Neon from your bank account.
Don't worry, we will never withdraw money from your account if you do not have sufficient balance on your payment due date. If that happens, we'd request you to get in touch with us and discuss your options. Trust us — it's autopay for your convenience, not ours.
Sometimes you might need more time to pay – we completely understand! If you reschedule a missed payment within the next 15 days of your payment due date, we will still cover your upcoming bills. If you do not reschedule your payments, or need more time beyond the additional 15 days, or run late on more than one payments – we will not be able to cover your upcoming bills until you become current on all your payments again. Read about charges past the initial interest-free repayment period and steps you should take if you’re running late, in the answers below.
Please reschedule your payments to avoid automatic debits from your bank account and any resulting NSF fees. We always check your bank account balance before debiting payments, and do not process a payment even on your payment due date, if you have insufficient balance to ensure you do not incur any NSF fees. However, if you fail to reschedule payments despite multiple reminders, we are unfortunately not able to extend this courtesy to you anymore.
If your payment doesn’t go through on the scheduled payment due date, we reach out via SMS to check if you are able to complete your payment the same day. If you need more time, a late fee of $10.00 is applied. While we strongly believe in making credit accessible and affordable by offering a 0% credit line, we do this to counteract the costs we incur when you do not pay us back on time.
We do our best to keep late fees much below the equivalent market-rate interest or fees you’d otherwise incur. We take no pleasure in charging any fees and strongly encourage you to plan for your payments and pay us back on time. By making on-time payments, you are helping us keep this service affordable and fair, for other Neon users like yourself.
Short answer: Absolutely! It's bank-grade secure.
Long answer: All information sent to and from Neon is encrypted and securely sent via SSL connection using TLS v1.2 protocol and 256-bit encryption. SSL certificates provide end-to-end encryption and integrity for all web requests to ensure information is transmitted securely.
Fun fact: You can click on the lock icon next to our website name on the search bar of your browser to verify if your browser connection to our website is secure. If you see a message saying the connection is secure, you know that we’ve configured it right. What do you think, detective?
All information sent to and from Neon is encrypted and securely sent via SSL connection using TLS v1.2 protocol and 256-bit encryption. TLS (Transport Layer Security) is the successor protocol to SSL (Secure Sockets Layer). Both are the standard technology for keeping an internet connection secure and safeguarding any data that is being sent between two systems (for ex. your browser and our website server). Encryption algorithms scramble data in transit, thus making it impossible for hackers to read or modify any information while it is sent over the internet. Whoa, mind blowing! Isn’t it?
We are using Plaid to verify your bank account and Stripe to accept payments. This means, we do not store or have access to your bank account login credentials, routing number or account number. This is all managed by Stripe which is certified to PCI Service Provider Level 1. Simply speaking, it is the highest grade of payment processing security. Stripe forces HTTPS for all services using TLS (SSL), so all your transactions processed by Stripe are secure. You can read more about security at stripe, here.
We are using Plaid to verify your bank account and Stripe to accept payments.
Amazon, Lyft, Target, Unicef, Twitter and many more businesses use Stripe to process payments. Plaid is a Visa product, and businesses like Venmo and Robinhood use Plaid to connect to your bank account. Simply speaking, they're the best out there. If businesses you pay are not using them, you should be worried!
We plan to monetize from businesses. Mostly through partnerships or transaction fees on payments processed through our platform.