Borrow Better. Together With Divvy

Throughout his career in finance, Kevin Devany saw the damage done to people and their families due to crippling payday loan and credit card interest rates. When people can end up paying more than they’ve borrowed in interest, it creates a vicious cycle of debt for people who can least afford it. Many face this challenge – the Federal Reserve estimates that that every year 10 to 12 million Americans take out payday loans, on average paying 400% a year in interest rates.

Kevin understood the problem and knew that there was a better way. In fact, a better way has existed for more than a thousand years: Money Pools.

Whether online or in a local community, Money Pool participants each contribute an equal amount into a common fund and then take turns borrowing from the fund. With no interest rates and the support of the community, people can get access to cash when they need it, without the extra burden of interest rates or excessive fees.

Working with our team at altr, Kevin envisioned a new financial service built around this concept of community lending: a way to help people save and pay for necessities like rent, education, and transportation without relying on payday loans and credit cards.

Kevin’s vision is now a reality with the launch of Divvy. With Divvy’s 5 and 10-week online community lending pools, the time-tested concept has been reimagined and put to work to help solve one of society’s biggest challenges. People who previously felt that they had no choice but to risk their future in order to pay their bills can now work together to start saving and paying for life’s regular and unexpected expenses.

With Divvy, we’re proud to be building a community of people supporting each other’s financial wellbeing. Check out the site at