Reel

Reel app logo

Price:

A handling fee is charged for each purchase.

At a Glance:

Save up for items you want without having to use credit or take on debt.

Features:

Description:

Use it if: You like online shopping but don’t want to risk going into debt or not being able to pay your necessary expenses. Reel allows you to choose an item you want to save for and regularly put money towards it, then when you’ve saved enough, you’ll have the item sent to you.

Try it out: Browser

Publisher:
Reeelit, Inc.
Platform:
Interview with Daniela Corrente, founder of Reel

OppLoans: What benefits does Reel provide your users?

Daniela: Reel makes saving for the most coveted pieces on your wish list stress-free! We simplify your saving process so that you can pay for the things you want without having to swipe your credit card, and ultimately without accumulating more debt! One of the biggest burdens that Millennials face, is debt accumulation, whether it be from a credit card or student loans. We have been led to believe that the only way to achieve the things that we desire is by swiping a credit card. On the contrary, we believe people have what it takes to save, and that’s why we built Reel, a save-to-buy shopping solution that is easy to use, for anyone…anywhere.

OppLoans: What features are you most proud of?

Daniela: We are super proud of how simple and easy our algorithm makes the process of saving. It takes 30 seconds from the moment you select the item you wish to start saving towards. We worked hard to create the ideal save-to-buy solution that would let you decide how much you want to spend on a daily or weekly basis, tracks your savings plan, and then ships the item directly to you once you’ve met your savings goal.

OppLoans: What’s the story behind the creation of Reel?

Daniela: Reel began from my personal experience with buyer’s remorse. I loved shopping but dreaded the monthly credit card statements and hated the feeling of being in debt. When I moved to the US I was in shock about the accessibility of credit. I didn’t grow up with it, so it took me some time to understand the dynamic of credit cards and the negative implications they could have on a person later. A couple of years ago my co-founder told me that 63% of Millennials in the US didn’t have credit cards and that was a huge driver, for the first time I understood that I wasn’t the only one trying to avoid unnecessary debt. After doing tons of market research, we decided there was room for a platform that would offer a digital take on layaway, and decided that Reel would be the perfect solution for Millennial consumers.

OppLoans: Are there any upcoming features or releases you’d like our readers to be aware of?

Daniela: We are launching a full site redesign and adding more products ranging from luxury handbags and cosmetics to athleisure gear and menswear. We recently expanded into furniture, which has become a popular category. I mean, if you know you’ll be moving into a new place in the next three months, that’s more than enough time to build an account through Reel, and start saving for that new couch or dinette set!