I have some experience in this area. From what I've seen any company involved with lending to the underbanked is going to operate pretty similarly to a payday loan company... A lot of these new companies want to appear different and go out of their way to never mention payday lending. But the terms are pretty similar at the end of the day.

Lending to this segment of the population is fraught with write-offs, its just not possible to give a great deal on loans with that kind of risk unless you are a non-profit. If it were possible, one of the payday lenders would do it and corner the market.