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MEMPHIS, Tenn. — A new smartphone app could help thousands of people in Shelby County.

Bank on Memphis launched the app Thursday at First Baptist Church in Binghampton.

Melinda Gregor knows several people in her Binghampton neighborhood struggling to make ends meet because they have poor credit.

“I think the biggest frustration is banks. It`s kind of hard to get an account if you haven`t had anything in your name. It`s very frustrating to go in there and try to get something” she said.

But the new tool gives people facing financial problems a second chance.

Bank on Memphis said they introduced the new app  to help the underbanked and unbanked.

“The Bank on Memphis smartphone app gives anyone the opportunity to take advantage of financial education, certification and find the closest bank or Memphis bank partner all in the palm of their hand,” said Shelby County Trustee David Lenoir.

He said often times people with poor credit turn to payday lenders, pawn shops and title loan companies. He told us 90,000 households locally have little or no access to traditional banking services.

“These payday businesses target people with little, if any financial knowledge who can`t afford to lose thousands of dollars a year in fees,” Lenoir stated.

This program targets people who live in Binghampton as well as Frayser and South Memphis.

The people WREG spoke with said having something like this on their cell phones is going to make things a lot easier.

“It’s pretty much a saver,” said Gregor.

For more information about this APP click here.