Picture: Cheq founders Tarek Ayoub & Dean Mao. Supply: Cheq
Cheq is just a to begin its type ‘Pay On Demand’ solution that permits Aussies that is working to their future wages instantly.
The fintech permits clients use of just as much as $200 and fees a fixed deal cost of 5% with no extra costs or interest, which can be paid back via direct debit in your next payday that is upcoming.
That cost is well underneath the yearly 52% to 1,000per cent that Cheq stated Aussies are increasingly being charged by numerous lenders that are payday comparable quantities.
CEO and co-founder Tarek Ayoub said Cheq wishes to expel payday lending and assist the very nearly 6 million Australians presently residing paycheck to paycheck.
“As our culture increasingly embraces the ‘on-demand’ model of usage, it is common that individuals commence to see this movement over into remuneration, ” Mr Ayoub stated.
“Having usage of this sort of solution could avoid a huge number of susceptible Australians from turning to predatory payday loan providers, along with their sky high rates of interest and costs, and their vicious payment structures made to keep you caught in a crippling period of financial obligation. “
Currently the software is only available regarding the Bing Enjoy shop, but Mr Ayoub stated they expect to release an iOS version within the coming fortnight. (more…)