Cheq is a primary of its type ‘Pay On need’ solution which allows working Aussies to access their future wages instantly.
The fintech enables clients access to as much as $200 and fees a fixed deal cost of 5% without any extra costs or interest, that is paid back via direct debit on your own next future payday.
That cost is well underneath the yearly 52% to 1,000per cent that Cheq stated Aussies are increasingly being charged by many people payday lenders on comparable quantities.
CEO and co-founder Tarek Ayoub stated Cheq desires 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’ type of usage, it is common that people commence to see this movement over into remuneration,” Mr Ayoub stated.
“Having usage of this sort of solution could avoid several thousand susceptible Australians from turning to predatory payday lenders, making use of their sky high rates of interest and costs, and their vicious payment structures made to help keep you caught in a crippling period of financial obligation.”
Presently the software is only available in the Google Enjoy store, but Mr Ayoub stated they expect you’ll release an iOS version into the fortnight that is coming.
Much like Afterpay did with ‘buy-now, pay-later’, Cheq is planning to revolutionise the credit landscape when you are the player that is first Australia to supply ‘Pay On need’ direct to customers.