Cheq is an initial 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 charges or interest, which can be paid back via direct debit on the next payday that is upcoming.
That charge 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 stated Cheq really wants to eliminate lending that is payday 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 individuals start to see this movement over into remuneration,” Mr Ayoub said.
“Gaining access to this kind of solution could avoid 1000s of susceptible Australians from turning to predatory payday lenders, using their sky high rates of interest and charges, and their vicious payment structures made to help keep you caught in a crippling period of debt.”
Presently the application is only available from the Bing Enjoy shop, but Mr Ayoub stated they be prepared to release an iOS version within the coming fortnight. Continue reading “Let me make it clear about Cheq: The fintech out to expel lending that is payday”