Picture: Cheq founders Tarek Ayoub & Dean Mao. Supply: Cheq
Cheq is really a to begin its type ‘Pay On need’ solution that allows Aussies that is working to their future wages instantly.
The fintech permits clients use of just as much as $200 and costs a fixed deal charge of 5% without any additional charges or interest, that will be paid back via direct debit in your next payday that is upcoming.
That charge is well underneath the annual 52% to 1,000per cent that Cheq stated Aussies are being charged by numerous payday loan providers on comparable quantities.
CEO and co-founder Tarek Ayoub said Cheq desires to expel payday lending and assist the nearly 6 million Australians presently residing paycheck to paycheck.
“As our culture increasingly embraces the ‘on-demand’ model of usage, it is common we commence to see this movement over into remuneration, ” Mr Ayoub stated.
“Having use of this sort of solution could avoid several thousand vulnerable Australians from turning to predatory payday loan providers, using their sky high interest levels and charges, and their vicious payment structures built to help keep you caught in a crippling period of financial obligation. “
Presently the application is only available on the Bing Enjoy shop, but Mr Ayoub stated they be prepared to release an iOS version in the coming fortnight. Read more…