Cheq is an initial of its sort ‘Pay On Demand’ solution which allows Aussies that is working to their future wages instantly.
The fintech permits clients access to as much as $200 and fees a fixed deal charge of 5% without any extra charges or interest, that is paid back via direct debit on your own 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 payday loan providers 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 living paycheck to paycheck.
“As our society increasingly embraces the ‘on-demand’ type of usage, it’s only natural that we commence to see this movement over into remuneration,” Mr Ayoub stated.
“Gaining access to this kind of solution could avoid 1000s of susceptible Australians from turning to predatory payday loan providers, using their sky high interest levels and costs, and their vicious payment structures built to help keep you caught in a crippling cycle of debt.”
Presently the application is only available in the Bing Enjoy store, but Mr Ayoub stated they expect you’ll release an iOS version when you look at the fortnight that is coming.
Much like Afterpay did with ‘buy-now, pay-later’, Cheq is planning to revolutionise the credit landscape when you’re the very first player in Australia to provide ‘Pay On need’ direct to customers.
” You will get food, television shows, cleansing solutions, dog walking, and every thing in between on demand. Read more