Has an employee ever asked for a cash advance? Are businesses equipped to handle such requests? Is there a financial app for this?
Financial companies don’t make products to help the “working poor” because it is not profitable for them. In fact, the financial crisis of 2008 defaced the worst of banking practices in which families were robbed of their homes and savings because of unsecured credit and sub-prime credit products.
What has changed since then? CFPB is taking steps to protect consumers from debt traps of payday loans but what is the alternative? People living paycheck to paycheck often find themselves in a bind for small dollar needs to pay bills or handle an emergency. Where can they go for these needs?
PayActiv has innovated a solution which is offered to employees in partnership with employers to meet the short-term small-dollar needs of employees. It allows access of up to $500 of earned but unpaid wages for a $0 to $5 fee (depending on employer contribution and only when funds are accessed) instead of paying late and overdraft fees or taking out a predatory loan.
A growing set of additional services like bill pay, bank transfer savings, and discounts programs are also included at no cost. All this is delivered on an easy to use mobile financial app.
Partner with PayActiv to offer financial wellness benefits to your employees.