Cheq: The fintech out to expel payday financing
Picture: Cheq founders Tarek Ayoub & Dean Mao. Supply: Cheq
Cheq is an initial of its sort ‘Pay On need’ solution which allows Aussies that is working to their future wages instantly.
The fintech permits clients access to as much as $200 and costs a fixed deal charge of 5% without any extra costs or interest, which will be paid back via direct debit on your own 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 many people lenders that are payday comparable quantities.
CEO and co-founder Tarek Ayoub stated Cheq desires to eradicate lending that is payday assist the very nearly 6 million Australians presently residing paycheck to paycheck.
“As our society increasingly embraces the ‘on-demand’ type of usage, it’s only natural that individuals commence to see this movement over into remuneration,” Mr Ayoub stated.
“Having usage of this kind of solution could avoid tens of thousands of susceptible 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 regarding the Google Enjoy shop, 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 are the very first player in Australia to supply ‘Pay On need’ direct to customers. Read more