Feeling that pre-payday slog?
There is nothing worse!
Sometimes I make it to the end of the month and I'm literally checking random jacket pockets in the hopes that I'll find a loose fiver in one of them - so bloody grim.
Thankfully, a new app has just launched to remedy this and I am here for it.
Wagestream, the first income streaming app that allows employees to access a percentage of their wages before payday, has officially launched in Ireland.
In partnership with Irish employers, Wagestream gives workers instant access to their own earnings at any time throughout the month and aims to remove the need for resorting to credit cards, overdrafts or expensive payday loans.
This is a game-changer.
According to the Irish Central Bank, last year 350,000 people in Ireland used money lending services from 39 companies who offer loans at interest rates of up to 288%.
It will be ideal for those occasional or unforeseen expenses that crop up between paydays (back to school costs, car trouble, etc).
Wagestream partners directly with employers to offer this service to their employees. This flexible access is set to a maximum of 50% of already earned wages at the time of the transaction and each transaction costs a flat fee of €1.75 regardless of the amount.
On launching the service in Ireland, CEO and co-founder of Wagestream Peter Briffett stated:
“Having flexible access to your earned income is the future. Employees are being exploited by outdated short-term credit options and statistics show that there is a great need for a change. Historically lower-paid workers were the target for moneylenders, but now all layers of society waste a lot of their hard-earned money paying exorbitant interest rates for short term loans. Wagestream offers a solution to everyone, regardless of their salary, with no interest and no borrowing, that helps reduce the poverty premium. Our technology gives employees access to their own earned wages when they need them instead of having to wait until payday.”