New financial start-up SmartWage offers per day loan alternative
SmartWage gives employees instant access to their earnings for work they have already done with about 6,900 already registered
A Johannesburg-based financial start-up says it can give employees instant access to their earnings for each day worked instead of having to wait for the end of the month. This is in an effort to stop predatory payday loans, co-founder Nick Platt told Business Day.
SmartWage works by giving employees instant access to their earnings for work they have already done. For example, if a person has worked a certain number of days in a month and is in need of cash, the company will calculate a per day rate based on their total pay, and pay employees of registered companies what has been earned so far in a particular cycle. ..