People need help making payments between paychecks

financia services to help budget

Expenditures of a family of four, two adults and two children, making living wages.
[Living Wage Calculator, MIT]

People need help making payments between paychecks

financial services to help budget

 

 

Expenditures of a family of four, two adults and two children, making living wages.
Living Wage Calculator, MIT

I missed work because I couldn't pay the babysitter. I don't get my paycheck for 3 more days.

 

I pay $50 late fee on rent because if I pay it on time then I can't go through till my next paycheck.

 

My car broke down and I didn't have enough to get it fixed.

 

I was short only a few bucks but got hit by a $25 overdraft fee.

 

Last month I couldn't pay my phone bill, ended up with late fee plus a $45 restoration fee.

Because, life happens every day, even between paychecks

I missed work because I couldn't pay the babysitter. I don't get my paycheck for 3 more days.

I pay $50 late fee on rent because if I pay it on time then I can't go through till my next paycheck.

My car broke down and I didn't have enough to get it fixed.

I was short only a few bucks but got hit by a $25 overdraft fee.

Last month I couldn't pay my phone bill, ended up with late fee plus a $45 restoration fee.

Because, life happens every day, even between paychecks

A single emergency can create an urgent shortage of small dollar amounts. Where do people living paycheck to paycheck go if they need $400?

 

  • Credit cards have credit limits, APR on balance, risk of late fees
  • Use Overdraft and pay bank penalties
  • Friends and family are quick to judge
  • Ask the boss at the risk to their employment
  • Small dollar loans have predatory interest rates and risk of debt spiral

financial services help

47% of Americans don't have enough savings

Federal Reserve Bureau Report on Economic Well-Being of U.S. Households May 2015

On average low-to-moderate income families pay more than $300 in fees and interest every month

Fee traps - financial services living paycheck to paycheck

Fee trap

Overdrawn bank accounts,
Maxed out credit cards

In 2015, people paid $120 billion to banks in overdraft and credit card fees+interest

* 2014 CFSI Underserved Market Size, R.K Hammer

No one needs more loans
We need better solutions

Debt traps - financial services living paycheck to paycheck

Debt trap

Pay-day loans, Title loans, Installment loans

In the same year, people paid $138 billion  in fees and interest to access financial services.

* 2014 CFSI Underserved Market Size, R.K Hammer

On average low-to-moderate income families pay
more than $300 in fees and interest every month

Fee traps - financial services living paycheck to paycheck

Fee trap

Overdrawn bank accounts, Maxed out credit cards

In 2015, people paid $120 billion to banks in overdraft and credit card fees+interest

* 2014 CFSI Underserved Market Size, R.K Hammer

No one needs more loans
We need better solutions

Debt traps - financial services living paycheck to paycheck

Debt trap

Pay-day loans, Title loans, Installment loans

In the same year, people paid $138 billion  in fees and interest to access financial services.

* 2014 CFSI Underserved Market Size, R.K Hammer

Status quo is simply NOT acceptable

 

Every working person deserves financial security, dignity and savings.

Status quo is simply NOT acceptable

 

Every working person deserves financial security, dignity and savings.

The PayActiv Invention

PayActiv financial wellness services solve the small dollar need for emergencies and cash droughts by providing access to earned but unpaid wages. Helping employees waiting for their paycheck avoid penalties of late payments or having to take predatory loans to overcome their crisis.

Funds for emergencies is only the beginning...

PayActiv comes with a revolutionary allocation and savings tool to help employees plan for future, plus free financial services to pay bills online, make bank transfers, and earn rewards.

 
Saving in Units of Time
Awarded Best of Show at Finovate Spring 2016

 

 
 
Saving in Units of Time
Awarded Best of Show at Finovate Spring 2016

 

The PayActiv Invention

 

PayActiv financial wellness services solve the small dollar need for emergencies and cash droughts by providing access to earned but unpaid wages. Helping employees waiting for their paycheck avoid penalties of late payments or having to take predatory loans to overcome their crisis.

Funds for emergencies is only the beginning...

PayActiv comes with a revolutionary allocation and savings tool to help employees plan for future, plus free financial services to pay bills online, make bank transfers, and earn rewards.

Game Changer

A financial wellness solution to get out of debt NOT into debt

 

PayActiv empowers people to manage the timing of their income with their expenses, eliminating the need for small dollar loans.

 

Some well meaning employers have asked, will early access hurt workers? Embedded within this question is a common judgment that a low-income individual is unable to handle their finances.  Our experience and research shows that low-income workers are managing finances day to day. Typically they get bi-weekly pay, and once rent is paid, the ensuing days create a cash drought until the next payday.  These periods of vulnerability ultimately create the demand for predatory lending.

 

The better question to ask is, are current financial systems designed to meet the needs of people living paycheck-to-paycheck? The fact is, there have been only bad choices to pick from. These bad choices push the already vulnerable over the edge to either debt trap or fees trap. PayActiv is the only No Debt financial service.

 

color of wealth - financial services living paycheck to paycheck

"Every once in a while, a product comes along that is too good to be true in its simplicity and precision. That was the unparalleled reception I received from businesses, academics, activists and policy-makers at the 2016 Color of Wealth Summit."


Director of Impact, PayActiv

PayActiv fintech solution for financial inclusion

 PayActiv solution works for people, businesses and society.

 

Join the growing number of businesses signing on as their corporate responsibility.

 PayActiv solution works for people, businesses and society.

 

Join the growing number of businesses signing on as their corporate responsibility.

It is more than a paycheck,
it is peace of mind!

It is more than a paycheck, it is peace of mind!

© 2017 – PayActiv, Inc.
All Rights Reserved