We bet there are a lot of people out there who count the days between their paychecks, and sometimes wish they could get their hands on the money they’ve earned just a few days earlier than their company shells out money. Well, there are a few workers out there who can, thanks to a new service called Instant Financial.
The service, which is mostly targeted to folks who work by the hour, allows employees to get half their pay on any given day. Those eligible get notifications when their shifts end that they can get half their salary if they want, and if they do the money gets transferred instantly into their debit card
But there are a few caveats to the service. Once employees get notification of their available money, they only have an hour from the time they receive the notification to access it. Only half the money is available to help encourage savings, and the time limit for getting the money is there to stop people from taking the money for impulse purchases at any time of the day.
Right now about 50 companies, including McDonald’s, Outback Steakhouse and some retailers, are a part of the service, with about 150,000 employees given the option to access their money in advance of standard weekly, bi-weekly or monthly check, although Instant Financial expects that number to increase to $1-million in the next two years.
Source: USA Today