One of the most frustrating things about working an hourly job and living from paycheck to paycheck is not being able to afford something that comes up. It could be as simple as friends wanting to go out to a movie, or needing to go to the dentist due to an unexpected toothache. Sometimes, waiting until payday isn’t ideal.
Activehours is a company that understands this well, and so it’s created a solution that allows people to withdrawal money they’ve earned through its mobile app – before payday. Work 20 of your 36 hours one week? Withdraw some or all of those earned hours in an instant.
In a recent survey conducted through Google Consumer Surveys, Activehours discovered that 56% of hourly workers have had to borrow money between pay periods, and 37% have had to hold back from going to the doctor or dentist simply because they didn’t have the money they earned yet.
Activehours goes on to state that 54% of people surveyed wish there were better ways to avoid bank overdrafts, while 53% said that bills due before payday is their greatest financial burden. 38% of people have had to give up on, or at least delay, gifts for birthdays or weddings, while 25% experienced the issue with Christmas.
To make use of Activehours, you must upload your digital timesheet using the mobile app, and after it’s analyzed, you’ll be able to withdraw some or all of what you’re owed. When payday hits, the money Activehours fronted you will be withdrawn from your bank account.
The fee might be the most impressive part of this service. Unlike payday loans, you don’t have a preset percentage or flat rate; instead, Activehours is based entirely on tips. You pay what you think is fair. To me, that is pretty incredible.