KOHO Launches “Early Payroll” Feature: Get $ 100 Before Scheduled Payday
Toronto-based fintech KOHO has launched a new feature called Early Payroll, allowing users to access $ 100 of their scheduled paycheck, three days in advance.
KOHO offers a free, reloadable, prepaid VISA spending account for millennials as an alternative to the traditional bank account of major Canadian banks. The rechargeable VISA also supports Apple Pay and offers cash back on daily expenses.
“It’s very common for Canadians to need a little extra help before they get to payday,” Daniel Eberhard, founder and CEO of KOHO, said in a statement. “The payday lending industry is committed to taking advantage of this vulnerability. The KOHO team has built a product that is fair, free and accessible to all. This is a big step forward in our mission to make fair financial products ubiquitous.
According to Finch research, they noted “that a large majority of Canadians suffer from a cash shortage of only a few hundred dollars between paychecks each month,” which is why the Early Payroll feature was launched. , to allow users to avoid getting into debt through credit. cards and other loans.
KOHO first tested its Advance Payroll feature to support Canadian Emergency Benefit (ECP) payments and has since extended it to all users.
If you’ve set up direct deposit for your payroll, KOHO says you’re eligible to receive $ 100 from your paycheck, three days ahead of schedule. There are no fees, interest or credit checks or other applications required as part of the functionality.
Click here to sign up for KOHO and get an extra 1% cash back bonus for 90 days.
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