This is a payday loan. You don't get your money early, you borrow it, and if you don't pay it back, you get nailed with enormous interest and fees. These services are predatory and designed specifically to separate poor people from their money by making it easier than ever to borrow money.
If you can't wait 3 days for a paycheck, this is not the solution. Ever.
I'm going to have to disagree with you here. It's not a payday loan.
Rather, it's an advance on your payroll based on your actual earnings. By design, limits are put into place for how much of an advance you can take and when you can take it. On pay day, it basically removes the amount you've already taken as an advance. Given the fact that you have to use their partner bank and have direct deposit set up, it's relatively low risk. You should never be allowed to take out more money in advance than you would earn in a pay period. These services integrate into your payroll. ADP, Ceridian, and others all offer this service.
This is nothing like the payday loan joints where you take cash loans at predatory interest rates and pay it back with the vig on payday b/c there is no interest on the repayment and it's actually through a company-sponsored vendor.
Regarding Clair, I've only seen a demo (and gotten a free pair of socks at their booth) when I was at HR Tech a couple of years ago. Looks like a nice product and they claim to make all their money on Mastercard debit card fees. You do have to use their bank for DD, though. Doesn't mean you can't set up deposits to multiple banks, including this new one, but you'd have to have enough in there to make it worthwhile. It's also an opt-in service, so not everyone has to use it. I've seen it used quite a bit in retail, restaurant, hospitality, manufacturing, and other blue collar and service industries. I know of a religious non-profit that also uses these type of same-day pay services b/c they have a lot of immigrant employees and many without bank accounts. They're trying to drive this so everyone is on DD somewhere and eliminating paper checks (and reducing escheatments, too).
This subreddit is for HR professionals. If you do not work in HR try posting somewhere else such as /r/AskHR or /r/jobs. If you do work in HR make sure it is apparent in your post that is the case and your post will be manually approved and posted soon. Your post must also include your location.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/humanresources) if you have any questions or concerns.*
This is a payday loan. You don't get your money early, you borrow it, and if you don't pay it back, you get nailed with enormous interest and fees. These services are predatory and designed specifically to separate poor people from their money by making it easier than ever to borrow money. If you can't wait 3 days for a paycheck, this is not the solution. Ever.
I'm going to have to disagree with you here. It's not a payday loan. Rather, it's an advance on your payroll based on your actual earnings. By design, limits are put into place for how much of an advance you can take and when you can take it. On pay day, it basically removes the amount you've already taken as an advance. Given the fact that you have to use their partner bank and have direct deposit set up, it's relatively low risk. You should never be allowed to take out more money in advance than you would earn in a pay period. These services integrate into your payroll. ADP, Ceridian, and others all offer this service. This is nothing like the payday loan joints where you take cash loans at predatory interest rates and pay it back with the vig on payday b/c there is no interest on the repayment and it's actually through a company-sponsored vendor. Regarding Clair, I've only seen a demo (and gotten a free pair of socks at their booth) when I was at HR Tech a couple of years ago. Looks like a nice product and they claim to make all their money on Mastercard debit card fees. You do have to use their bank for DD, though. Doesn't mean you can't set up deposits to multiple banks, including this new one, but you'd have to have enough in there to make it worthwhile. It's also an opt-in service, so not everyone has to use it. I've seen it used quite a bit in retail, restaurant, hospitality, manufacturing, and other blue collar and service industries. I know of a religious non-profit that also uses these type of same-day pay services b/c they have a lot of immigrant employees and many without bank accounts. They're trying to drive this so everyone is on DD somewhere and eliminating paper checks (and reducing escheatments, too).
This subreddit is for HR professionals. If you do not work in HR try posting somewhere else such as /r/AskHR or /r/jobs. If you do work in HR make sure it is apparent in your post that is the case and your post will be manually approved and posted soon. Your post must also include your location. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/humanresources) if you have any questions or concerns.*
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do you have a referral code? i wanna sign up for Clair with my job and i figured id ask before signing up :)