Economic emergencies can occur anytime. Once they do, a shock cost that pops up in-between paychecks can trigger belated costs from perhaps not having to pay bills on time, to mounting bank charges from over inadequate funds and overdraft charges, to exorbitant interest on pay day loans.
Founder Josh Sanchez experienced this as he had unforeseen vehicle costs as soon as and ended up being quick that week. After getting a quick payday loan for $200 that turned into a $250 payback balance after only two weeks, Sanchez began thinking about more affordable choices to access cash term that is short. Their concept converted into FloatMe, an software that allows employees to have a вЂњfloatвЂќ or advance that is short-term their next paycheck without having to pay hefty charges or interest.