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It is increasingly common for Colombians to contemplate the possibility of receiving a payroll advance (ranging from $ 150,000 to $ 400,000, depending on the debt capacity of the employee) to catch up with their financial obligations, as stated by La República.
However, taking into account that a large number of workers have incomes of less than two minimum wages, they almost always are left without the possibility of accessing financial products.
In an interview with Valora Analitik, Joao Leite, founder of fintech ‘Advance Advance your Payment’, I affirm that The main objective of the company is to facilitate payroll advances for people who require it.
“Each day of work generates salary accumulation and Advance what it does is give you access to those days of salary in advance so that you can anticipate your resources,” says the businessman.
One of the points that may most interest workers is that This type of process does not include interest charges, except for a fixed transaction fee of $ 5,000.
Leite explained that, if for example an employee is made an advance of $ 300,000, that amount will be deducted on the day of payment, be it biweekly or monthly.
In order for workers to benefit from this type of process, the company they work for must be affiliated with Advance.
The Republic exposes two other fintech companies that operate in Colombia and offer the payroll advance service: Avanzo and Panacash. The latter offers three types of advance divided into the following amounts: $ 150,000, $ 250,000 and $ 400,000.
“Most companies look to us since they find out about the impact we are causing on employees of other companies and therefore on their productivity. Also because we have alliances with the main unions, with payroll software or with our world-class allies in benefits such as Sodexo or Seguros AON ”, said Gastón Vega, Avanzo executive president.
Financial entities have also allowed their payroll clients to have advances of their salary without interest charges and from the entity’s ATMs.
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