Instant Financial is an app that was designed to make businesses "better places to work," and aims to reduce employee turnover rates by offering them immediate payouts.
Companies that use Instant Financial will let employees get paid the day they work, and gives them the chance to request up to 50% of that day's pay, which is deposited into their accounts within the hour. The app was designed to help people with minimum wage jobs get quick access to their money, and to "avoid the predatory lending practices sometimes involved in obtaining money before payday."
So far, brands like McDonald's and Outback Steakhouse have decided to roll out the app, giving their employees the opportunity to better manage their money, and prevent them from having to struggle to make the day-to-day payments required of them.
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