CLEVELAND, OH (WOIO) - The majority of American employees are used to being paid once a week or bi-weekly, but some companies are now experimenting with real-time payroll to help workers stay away from debt.
Approximately 12 million Americans rely on high-interest payday loans annually to cover expenses in between paychecks. An estimated $7 billion is spent on those payday loans and interest.
Debt can tally quickly if more than one payday loan is borrowed. Real-time payouts from employers could eliminate the need to borrow.
The new practice from employers can help employees avoid the cycle of debt