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Clair–The Fee-Free Alternative to High-Interest Payday Loans

mm by Richard Brown
February 12, 2022
in Business
Clair–The Fee-Free Alternative to High-Interest Payday Loans
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Did you know that 7 in 10 Americans live paycheck-to-paycheck? A survey from OnePoll paints a dire picture for the American workforce even as the economy recovers during the pandemic.

These uncertain times mean less job security and have forced American workers to always be on the lookout for their next spot, as finding a new job quickly could decide whether or not they are able to pay their bills on time. With 76% of millennial respondents saying that they paid a significant amount on unexpected expenses such as healthcare bills, financial security seems ever so elusive in today’s job market.

Of the total American workforce, almost 3 out of 4 American workers are in debt, of which 50% believe that they will never come out of it. With such grim economic conditions, it is no surprise that nearly a quarter of Americans have no savings at all. And with bosses not keen on paying wages in advance, it is ever more crucial for workers to have instant access to their earnings.

Clair, a New York-based fintech, has spotted a market gap to address just that. Through integration with workforce management and payroll systems, Clair gives workers instant access to earnings that they have already worked for, without charging them any interest or fees.

Clair extracts data from workforce management and payroll systems to learn how many hours the employees have worked for and what wages are owed to them. Using that data, Clair gives employees access to equivalent cash instantly without levying any charges or penalties. Through their complimentary Clair Debit Mastercard, employees can use the money instantly as if the money was already in their account, or transfer their money out to an external bank at no cost.

Integrating Clair into their operations is free for employers as well. Using Clair doesn’t cost them anything either, as Clair makes money off of interchange fees. Through its partnership with Mastercard, Clair gets paid a percentage of all revenue that flows through users’ Clair Debit Mastercards. 

Clair’s stated mission is to bring financial freedom to America’s workforce,  acting as a fee-free alternative to high interest rate payday loans for millions of American workers.

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