Activehours is driving consumer-empowered finance by unlocking the more than $1 trillion held up in paycycles each year putting that money into workers’ hands. Using a streamlined mobile application, Activehours enables customers to track the number of hours they’ve worked and to then request their paycheck on demand when needed, rather than waiting for the archaic two week payday. The service is open to workers paid hourly, regardless of their employer, in addition to individuals who are paid “per task,” such as employees at Lyft and Uber, Instacart, etc.
The service is quick and easy to use and is 100% smart phone based. The customer simply uploads a timesheet to add hours they’ve already worked, but have not yet been paid for, selects the number of hours they wish to cash out, and the money is deposited to their bank account within one business day. Then, on their next payday, the amount requested, plus any optional tips, is deducted back from their bank account. These optional tips are what truly sets Activehours apart; instead of charging set fees or high interest rates, Activehours provides a “pay what you think is fair” service, allowing customers to select an optional tip with each transaction, or even to use the service free of charge.
"I started Activehours because I fundamentally believe that if you’ve already put in the hours at work and have earned your pay, you should be able to access that money and use it when you want. Bills, emergencies, and unexpected daily expenses don’t wait to happen after payday, and it’s unfair to force people into overdrafting, receiving late fees, or turning to expensive alternative financial products. These types of problems serve to continue a dangerous debt cycle and are, at their root, caused by the inflexible and outdated way that payroll is managed. I see Activehours as a solution to this cycle and, also, as a new way for people to manage and interact with their money." - Ram Palaniappan, Founder