#580: How PayActiv’s Safwan Shah Looks to Eliminate the Vicious Debt Spiral…

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I consider myself super blessed to interview the people I get to interview in this industry. Everyday is a learning experience -- a time to be "wowed" by something that will help credit unions become better and better and better.

Today was another one of those days interviewing PayActiv's Safwan Shah. Safwan has created something that many of us in the corporate world have thought of at least a dozen times during our careers -- especially just starting out when money was tight (or maybe it still is). That thought/question was: How can I get access to a portion of my paycheck to pay a looming bill or avoid a late fee or something along those lines without asking my boss or HR for an advance? I know I did.

Well, Safwan has created a revolutionary service/utility/app called "MyMoNow" -- which is short for "My Money Now." MyMoNow, winner of 2016 Finovate Spring's Best of Show, essentially integrates with your company's payroll system, allowing employees to withdraw money they have already earned to pay a looming bill, avoid a late fee, etc.

We're not talking thousands of dollars; we're talking maybe $50, $100, or $250 to avoid paying any late fees with money you've already earned during the pay period -- which is accessible at any time. I'm sure there's a lot more to it. But it seems like it's one of those inventions that's so obvious you say: "Why didn't I think of that?"

Safwan's PayActiv also has other similar services that pay bills, transfer funds, and/or help save money. Check it out when you get a chance and see how credit unions can benefit their SEGs with something like MyMoNow. Enjoy!

Watch PayActiv's video on "Room for Dreams."