A Payday Loan That Doesn't Charge Crippling Interest Rates
Payday loans have long been criticized as a debt trap for the most vulnerable due to their exorbitant interest rates. Meanwhile, the industry argues it’s an alternative for those who get rejected by traditional banks and need a short-term loan. ZayZoon is a Canadian startup offering an alternative — borrow money from yourself, or your next paycheque that is. Bloomberg TV Canada’s Amanda Lang speaks to the co-founder and CEO of Zayzoon, Tate Hackert, who won the Fintech Cup and $20,000 at the Payments Panorama Conference in Calgary last month.