Science and Tech

‘Fintech’ Monet offers salary advance: know how it works

'Fintech' Monet offers salary advance: know how it works

Given the sharp increase in the rate of inflation and therefore the prices of books Y School Suppliesthe fintech Monet said that it seeks to be a solution with the product through which the user can request an advance of his salary to cover expenses and responsibilities financial acquired.

(See: Alternatives to reduce costs in school supply lists).

“In unforeseen or emergency situations, it is essential to have tools that allow these expenses to be covered and provide the expected peace of mind regarding daily consumption, such as, for example, the return to school of thousands of children in the country and that represent an important investment of money for the purchase of school supplies”says Leonardo Devincenzi CEO and co-founder of Monet.

(See: Price of school supplies by 2023 would increase, maximum, 18%).

The executive says that in the season I return to school, Monet, an application that allows you to request money advances, is a good option since the user can request an advance of his income recurring and thus cover part of the expenses in school supplies for this beginning of year.

The fintech says that in the country it is still common to find the well-known models drop by drop or informal lenders that lead people to resort to desperate solutions to cover responsibilities economic at interest rates that go above 20% per month and unfulfillable payment terms.

assured that since notebooks, colors, utensils and other essentials to use in the classroom class‘they have surprised thousands of parents by their high increases that already reach up to 450% in the total value compared to the previous year’.

(See: Around 350,000 pesos would be the investment of households in tools).

Devincenzi added that “For this start of 2023, at Monet we remain committed to providing a disruptive service and a solution that understands the situations and needs that Colombians live today in their routine under any financial difficulties that may arise.”

According to the firm, 70% of the users requesting an advance with Monet lack a credit history or, on other occasions, they are reported negatively by credit bureaus, a group that usually resorts to non-regulated systems to find a solution.

“Consequently, every time a user makes a payment on time in Monet, a positive report is generated, in addition to covering the emergency or unforeseen event under a formal and transparent mechanism,” said the firm.

Monet can be used from any device mobile through its website or by downloading the application from the download stores available on iOS, Android or App Gallery.

(See: Be careful: by law you cannot be asked for these school supplies in 2023).

The application conceived and developed in Colombiaallows its users for a single fixed payment for each withdrawal of $100,000advance up to $550,000 of your income in minutes without consulting risk centers.

Anyone in Colombia with a bank account and recurring income can request a loan with Monet. Monet during 2022 achieved 279,000 downloads and more than 350,000 transactions.

It can be used from any mobile device by downloading the application on iOS, Android or App Gallery.


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