“Right now we have seen that the requests have risen because the money is not reaching and it is much cheaper, it is a tool that helps more than a loan,” said Moisés Finkler, CEO and founder of YoDispongo, a company that is dedicated to to advance payroll.
The average amount requested by a person who earns 12,000 pesos a month is 1,000 pesos and Finkler pointed out that to prevent a person from becoming completely decapitalized, they only offer 60% of their total salary.
This form of financing has the advantage that it charges a very low commission (39 pesos) and in some cases, depending on the agreement with your employer, you do not pay commissions for disposing of your money.
When the pandemic occurred, 30.4% of the Mexican population took out a loan at the bank or through their credit card, according to the National Survey of Financial Inclusion (ENIF) 2021, so Finkler stressed that it is a better alternative than Debt.
How does the payroll advance work?
SMEs or large corporations make an alliance with firms such as YoDispongo so that the staff can receive a percentage of their salary.
Finkler explained that to calculate the amount that can be advanced, the net salary (less taxes) is divided by 30. For example, if a person earns 12,000 pesos a month, the daily salary is 240 pesos and that is the amount that advances you per day.
The employees pay a commission for the disposition of the cash and the “advance” money is deducted from you when the fortnight falls.
Can I request a payroll advance if my company is not registered?
No. Only employees who make agreements with companies like YoDispongo can access this benefit, since this agreement reduces the risk of default.
“We seek that companies do not carry out these payroll processes and we make all payments by direct debit. If you are a collaborator of a company with which we are affiliated, we will deposit your payroll via SPEI and on the day of payment, we only ask you not to withdraw the money,” Finkler added.
What are the months in which the payroll is more advanced?
YoDispongo sees a peak in these loans in May for Mother’s Day celebrations, in November for gift shopping, and in February once the January hardship is over and people recover.
“Normally around the holidays, people ask for less because they get paid Christmas bonuses or savings accounts,” Finkler said.
