A new app which is designed to give workers early access to their wages has been launched in Ireland.

Wagestream gives workers instant access to their own earnings at any time during the month for a small fee.

It aims to remove the need for resorting to credit cards, overdrafts or expensive payday loans. 

Users will only ever be accessing their own money and they are limited to accessing half of what they have already earned.

Wagestream partner directly with employers to offer this service to their workers.

According to the Central Bank, a total of 350,000 people in Ireland last year used money lending services from 39 companies who offer loans at interest rates of up to 288%.

"Having flexible access to your earned income is the future. Employees are being exploited by outdated short-term credit options and statistics show that there is a great need for a change," commented Wagestream CEO and co-founder Peter Briffett.

"Historically lower-paid workers were the target for moneylenders, but now all layers of society waste a lot of their hard-earned money paying exorbitant interest rates for short term loans," he said.

"Wagestream offers a solution to everyone, regardless of their salary, with no interest and no borrowing, that helps reduce the poverty premium. Our technology gives employees access to their own earned wages when they need them instead of having to wait until payday," he added.