Friday, July 19, 2024

Why Employees Aren’t Waiting Until Payday

Getting paid as an employee is often more complicated than it needs to be. When it comes to securing your earnings, it can take weeks after starting a job to get your first check, then you get pulled into the cycle of waiting every two weeks to be paid. This payday process can make getting your paycheck more of a hassle than a reward. All of these complications are pushing employees everywhere to search for something more than the bi-monthly pay period that we’ve all grown so accustomed to.

Getting Paid in Advance

While there may not be a permanent solution for the waiting-for-payday blues, there are some valid options out there. From apps that pay instantly to the ever-so-convenient payday cash advance, you’ll never have to find yourself in a bind waiting for your direct deposit again. If you’re looking for better ways to get to your money faster, read on.

#1. Activehours

This app is the right choice for you to get paid with direct deposit. You can withdraw a max of $500 during the pay period and $100 a day. With no interest or fees, Activehours will share out your payment once your paycheck and bank account are verified. Start by downloading the app, uploading your timesheet, and then transfer your pay to your bank account. Once your paycheck arrives, the app will take out what you’ve already withdrawn.

#2. DailyPay

This app is for workers that perform delivery and ride-sharing services. While this app has no interest, you will have to pay an initial flat fee to receive your earnings for the day. This app is the best option for people using DoorDash, Instacart, Postmates, Uber, and the like. Similarly, food service workers that work with delivery apps can take advantage of this cash advance app as well. Once your bank account information is inputted, you will receive one aggregate payment to your account the next day.

#3. PayActiv

Employees hoping to use PayActiv have to work for a company that offers it as a benefit. This app allows employees to withdraw as much as $500 before the next pay period. With a $5 fee, this app is a great benefit for employees hoping to cash in before their direct deposit hits. If you are interested in using this program, be sure to ask your employer to offer it as a benefit. Once PayActiv is put into place, you’ll be able to withdraw your money whenever you make it. While your early payment does come from PayActiv, it isn’t considered a loan. The advanced payment is covered by your employer, taken out of your following paycheck.

#4. FlexWage

FlexWage is another payday solution that must be provided as a benefit by your employer. With FlexWage, you’ll get a debit card with an FDIC-insured account for your employer to deposit your check. This account allows you to input earned pay before your next payday. Employees will pay a fee of $3 or $5 for payday advances. The amount that you are allowed to withdraw is determined by your employer. When it is time to withdraw, your funds will be drawn directly from the employer’s account.

#5. Payday Cash Advance

Many employees have varied opinions on payday cash advances. Some good, others not so much. The truth about cash advances is that for the right person, they can be one of the best options for getting your money fast. Yes, payday cash advances are essentially loans, however, they often come with lower interest rates and typically guarantee that you receive your money immediately. Due to the flexible nature of these loans, you’ll be able to quickly pay them off as soon as you get paid.

With payday cash advances, there are laws in place to prevent lenders from charging high interest rates. Typically, lenders offering payday loans in San Diego are capped at a certain percentage, ensuring that you’ll never have to be surprised by a significant amount of interest added to your loan. This makes payday cash advances a logical option to tackle some of life’s challenges. Whether you need to pay off credit card debt, tackle a time-sensitive emergency, take care of grocery shopping, or help a friend or family member in need, payday cash advances offer solutions for the average hard-working employee.

#6. Personal Loans

While a personal loan isn’t really a payday advance, it can be the only option at times for independent contractors and freelancers. If you don’t regularly get a paycheck and rely on the earnings for each new job, you may have to turn to a regular loan when looking for a payday alternative.

Lenders of personal loans will assess your personal credit. With good credit, you’ll be able to score a loan of up to $35,000 of $50,000. Of course, it is important to make sure you don’t borrow more than you are capable of repaying, so be sure to carefully consider your income when applying for a loan.

The model for the working world and receiving a paycheck is already changing. With employees offering payday advance benefits to their employees, it is only a matter of time before waiting twice a month to get paid becomes a thing of the past.

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