Financial stability is a priority for everyone. We all feel the pinch from unexpected expenses or emergencies, but even planned events can lead to a tighter wallet. Maybe you have a car repair or need cash to cover a veterinary bill. If you don’t have the ability to access your earned wages before the usual payday, you might need to take out a loan or live off your credit card.
And that’s why earned wage access is crucial. Earned wage access, also known as “wage advance,” allows employees to access a portion of their earned wages before their regular payday. It gives you control over your payday while also providing peace of mind and a bit of financial flexibility.
If your employer uses Fingercheck, chances are you have earned wage access in the form of Pay On-Demand. If not, you can have them contact us and we’ll help!
So earned wage access lets you control your payday. But what else does it do? Earned wage access can help you take control of your finances, avoid late payment fees and better manage your cash flow. This can lead to reduced financial stress, improved financial wellness and a better quality of life.
With Pay On-Demand, you have greater control over your money, making it much easier to budget and plan for your expenses.
The majority of U.S. payday loan borrowers earn less than $30,000 per year. On average, they pay $520 in fees to repeatedly borrow the same $375 over five months, according to research by the Financial Health Network. With earned wage access, you’ll save money by not borrowing at a high-interest rate or paying such fees.
When you’re able to access your already-earned pay, you can avoid bank overdraft fees, late payment charges or other ways of borrowing money. Late fees are no fun and neither is applying for a payday loan.
According to a 2022 Forbes poll, 78% of employees surveyed say access to their earned wages helps them pay their bills on time and avoid late or overdraft fees.
Lower anxiety and stress levels
By accessing funds when needed, employees experience reduced financial stress, leading to improved overall well-being and productivity. That same survey found that 74% of employees say access to their earned wages has helped reduce their financial stress. And when you’re not worried about bills, it’s easier to focus at work, right?
Our earned wage solution offers an alternative to traditional pay cycles. We also make it easy for you to request your earned wages anytime, anywhere, using your mobile device or computer. And, if you’re using the paycard, your request is funded within minutes after it has been approved.
Is it really that easy?
Yes. It really is. But here are the details:
- Pay On-Demand allows you to access either half of your earned wages or a maximum of $1,000. Each POD transaction is capped at $200. You have the flexibility to submit multiple POD requests until your available wage limit reaches $0.
- There is a $2.99 fee to use this feature.
- You must have one processed check in the system.
And, if you use a Fingercheck PayCard, your funds will be available in minutes, once your request is approved.
Get paid your way
Earned wage access is a beneficial tool that allows employees to manage their finances effectively and navigate unexpected financial challenges. It also offers you the ability to take control of your finances and create a more secure future for yourself.