Need money before payday?

Are you living paycheck to paycheck? There’s nothing to be ashamed of if you are. You’re not alone. 

According to MetLife’s 21st Annual U.S. Employee Benefit Trends Study 2023, 55% of U.S. workers say they are living paycheck to paycheck, which is a 12% increase from 2022’s poll. 

Not having enough money is scary. The thought of a payday loan can be terrifying. Loans involve credit checks and interest rates

The majority of U.S. payday loan borrowers earn less than $30,000 each year. On average, they pay $520 in fees to repeatedly borrow the same $375 over five months, according to the Financial Health Network. 

But there’s another option that may work for you. With earned wage access (EWA), you’ll save money by not borrowing at a high-interest rate or paying such fees. Instead, you’ll access your paycheck early.

Fingercheck has offered EWA since 2018 as Pay On-Demand. 

Learn about Fingercheck’s Pay On-Demand

What is earned wage access?

EWA allows you to access a portion of your already-earned wages before payday. For example, say you’re paid twice a month. Your rent and utilities are due at your first pay cycle. Then, a few days before your next check is due, you have to make a car repair. With EWA, you can request that already-earned money to cover the repair instead of charging it or taking out a loan.

Here’s what you need to know: 

• Pay On-Demand allows you to access either half of your earned wages or a maximum of $1,000. Each transaction is capped at $200, but you can submit multiple requests until your available limit reaches $0.
• There is a $2.99 fee per request. 
• 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. The funds will be there the next business day if you use direct deposit.

How does EWA help?

EWA gives you more flexibility around your finances because you can control when you get paid. And that can help you plan and budget your money while freeing you from the anxiety of bills. Pay On-Demand offers you:

• Peace of mind
• An option to avoid payday loans and interest rates
• The chance to free yourself from the debt spiral
• Freedom from overdraft fees

Pay On-Demand offers a solution that employers can easily give, which gives employees another option – one most don’t have today.

Can’t wait til payday?

If your employer uses Fingercheck Payroll, you have access to Pay On-Demand. You need to ask them to enable the feature. There is a $2.99 fee for you to use Pay On-Demand, but that’s much cheaper than the loan or credit card interest rates.