Earned wage access

What it is

You have already done the work, but payday is still a week away. Earned wage access lets you take part of the money you have already earned, now. It is not a loan. It is your own pay, early. On payday the amount you took, plus a small fee, is deducted.

Who it suits

Salaried staff at a company or factory that has enrolled with a provider. If your employer does not offer it yet, ask HR. It costs them nothing.

What it usually costs

You have earned $84 so far this pay cycle. You take $50 now. The fee is $1.50. On the 25th, $51.50 is taken from your pay. Nothing else is charged.

See what it costs

When not to use it

If you need more than you have already earned this month.
If you are taking it every month. That means your spending is larger than your income, and drawing early cannot fix that.
If the fee is more than about $3 per draw, or is charged as a percentage. That is a loan, not wage access.

Questions to ask

1.What is the total fee in dollars for this one draw?
2.Is there a monthly or subscription fee?
3.What happens if my pay is late?