Payroll Advance

In the tough financial world of today, many of us struggle from time to time to make ends meet. Lots of people actually live on the “bread line”, a situation whereby they have only just enough money to get by day to day, and if something unforeseen happens, (an emergency medical or dental bill for example), quite suddenly, you can no longer afford to put food on the table. In such situations, the first thing you should do is ask for a payroll advance.

If you have been working a number of years for the same employer, it is well worth approaching them to find out whether or not they are willing to give a payroll advance; in other words, to advance your wages. If you have a good employment record, have kept out of trouble, and you are a valued member of the team, you should find that your request is taken into consideration and viewed favorably.

Your employer may still want you to sit down with them to discuss the nature of the problem. If it is a one time fix, you will probably find that they will be willing to help. If however it means that you are always going to be short thereafter, and constantly asking for part or all of your wages to be paid early, they may very well decline to help.

A payroll advance from your employer is a great solution if they will assist because often it will be interest free. After all, you are only asking for money which is rightfully yours, but just a little earlier than usual. A loan from any other source will of course carry additional set-up expenses and interest.

All companies have different policies as regards personnel issues, so you cannot take anything for granted; but even if your employer does not normally grant pay advances as a matter of course, it is still worth asking them to consider your own particular payroll advance request in isolation. It could be a real life saver.

If they refuse to help, your next port of call should be what is called a payday loan. A Payday loan is a popular form of payroll advance that can be obtained from various loan companies. There are hundreds of companies to choose from and you can find then easily by browsing the internet.

A payroll advance via a payday loan, is a loan that is secured against your next paycheck. You can typically borrow from between $300 to $1500 depending on the company and on your own individual circumstances. The duration of this type of loan is short term, (typically 2 to 3 weeks), and as soon as your next paycheck clears at your bank, the lender take their money back plus any interest due and any arrangement fee you agreed. You can sometimes extend the period of the loan by as much as a couple of months, but you will have to pay another arrangement fee, and of course the interest will also accumulate.

This sort of payroll advance is not a cheap option, but if your employer cannot or will not help, at least you have an alternative.

You may want to check out my other guide on bad credit consolidation loans and home loans for bad credit

Payroll Advance

payroll advance loans

Payroll Advance

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