Need some extra cash to get you by until your next paycheck? You're not alone. Millions live paycheck-to-paycheck and often experience financial straits when they least expect it. Instead of crunching numbers and stressing about expenses until your next payday, you can turn to a wage advance app.
This app is an easy-to-use service that lets you get paid early. But how does it work?
Getting Started
The first thing you need to do is download the app. Unlike traditional lending options, this service doesn't require visiting a bank or filling out any applications. You can get a wage advance through your phone. It's easy, quick and stress-free.
After downloading the app, you can usually set up your account and request your first advance in only a few minutes.
When signing up, you'll need to provide some personal information. Like all fintech platforms, the service must verify your identity. Fortunately, it's secure and has great features to protect you.
To verify your income, the app will look at your bank account. Connecting your bank account lets the platform see what you get paid and how often. It uses that information to determine how much you can borrow.
Getting a Wage Advance
Requesting an advance is only a few taps away. How much you can borrow depends on your income. As a new customer, you can get up to 25 percent of your regular pay. Returning customers and those with a premium or deluxe account can request even more.
The maximum limit is $2,000.
The unique thing about this app and service is its 24-hour real-time payouts. That means most people will get their money deposited into their bank accounts within 60 seconds. This feature can make all the difference when strapped for cash.
How Much Does It Cost?
Taking advantage of this app's service does come with fees. Getting an advance comes with a maximum transaction fee of five percent. The amount you borrow is also subject to a per annum interest rate of 24 percent.
The good news is that the Wagepay app has a handy calculator for transparency. Use it to see how much getting a wage advance will cost you.
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