Looking to get your hard-earned wages a little early? Read our ultimate guide to learn exactly how you can get paid early.
Financial insecurity is nothing new to US citizens, but these days an incredible 63% of Americans say they live paycheck-to-paycheck. This means that the majority of our country lives on the edge of financial disaster each week.
Life happens in between paychecks. What if there was a way to get paid early?
There is! Earned Wage Access offered through Payactiv can get you your paycheck early. Check out our guide to learn how you can get your pay when you need it.
What do you do if you live paycheck-to-paycheck and your car needs emergency repairs? How do you handle an unexpected medical emergency? How do you manage if your refrigerator motor blows out?
Life happens between paychecks. For the many Americans who struggle to get by, the emergencies occurring in the days between payday coincide with utility bills and insurance premium payments.
You know how it is. As fast as that direct deposit hits your bank account, it goes out even faster to bill collectors and grocery essentials. Americans spend an average of 10% of their income on groceries.
Sometimes there’s nothing left three days after you get paid.
Why should you be bound by a structured payday? You work hard for your money and you’re a dedicated employee. You clock in on time and punch out only when the job is done.
Wouldn’t it be helpful for you to get instant pay? Earned Wage Access programs help you get your pay early without hassle.
You might be wary of any program offering to pay you early, and for good reason. Until recently, the only way for workers to get paid early in case of emergency was through a payday lender.
The problem with payday lenders is that they charge interest. These loans must be paid in full plus 10-15% interest.
When you take out an emergency loan from a payday lender, you borrow from Peter to pay Paul. You end up further into the hole by owing these lenders your entire next paycheck plus.
It’s a system that doesn’t work for workers living on the edge of poverty. So you are understandably trepidatious when it comes to early pay.
Still, there are times you need that pay before payday.
Did you know that there is over $1 billion in outstanding credit card debt in the United States?
Many of us keep credit cards for emergency purchases, but it’s easy to let that debt spiral out of control. It’s the interest.
Sure, every time you whip out your plastic to pay for an emergency, you intend on paying it off as soon as possible. Then the next paycheck comes and the bills don’t stop. What do you do?
You make the minimum payment. You let your debt grow interest. Before you know it, there’s another reason to use your credit card.
Then the debt snowballs, the interest compounds, and the minimum payments increase. Using a credit card for emergency purchases when your margins are already so thin is a dangerous game.
Once that debt rolls out of control, it’s hard to stop it.
Earned Wage Access through Payactiv allows you to receive a portion of your earned wages. It eliminates the need for predatory payday lenders and the trap you find yourself in when using them.
A program like this also eliminates the need for you to turn to your credit card. Fast, direct cash can solve a lot of your problems.
So, how does it work? Payactiv Earned Wage Access offers you access to up to 50% of your paycheck or $500 (whatever amount comes first) without interest. Since there is no interest, it is not a loan. It’s your money, early.
This means you won’t have to pay more for emergency purchases than what you owe. This means you get to manipulate your finances in a way that allows you to save money.
Who doesn’t want to save money?
Payactiv offers you tools that support your financial wellness. Aside from the flexibility of getting the money you earned when you need it, Payactiv offers you financial planning tools and even discounts at participating retailers!
This holistic financial wellness program keeps track of your spending and automatically pays your bills so you avoid late fees. It also helps you avoid any debt traps that threaten your long-term financial stability.
How to get my paycheck early? Until recently, the only way you could get paid early was through a payday lender. That meant you paid interest on the money you earned.
If you didn’t want to take out a loan, you used your credit card for emergencies in between paydays.
Thanks to Earned Wage Access through Payactiv, you don’t have to worry about paying interest if you need your money today. You know life happens while you’re waiting for your next pay.
Free yourself and your finances from living paycheck-to-paycheck. Enroll with Payactiv today!
*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.