Using Paycheck Advance the Smart Way

2008-09-11 12:02:13

( Computers )



Some companies allow employees to have paycheck advances. This is very helpful for the employee as unavoidable circumstances arise when access to fast cash is necessary. There are available options to the employee like using a personal bank loan, using credit cards, or getting a loan from friends and relatives.

Banks offer access to loans but just filling up the papers, forms and documents can be quite a hassle specially if you need the money as soon as possible. Add to that the fact that banks might and oftentimes require collateral. Using a paycheck advance is more convenient for the employee as the company will just put n the cash advance in a payroll software and accounting would be taken care of.

Credit cards, on the other hand, are easily accessible to the employee. Although credit cards can be used to one's advantage if you are disciplined, it can also be a trap for those who can't control their spending. Use credit cards only for emergencies. But if you think you are not the person who can handle instant credit successfully, then using a paycheck advance is the right choice. It comes in handy and you can use it only when there's a real emergency need.

Borrowing from family and friends is another option when you are faced with a financial emergency. They are the ones who will surely understand you and the ones most likely to offer help. However, using the help of family and friends one to often might strain the relationship and might give you the label of a being a dependent person. Using paycheck advances instead can help you avoid straining relationships with family and friends.

Paycheck advances are oftentimes deducted from your monthly pay or over a given period of agreed upon time. This program can help the overall satisfaction of employees if you are an employer.


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