Salary advance loan is a loan you get from the employer for paying your bills. There is no interest and you just pay it back when the next paycheck comes in. It is usually offered to employees who have been with the company for 1-3 years and are not on probation or previous employee, who have at least twelve months of tenure or 1250 working hours, who meet specific qualifications established by their company, and work at least thirty (30) hours per week.
The benefits of salary advance loan
1.Your debt problem is solved:
Salary advance loan allows you to pay any kind of debt and helps you take care of other things that are not related to your salary. It can help you buy a house, vehicle or invest in other things that you need. It can also help you settle your loan when it’s time for the next installment.
2.Your low credit score improves:
When you are able to pay for all your bills on time, the credit history of your accounts will improve and have a good score in the future.
3.Your monthly installment is cheaper:
In some cases, when getting salary advance loan from the bank or from other financial institutions, it may be more expensive than getting it from the employer itself.
4.You do not pay any interest:
When you get a salary advance loan from the employer, you do not have to pay any interest on it and you will just pay it back when your next paycheck comes in. This allows you to not worry about paying late payments or penalty charges for paying late.
5.Your employer knows more about you than other institutions:
Since your employer knows more about you like how long you have worked there and if your performance has been good or bad, they are in a better position to know whether they are confident in giving a salary advance loan or not.
