Career Advice

Three Ways to Get Advance Pay From Your Job

JobsinCareer 21 June, 2020

There may come a time during your career with your employer that you need to request an advance on your pay. You may have an unexpected emergency that can't wait until you get your paycheck. These are three ideas for getting the advance that you need.

Ask Your Boss or Coworkers Directly

The quickest way to a loan is to go directly to your employer ask for the advance. Explain the situation, and perhaps he or she will be able to help you. You might also be able to ask one of your trusted coworkers to provide you with the funds until your payday comes. 

Use a Short-Term Loan App

Lots of short-term loan applications are available these days, and some of them connect with your employer's payroll department. This may be the way to go if you work for a large corporation. All you need to do is download the application, connect your bank account, and provide the company with your work information. In most cases, you'll have access to at least half of your paycheck, and you can withdraw it when you have an emergency. Make sure you use one of the reputable and more popular applications. Read the consumer reviews to see what other people have to stay about their experiences. 

Borrow From Your Retirement Account

Another way that you can get funds for an emergency is to take a loan from your 401k account. To qualify, you have to have a certain amount of money vested in the account. You will have to pay a small percentage of interest on it, but it can help you to get out of a bad situation. Processing may take an entire week to complete, however. Keep that in mind when you apply. 

Try one of the three methods we recommended the next time you need a little cash before payday. Additionally, you should start building yourself a safety net fund that you keep specifically for such emergencies.