How paycheck advances work

Paycheck advance providers can help you access a portion of your next paycheck early, before payday. You generally authorize the provider to withdraw the amount from your checking account on a scheduled repayment date. There are usually fees involved, such as for expedited funding or a required monthly subscription.

  1. 1.

    Request an advance online

    The paycheck advance provider will check your eligibility, which usually requires an active checking account with a history of regular direct deposits.

  2. 2.

    Connect your bank account

    You’ll need to link a checking account so the advance provider can deposit your advance and withdraw the amount from that account on the scheduled repayment date.

  3. 3.

    Get the cash you need

    Many paycheck advance providers offer “instant” or expedited payout options for an added fee. Some also charge a monthly subscription fee to use paycheck advance services.

Paycheck advance or personal loan— which one fits?

Paycheck advance

Best for: Smaller cash needs.

  • Can range from $10 to $750.
  • You’ll typically pay a one-time or monthly fee instead of interest.
  • Can provide quick cash for smaller unexpected expenses or bills.
  • Many paycheck advance providers don’t require a credit check.

Personal loan

Best for: Larger expenses

  • Typically range from $1,000 to $50,000.
  • You’ll pay interest until the loan is paid off. Your interest rate will depend on your credit score, among other factors.
  • Can help cover larger unexpected expenses, such as medical bills or home or auto repairs.
  • Lenders generally consider your credit score when you apply.
Learn More About Personal Loans (opens in a new tab)