Sometimes you need money sooner than payday. What do you do? Do you ask your manager for a payday advance or do you go to a payday advance lender? Consider these two typical stories and the possible answer...
Story #1: Once upon a time there was an employee - let's call him "Mark" - whose income fell slightly short of what he needed in a week. He knew his pay slip was coming in just a few days but he had expenses prior to that pay slip. He gathered up his courage and walked into boss' office to ask for an advance. The boss sent him to the Payroll office where asked the Payroll Officer for an advance. The Payroll Officer approved the advance, had a special cheque cut ahead of payday and delivered it down to the employee.
Story #2: Once upon a time there was an employee - let's call her "Mary" - whose income fell slightly short of what she needed in a week. She knew her pay was coming in just a few days but she had expenses prior to that pay period. She called up a payday advance lender, they confirmed her employment and deposited the money in her bank account instantly.
In both of these stories, the employee got the money they needed. However, when you look closer, you see that there are consequences that require consideration.
Mark thinks he avoided the cost of interest but he unwittingly generated far more expenses costs that cannot be easily quantified: When Mark went for his advance, he involved his boss, the Payroll Officer, the Payroll Supervisor, the person who handles cheque-writing, and probably the Accounting supervisor (who needs to sign cheques). In just a few minutes, Mark alerted 5 important people in the company to the fact that he had no money. It doesn't matter just how legitimate his reasoning was to need that money, if he ever has to go up against someone else for a promotion, his momentary "poverty" will be remembered; if there is ever employee theft discovered in the office, the one with the most apparent need will be suspected. As well, some companies over offer a certain number of payday advances per employee. Add to that is the likelihood that a cheque will need to be cut (and the financial department isn't always the fasted department in the company) and Mark still has to go get the cheque deposited at the bank. The simple act of trying to get a little bit of cash in advance of payday will cost Mark a considerable amount.
On the other hand, Mary's experience is far more positive. While she pays a small amount of interest, as would anyone who borrows money from any lender, she incurs far less dramatic costs. The payday advance lender makes a quick call to the Payroll Officer to determine Mary's employment. No one else at the company hears about it and the Payroll Officer thinks nothing of it, because employment confirmation calls occur all the time. And, Mary gets the money deposited instantly into her bank account, all while she's at work.
The choice is clear: Payday advance is faster and has a minimal impact on one's employment.
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