Imagine being able to get part of your paycheck the day you want it, without having to wait until the end of the week or the pay period.
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You’ve probably heard the warnings about payday loans and check cashing services — they’ve been known to trap borrowers in cycles of debt that are hard to break. But another option, known as instant pay or same-day pay, gets you get quick cash from your earnings.
Here’s a closer look at some of those options and companies that use them.
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What Is Instant Pay?
Just like the name implies, instant pay allows you to access your earnings the same day you work. According to the Society for Human Resource Management, “These programs, which have become more popular in recent years, allow employees to withdraw money directly from their paycheck ahead of their designated payday in exchange for a small fee.”
The instant pay benefit is popular among Gen Z workers and others because of financial stress and increased costs of living, according to SHRM, citing data from Aquent. Further, younger workers are looking for the benefit when they consider employers and jobs.
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What Businesses Use Instant Pay?
If you’ve worked in restaurants or retail stores lately, you may have been offered the option for on-demand wage access through a platform like DailyPay or Tapcheck. Here are some companies that have offered this incentive to workers, including some that use it as a competitive advantage to attract new employees:
Walmart
Dollar Tree
McDonald’s
Duracell
Calhoun Management (Wendy’s)
Other Ways To Get an Advance on Your Paycheck
While instant-pay options such as DailyPay and Tapcheck are available through employers, you do have alternatives if you want to explore on your own:
EarnIn: This is a simple on-demand pay platform. Once you visit the website and download the app, you link your bank account and get verified. Then up to $750 can be sent right to your bank account each pay period.
Chime: Chime offers the MyPay option. The steps to using it are similar to those with EarnIn, and you get up to $500 in quick cash.
MoneyLion: Instacash from MoneyLion can get you cash advances up to $500.
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This article originally appeared on GOBankingRates.com: Quick Cash: 5 Companies That Allow You To Get Paid on the Same Day
