One of the most preferred alternative to loans is a salary advance, here’s a quick guide to how the TymeAdvance facility work.
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TymeAdvance is a Tymebank Salary Advance facility designed to give you alternatives to relying on payday loans.
You can get access to a portion of your salary with Tymebank with no interest charged, but a small fixed fee.
You know, traditionally it’s difficult to ask for an advance from a company or employer but the Tymebank Salary Advance is set to become the middleman to facilitate the whole process.
Let me show you how it works.
How Does TymeAdvance Work?
As indicated, it gives you the opportunity to borrow a portion of your salary before payday comes.
By far the only product that takes the uncomfortable money conversations between employees and employers.
So instead of relying on high-interest payday loans, you’ll be able to better manage your finances by accessing your pay when you need it.
TymeAdvance protects both the employee’s and employer’s interests. Employees are protected from excessive debts and the company’s cash flow.
TymeAdvance Benefits for Employees
No credit checks: The Tymebank Salary Advance is not a loan, so there are no no credit checks and all those many affordability assessments.
Quick Approval: The approval process is usually faster compared to personal loans, which can be beneficial in emergency situations.
Interest and Fees: TymeAdvance does not charge any interest for borrowing money against your salary, instead, they charge a fixed R30.
Simple Requirements: The application requirements are often less stringent than loans, typically requiring proof of employment and a stable income.
Credit score: Since it’s not a loan, the salary advance will not impact your credit score in any way.
How to Qualify and Access Salary Before Pay Day
It’s rather simple to qualify for the TymeBank Salary Advance.
It starts with your employer signing up and being part of the TymeAdvance facility. This will give TymeBank real-time data to determine and calculate the amount employees could have access to.
Once your company is connected, you must follow these steps to request or borrow money against your salary.
Open a TymeBank account: This facility only works with the TymeBank account, so you’ll be required to open one using the app, it’ll take you about 5 minutes.
Get Salary Advance: Once logged in, select TymeAdvance and choose the amount you’d like to withdraw up to R5,000.
Receive the Funds: If your salary advance request is approved, funds will be paid or deposited directly into your TymeBank account.
And that’s it – spend the money wisely because it’ll be deducted from your upcoming salary pay.
TymeAdvance Contact Details
For more information, contact the TymeAdvance consultant on the below details to get further assistance.
Alternatives to Consider:
Personal Savings: Consider using personal savings or emergency funds before taking out a salary advance. If you happen to take a huge portion of your salary, this might mean more financial struggles the coming month.
Credit Cards: In some cases, using a credit card for an emergency expense might be a cheaper alternative, especially if you can pay off the balance in smaller installments versus a huge lumpsum on your salary payday.