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For a lot of students fresh out of college plunging straight into the work environment, it can be challenging to keep up with all the added expenses. Employees often borrow money from home or live a very frugal lifestyle towards the end of the month.
This isn’t very uncommon – setting yourself up in a new city can require a lot of extra cash and this is where a salary advance can really help. But it isn’t just relocation that can render you short on cash. Salary advances can prove useful in a variety of other situations.
A salary advance involves paying an employee a part of his pay in advance and making up for it in future salary payments. Read on to know more.
Taking a loan from a bank can involve a lengthy process of application and approval. In comparison, a request for a salary advance is much simpler and easier. Not just that, you get to enjoy flexibility in terms of amount and interest rates with advance salary adjustment.
Salary advances take convenience to the next level as the repayment amount is deducted from your future payslips. Moreover, since the minimum amount for salary advance is quite low, you need not borrow any hefty amount.
#2Great for unexpected emergencies
Not everything is predictable and emergencies come unannounced. Expenses for the treatment of sickness or hospitalisation can burn a hole in your pocket. When such a situation arises, there is no need for you to liquidate your investments. Instead, you can request for salary advance to cover this cost.
A salary advance adjustment also allows you to pay for any unexpected big-ticket bills, be it credit card payments or expenses for your vacation.
Traditional lending options like personal loans have rigid repayment terms and schedules. Missing out on paying your Equated Monthly Instalment (EMI) often results in extra cash going out of your pocket.
On the other hand, salary advances come with a much easier repayment option. As salary loans are generally aligned with your payday, problems like a lack of cash during the repayment period do not arise. Hence, you can make a salary advance request if you wish to enjoy a seamless repayment scheme.
Unlike traditional lending options, most lenders disburse salary advances as instantly as possible. With traditional loans, it can take weeks to complete the application, approval and disbursal process. An advance salary adjustment speeds up this process and gets you fast cash for your emergency requirements.
As compared to bank loans, salary advance loans have lower interest rates. This allows you to save considerably on interest payments. Another benefit of advance salary adjustment is that you only have to pay interest on the amount that you draw.
In case you cannot get salary advances from your employer, you can always get a salary advance loan from Fibe. Apart from the hassle-free online loan application, you get to enjoy a loan amount ranging from ₹5,000 and ₹5 lacs. With Fibe, you also get a dynamic loan limit, which makes it more convenient to borrow amounts for any of your personal needs, however big or small. To get an instant loan, simply download the Fibe instant loan app or visit the website.
Getting a Salary Advance from Fibe is simple and instant provided that your organisation is providing you with this facility. If yes, then all you need to do is follow a few easy steps:
If your organisation provides you with this facility, then you can access your salary at any point in time through a salary advance. With Fibe, you can get up to ₹5 lacs directly to your bank account in 10 minutes with flexible repayment tenure. You can use the money without restrictions or limits.
Salary or pay advance refers to the same financing concept. They just act as synonyms for each other.
While some organisations provide 50% of an employee’s net salary as advance, others may provide up to 80%. The amount is then deducted from your future payslip.
You can take make up to 3 requests for salary advance in general. However, this depends on your employer and lender.
You can take a salary advance for myriad purposes like financing medical bills, rent payments, credit card bills, or vacation.