The Current Paycheck Advance (1) allows you to access your paycheck before payday. Once you qualify, you can receive up to $500, which can alleviate emergency expenses and help with living expenses. While you can get a cash advance from many providers, few competitors can keep up with Current. You don’t pay any interest on a Current Paycheck Advance and can receive funding in 3-5 business days. Current does not run credit checks.
Current Paycheck Advance
Any day can be payday
About Current
Current (*) is a fintech company that offers bank accounts, crypto investing, and savings accounts through its partners. Choice Financial Group, Member FDIC and Cross River Bank, Member FDIC, provide banking services and FDIC insurance for Current accounts. Finco Advance LLC facilitates Current Paycheck Advances.
What is Current Paycheck Advance?
A Current Paycheck Advance lets you bridge the gap to your next payday. Some people resort to payday loans, credit card cash advances, and credit lines to pay expenses before receiving their next paycheck. However, those financial products often have excessive rates and terms.
Current is an alternative to the overpriced options for quick cash. You won’t pay any interest on a Current Paycheck Advance and can receive it for free within 3-5 business days. A fee applies if you want an instant transfer of your paycheck advance.
How Does Current Paycheck Advance Work?
The Current Paycheck Advance allows you to receive $50 to $500 as a cash advance before your next payday. Your maximum cash advance amount will increase as you demonstrate a solid banking history with Current. You can then pay off the advance with your next paycheck.
Current Paycheck Advance Features and Details
Here’s what you need to know about the eligibility and features of the Current Paycheck Advance.
Eligibility
Current will look at your direct deposits to determine if you are eligible, among other risk-based factors. You must receive regular payroll deposits through your Current account or an external bank account that you connect through Current. Customers can go to the “Services” tab and select “Paycheck Advance” to determine if they are eligible and see how much they can request.
Interest Rates and Fees
Current does not charge any interest, and you won’t have to worry about fees if you can wait 3-5 business days for your paycheck advance to arrive. The instant transfer fee depends on how much you request. Higher paycheck advances will result in higher instant transfer fees if you need the money right now. Current will display the fee so you can see how much you’ll have to pay before confirming the paycheck advance.
Repayment
Current will automatically collect funds from your next paycheck to pay off the paycheck advance. You can also pay the advance before your next payday by tapping “Repay Advance” in the mobile app.
What are the Benefits of Current Paycheck Advance?
Current Paycheck Advances present several benefits for customers. These are some of the highlights.
Instant Access to Paycheck
You can access your paycheck before your employer gives it to you. This quicker access can help you cover emergency expenses and other costs without resorting to payday loans, title loans, and other short-term loans that have high APRs.
Unlimited Access
You can use a Current Paycheck Advance before every paycheck if necessary. There’s no limit to how often you can use a paycheck advance as long as you repay it after every payday. Once you qualify, you can access up to $500 of your paycheck before the next payday to bridge the gap.
No Credit Checks
Current does not run any credit checks as a part of its Paycheck Advance program. That means you can access fast cash even if you don’t have the best credit score. You also won’t get dinged with a hard credit check while trying to access money for a short-term expense.
How Does Current Paycheck Advance Stack Up with Other Cash Advance Options?
The Current Paycheck Advance is a good option for many consumers, but it’s important to know how it compares with other options. Here’s how Current compares with other financial products.
1. Personal Loans
Personal loans are more useful for big expenses. If you need an extra $2,000 to cover an expense, you won’t get all of the cash you need with Current. However, personal loans take longer to obtain. They also have fees and interest. Current is more cost-effective than a personal loan, and you’ll also access your cash sooner. A Current paycheck advance is the best option if you only need up to $500.
Current Paycheck Advance
Any day can be payday
2. Payday Loans
Payday loans are notorious for having high fees and interest rates. Almost any financial product is better than a payday loan, and Current is no exception to the rule. You can get up to $500 with Current and not have to pay any interest or fees.
3. Credit Card Cash Advance
You won’t need a credit check for either cash advance. However, credit card issuers have high APRs, and you’ll also have to contend with a cash advance fee. Credit card cash advances are viable choices for people who want to borrow more than $500.
4. Friends + Family
You may be able to get a favorable deal with a family member or a friend where you don’t owe any interest or fees. However, repayments can get a bit dicey, especially if you fall behind. Plus, not everyone wants to approach family and friends asking for money. Current doesn’t charge any interest for its cash advance. If you only need $500, the Current Paycheck Advance is usually the better choice.
Who is Current Paycheck Advance Best For?
The Current Paycheck Advance is optimal for people who need to cover a small emergency expense and fill in the gap leading up to the next payday. Current also helps people who have bad credit since there is no credit check during the entire process. You must show regular qualifying direct deposits to your Current account to qualify for a paycheck advance, and it can take a while to build up to the maximum $500 paycheck advance.
Is Current Paycheck Advance Worth It?
A Current Paycheck Advance is worth it for many consumers who need fast access to cash but don’t want to contend with high APRs or fees. While it’s good to know that you can take out a paycheck advance, you shouldn’t rely on it for everyday expenses. Using paycheck advances to bridge the gap before every payday can lead to bad financial habits. It’s better to work on a side hustle or grow in your career instead of using a Current paycheck advance every week. However, it’s a great resource to tap into if necessary.
How to Get Current Paycheck Advance
You’ll have to follow a few steps to get a Current Paycheck Advance. Here’s what you can expect.
Sign Up
You will have to head over to the Current website and create an account. Current also has a mobile app that you can download to sign up. The fintech company offers several resources, such as savings accounts, crypto trading, and more. You aren’t only getting the paycheck advances.
Connect Your Paycheck
Current customers can connect an external bank account that shows qualifying direct deposits or have future paychecks go to their Current checking account. Current needs this information to determine your paycheck advance limit.
Use Your Cash and Grow Your Limit
Accumulating regular deposits demonstrates that you can repay a Current paycheck advance on your next payday. As your banking history grows on the Current platform, your paycheck advance limit should increase.
Other Products and Services Offered By Current
Current Spend Account
Build credit while you bank, get paid up to two days faster (2) , and avoid overdraft fees (3) . You will also receive spending insights that can strengthen your money management.
Current Savings Account
Earn up to a 4.00% bonus (4) with Current Savings Pods. You can have up to $6,000 in a Current Savings Pod, which translates to $240 per year in earned bonus.
Current Mobile App
Access your bank accounts, spending insights, crypto portfolio (5) , and other financial resources from anywhere. Current is a top-rated mobile app with more than 200,000 reviews in the App Store and Google Play.
Current Paycheck Advance
Any day can be payday
