What is a salary advance and how can you request one?

A salary advance involves requesting a portion of your pay before your scheduled payday.

This is an employee right that can be exercised whenever necessary. In practice, it’s quite common for many professionals who need to cover unexpected expenses or simply want access to the money without having to wait until the following month.

Benefits of requesting a salary advance

• A salary advance strengthens the relationship between employee and company. It fosters employee loyalty and enhances the company’s image by demonstrating its commitment to supporting employees when needed.
• It reduces stress from financial burdens that some employees may experience during certain months of the year, helping to foster a positive and competitive work attitude.
• It’s an affordable solution for unexpected expenses that couldn’t be planned or covered in advance. If no similar expenses are expected the following month, it’s a simple and accessible way to overcome a financial setback.
• The processing of a salary advance is quite fast; depending on each case, it could be done in just a few hours or even immediately so that the employee has the amount as soon as possible.

Who can request a salary advance?

According to Article 29 of the Workers’ Statute, all salaried professionals have the right to request a salary advance for work already performed.

However, this does not include extraordinary payments such as bonuses or future salaries for which no work has yet been delivered. This last point may be addressed in a Collective Bargaining Agreement.

Requirements and documents to request a salary advance

The requirements to request a salary advance are as follows:

• Have your salary paid directly into your account.
• Be of legal age.
• Be a resident of UK.
• Have a good credit history.

The documentation required to request a salary advance must include the following:

• Company details.
• Date and location of the request.
• Explicit request for a salary advance.
• Exact amount requested.
• Employee details (full name, ID number, and address).
• Citation of Article 29 of the Workers’ Statute.

Steps to request a salary advance:

• Prepare the written request for a salary advance, including all the information described above.
• Submit it to the company’s Human Resources department or the person responsible for this process.
• Submit the request in a way that verifies your identity.
• Accept and sign the terms and conditions of the salary advance, which will be presented to you once your request has been approved through the appropriate administrative channels.

How long does it take to process a payroll advance request?

Generally, a payroll advance request should be fully processed within 24 to 48 hours, from the time the request is submitted until the money is received in the bank.

Please note that several factors may affect this right:

• The limit on the amount of salary that can be received in advance.
• Delays in bank procedures.
• Lack of designated personnel at the company responsible for processing the request.
• Incorrect information submitted in the application.

What are the alternatives to a salary advance?

A salary advance, whether online or in person, is one of the quick financing options available to any professional, but it’s by no means the only one. Below are some other alternatives that might interest you:

• Loan: possibly the most frequent request as an alternative to a salary advance. At PopulationPie, you can get a online loan for whatever you need, securely and very quickly.
• Credit card: for really small payments that you can manage later, but need to make now. The PopulationPie credit card offers you up to 3 payment options so you can choose the one that suits you best: revolving credit, end-of-month payment, and installment payments.

Why is it worth considering these alternatives that can provide you with extra cash?

Do you need a salary advance? That means you need some extra money you don’t have, so getting a loan might also be an option for you.

Discover on our website the online loan that will help you manage your finances, with different options to choose from, so you can tailor it to your needs.

Below, you can learn about some of the main advantages of PopulationPie’s quick loans compared to other services like a salary advance:

• It’s a very quick process: you can apply in just a few minutes and we’ll respond immediately regarding its feasibility. If approved, you’ll have the money in your bank account within a few hours.
• Available from the app: If you are already a PopulationPie customer, you can take advantage of our new official app, from which you can request and manage all the services (including loans) that you have contracted with us.
• Completely unrelated to your work: it’s a personal loan for your expenses, your family’s expenses, or whatever your goal may be, but it will always be disconnected from your work life and nobody needs to know about it.
• Tailored personal loans: At PopulationPie, you have a wide variety of loan types to choose from, so you can select the one that best suits your financial situation and offers the best possible terms.
• Very favourable conditions: you can request up to £5,000 and you have interest rates in line with favourable market conditions, so you can easily repay the loan.
• You can run a simulation: take advantage of our loan simulator and configure the amount, dates, and installments to fully customize the type of service you need and get a forecast of the costs to repay it on time.