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Current Paycheck Advance

Need cash fast? Current’s Paycheck Advance¹ is here to help. Secure, and straightforward – your early paycheck is just a tap away.

Key Benefits of Paycheck Advance

  • Optional Instant Access Feature²

  • Avoidance of High-Cost Alternatives

  • Promotion of Overall Financial Health

  • Early Access

    Access your paycheck early fee-free within 3 business days or opt for instant access for a fee².

  • Increased Convenience

    Paycheck Advance is available in the Current app with all of the rest of our features.

  • Use As You Need, Up To Your Limit

    As soon as your advance hits your account, you are free to use it as you need.

Paycheck Advance: Not a Payday Loan

Unlike payday loans, Paycheck Advance offers a more stable and secure way to manage short-term financial needs³. Payday loans can come with extremely high interest rates, with APRs (annual percentage rates) often ranging from 300% to 800%.

Moreover, while payday loans are often subject to mandatory fees such as financing fees and steep late fees, Paycheck Advance has no mandatory fees.

Maximum Paycheck Advance Amounts

Current uses a robust set of criteria for determining the appropriate maximum Paycheck Advance amount for you. To do so, Current takes into consideration factors that include the amount of your regularly scheduled eligible payroll deposits, eligible payroll deposit history, account activity, income verification, and risk assessments, among other qualifying factors.


No Credit Impact: Another Advantage of Paycheck Advance

Traditional financial products such as loans often require credit checks, so you should weigh the necessity of taking money via traditional financial products against the effect a hard check might have on your credit.

Using Paycheck Advance does not require a credit check. To determine Paycheck Advance limits, Current looks at factors such as such as a user’s financial history at Current, recent spending, balance fluctuation, direct deposit amount and consistency.

Because of this lack of pressure on their personal credit, Paycheck Advance could be a more optimal solution than short term loans depending on your needs and circumstances.


Promote Overall Financial Health With Paycheck Advance

Paycheck Advance can potentially help you work towards overall financial health by giving you flexible access to your upcoming paychecks.

In addition, strategic use of Paycheck Advance may also bolster emergency preparedness, help maintain budgeting goals, and encourage long-term financial planning by allowing you to cover short-term needs without dipping into your longer-term savings.


Next Steps: Requesting A Paycheck Advance

If you’re ready to request a Paycheck Advance, follow these steps.

Open an account with Current if you do not currently have one.

Gather all the necessary information - opening an account will likely require ID, employment verification and income verification.

Set up an Eligible Payroll Deposit to see if you qualify.

Request the advance!

Build your money future

FAQ

  • What is Paycheck Advance?

    Paycheck Advance allows you to access a portion of your next paycheck before it hits your account. With Paycheck Advance, you can spot yourself with up to $750 so you're covered when it matters most. Now, there's no need to worry about running out of cash between paydays.

  • Will using Paycheck Advance impact my credit score?

    Using Paycheck Advance will have no impact on your credit score. You can think of Paycheck Advance as a way to access your funds when you need it most.

  • How often can I take a Paycheck Advance?

    You can take a Paycheck Advance as many times as you'd like up to the amount that you qualify for.

  • How does repayment work?

    Repaying your Paycheck Advance is simple and easy! When your next payroll deposit arrives in your Current account or connected deposit account, the funds will be collected automatically from that deposit to repay your outstanding Paycheck Advance.

    Alternatively, you can choose to repay your outstanding Paycheck Advance early by visiting the Paycheck Advance screen and tapping on “Repay Advance.”

  • How do I become eligible for Paycheck Advance? Is there a way to check in the app?

    To qualify for Paycheck Advance, you must receive Eligible Payroll Deposits into your Current Account or to an external bank account that you connect through Current. There are also other qualifying criteria that may apply. You can check if you’re currently eligible for an advance in the Current app by going to the “Services” tab and selecting “Paycheck Advance.”

  • Where do I go to learn more about Paycheck Advance?

    Chat with us live in the app. We're available 24/7 to answer your questions. Or visit our FAQ.

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