Step by step guide to using Paycheck Advance with Current

Life doesn’t always stick to your pay schedule. An unexpected car repair, a surprise bill, or a last-minute opportunity can pop up when you least expect it. Waiting for payday shouldn’t hold you back. With a paycheck advance from Current, you can access the money you’ve already earned when you need it once you qualify.

A paycheck advance can help with your financial flexibility. It’s not a loan. It’s a simple way to get a portion of your upcoming paycheck early up to $750 to cover immediate needs. No credit checks, no complicated applications, just early access to your funds. It’s your money, ready for you.

This guide will show you exactly how to use Paycheck Advance with Current. Get ready to take control of your cash flow and handle anything that comes your way. Let’s get started!

What is a Paycheck Advance?

A paycheck advance gives you early access to your earned wages before your official payday. It acts as a financial bridge, helping you manage expenses without the stress of waiting for your direct deposit to hit. It’s a feature designed to provide a little extra cushion before payday when you need it.

Why use a paycheck advance? The benefits are designed for your life.

• Handle Emergencies: Cover urgent costs without delay.
• No mandatory fees: You have the option to access a portion of your paycheck up to your available amount (within 3-5 business days fee-free or access your funds instantly for a fee.**
• Gain Flexibility: Use the money for whatever you need, no questions asked.
• Accessible to Everyone: Eligibility is based on a variety of factors, but your credit score is not one of them.*

With Current, you get a simple and transparent way to access your funds. It’s financial empowerment, made easy. 

How to Get a Paycheck Advance with Current

We made accessing your money as simple as possible. The entire process happens right in the Current app, putting you in complete control. Here’s what you can do:

Step 1: Check Your Eligibility

To unlock the Paycheck Advance feature, you must first receive eligible direct deposits into your Current account.*

• No Credit Check, Ever: Your credit history doesn’t matter. We will never pull your credit report for a paycheck advance.
• Paycheck Advance is not a loan: This is an earned wage access feature, not a loan or credit product.*

As soon as you meet the Paycheck Advance terms and conditions* the feature becomes available to you in the app. Please note receiving higher eligible payroll deposits does not always guarantee that you receive a higher Paycheck Advance limit, as there are other factors that may impact your limit.

Step 2: Access Your Advance in the App

Once you’re eligible, getting your funds is just a few taps away. You decide how much you need and when you want it.

1. Open the Current App: Find the Paycheck Advance feature on your home screen.
2. View Your Limit: Your available advance amount will be clearly displayed, which could be up to $750 with Current.*
3. Choose Your Amount: Select how much money you want to advance from your available amount. You can take what you need, up to your available amount, until your advance is repaid with your next direct deposit.

Step 3: Receive Your Funds Instantly

After confirming the amount, you choose how you want to receive your money. We offer options to fit your needs.

• Instant Transfer: For a fee, funds can be sent to your Current account immediately. This is the perfect solution for true emergencies that can’t wait.**
• Standard Transfer: You can also get your advance fee-free within 3-5 business days.

Repayment is just as easy and automatic. The advance amount is simply paid back from your next qualifying direct deposit. No manual payments to schedule or due dates to remember. We take care of it for you, so you can focus on what matters. Once your advance is repaid, you’ll be able to take another advance.

When to use Paycheck Advance

A paycheck advance is designed to help provide flexibility between paychecks when you need it. Here are a few tips to make the most of this feature while building a stronger financial future.

When you need a little extra cash between paydays

Paycheck advances are designed to be a safety net when you need it. Think of it as your go-to solution for things like:

• Unexpected repairs or bills
• Covering a crucial bill 
• When other unexpected expenses may leave you short for essentials

Plan for Repayment

Even though repayment is automatic, it’s smart to plan for it. When you take an advance, remember that your next paycheck will be smaller. Take a quick look at your budget to account for the repayment so you stay on top of your other bills. This simple step keeps your financial plan on solid ground.

Build Your Own Safety Net

While Paycheck Advance is an option once you qualify, the ultimate goal is building a better financial future. On Current, moving some money into your Savings Pods can help you earn up to a 4.00% bonus on your money (up to $6,000).^ You can also enable round-ups, which will automatically move some money from every purchase into your Savings Pods. Saving even a small amount from each paycheck can add up, giving you another layer of financial security. 

Take Control with Current

Unexpected expenses are a part of life, but they don’t have to be a source of stress. With Paycheck Advance from Current, you have the power to access your money when you need it most. Stop waiting for payday and start living with more financial freedom.

*Paycheck Advance is an earned wage access service and is not a loan or credit product.

**Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

^Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, you must receive at least one Eligible Payroll Deposit equalling a minimum of $200 over a 35-day period. For more information, please refer to Current Boost Terms and Conditions.