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Paycheck Advance

What is Paycheck Advance?

Paycheck Advance is an optional feature that allows eligible users to get early access to funds from an upcoming paycheck before it hits your account. It’s a feature designed to help you bridge any gaps for those unexpected expenses.

How do I become eligible to take a Paycheck Advance?

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 “Money” tab and selecting “Paycheck Advance.” 

What’s an Eligible Payroll Deposit?

“Eligible Payroll Deposits” means recurring deposits of your wages or compensation from sources such as your employer, payroll provider or government payer, including where you are acting as an independent contractor, of an amount and frequency determined by Current in its sole discretion. Certain deposits do not qualify as Eligible  Payroll  Deposits for the Paycheck Advance Service, including non-direct deposit ACH transfers, inter- or intra-bank peer-to-peer transfers, transfers made to debit cards from digital wallets or P2P services (PayPal, Venmo, Cash App, Zelle, Google Pay, Facebook Pay, or other similar services), mobile check deposits, and cash deposits.  

Does accepting an advance affect my credit?

Using Paycheck Advance does not require a check of your credit score, and use of the feature will not affect your credit score.

How do I repay a Paycheck Advance?

When your next payroll deposit arrives in your Current account or connected deposit account, repayment should be collected automatically from that deposit. 

Alternatively, you can choose to voluntarily repay an advance on the Paycheck Advance screen by tapping on “Repay Advance.” 

What is Instant Access?

If you qualify for an advance, you can accept the advance for no fee and it will be available in the deposit account you choose within 3 business days. If you need access sooner, you can choose the Instant Access option to receive your advance to your Current account for a fee. The amount of the Instant Access Fee will be shown to you on the App at the time you request a Paycheck Advance. The fee will be repaid at the same time your advance is repaid. 

The fee will vary depending on the size of the advance you’re taking. You’ll see the amount before confirming your advance.

Can I switch from standard to  instant access after I’ve requested a Paycheck Advance?

No. Once you’ve finalized your request for a Paycheck Advance, it’s not possible to change the speed at which you receive an advance. If you selected the free option, your advance will be available in your account within 3 business days. 

Can I cancel an advance after I request it? 

No. Once you confirm an advance, the funds are already on their way to your account, so it’s not possible to cancel it. If you decide you no longer need the funds, you can voluntarily pay it back after the funds hit your account by choosing the “Repay Advance” option. 

How do I get a higher Paycheck Advance limit?

The Paycheck Advance limit you qualify for is based on your Eligible Payroll Deposit history, historical spending, transaction history and other risk-based factors. We review your data periodically to determine your limit. You can check in the app from time to time to see if your limit has changed.

Why did my Paycheck Advance limit change?

The Paycheck Advance limit you qualify for is subject to multiple factors. As explained above, the Paycheck Advance limit you qualify for is based on your Eligible Direct Deposit history, historical spending, transaction history, and other risk-based factors. We review your data periodically to determine your limit. 

Our Support team is not able to manually change your limit, but you can check back in the app from time to time to see if your limit has changed.

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