For a lot of people like you who work 9–5, keeping up with the financial demands of your personal life and other commitments can prove tricky.
In a lot of cases, you might find yourself trying to borrow money or confining yourself to a lifestyle so frugal that you’re probably skipping breakfast or lunch while you wait till the end of the month when salary comes in.
Clearly, you need money but the fact that you constantly have to wait till the end of the month to access it can prove quite daunting. In this piece, we will explore reasons why it is best to opt for a salary advance to get yourself out of financially sticky situations.
Before we proceed and for the sake of this article, a salary advance is a short-term loan given to employees, which is then later deducted from future salaries. Now, let’s proceed to the article…
Unforeseen Emergencies
Not everything in life is predictable and our guess is that you probably know this already. A single medical emergency is capable of throwing your entire budget for a month off track.
Rather than dipping your hands into your mutual funds or taking an emergency loan with a high-interest rate, a salary advance presents a safer option.
Helping You Realise a Long-Term Plan
A salary advance can give you an early start to a long term plan such as renting an apartment. Rather than opting to save money until you have enough to commit yourself to a long-term plan, you can get the ball rolling by using a salary advance to your advantage.
Convenient and Flexible
One of the best things about a salary advance is the ease with which it can be accessed. The fact that it eventually gets deducted straight from your paycheck at the end of the month makes it appealing to lenders.
Regardless of how much you earn, it gives to quick access to 80% of your salary without any stress
Fast Disbursal
In comparison to other loan options, salary advances do not require so much time to be credited to your account. Given that there isn’t any middleman involved, the money you need is paid directly to you and eventually deducted from your salary when it is paid.
For instance, a typical salary advance from WageX can be disbursed to you in minutes saving you the time you would have otherwise spent processing other loan options.
Low or Zero Interest Rate
Salary advances generally have low-interest rates and in some cases, they even come interest-free. WageX is a perfect example of a salary advance that comes to you interest-free. The product is designed to give you access to as much as ₦500,000 or 80% of your salary with zero 0% interest.
Easy Repayment
A traditional personal loan from the bank often comes with strict repayment schedules. Missing your repayment by a single day comes with penalties that will cost you even more money but with a salary advance, you don’t have to worry about any of these.
Typically, a salary advance repayment is deducted directly from your paycheck, which saves you from the headache of keeping up with repayment dates. Additionally, they are well aligned with your payday to avoid a shortage of cash needed for the repayment.
Final Thoughts on Reasons to Take a Salary Advance
As an employee, a salary advance protects you from the anxiety and apprehension that often comes with being broke when salary week isn’t anywhere close.
There are a million reasons you could find yourself with an urgent need to access your salary. Your car could break down when you least expect it to or you could find yourself with an emergency that requires urgent cash.
Simply download the WageX app to get easy access to your WageX salary account where you can access up to N500,000 or 80% of your salary before payday.
