WORKPLACE ADVANCE

A simple & easy ‘interest free’ advance on your pay

 

 

The Workplace Advance is a popular employee benefits scheme run by Wessex Community Bank in conjunction with your employer

 

 

What is a Workplace Advance?

We can lend you a percentage of your wages in advance of getting paid. Let’s suppose you have two weeks left until pay day and something unexpected happens and you need urgent cash. You could get a loan or borrow from friends and family.

 

The problem with getting a short-term loan is they can be very costly. You could be paying as much as 1,500% APR with a payday lender.

 

If you try and get a loan with a high street bank, you’ll probably find they’re not interested in lending you a small amount of cash for a few weeks as a personal loan. You might end up in an overdraft instead and pay daily fees and interest charges.

 

How can a Workplace Advance help?

When you need help with money, we can lend between £50 and £350. The maximum loan is £350 or 35% of your regular net wages, whichever is lower.

 

Our loans are ‘interest free’ and there are no credit checks or searches on your credit file. You can apply via our online portal and normally get the cash the same day. You'll need to upload a selfie and your latest payslip (and I.D if you have never used this scheme before). You can upload these documents when you apply.

 

How much will you pay back

We don’t charge interest on your advance, but we need to charge an admin fee to cover the cost of running the scheme.

 

The fee is £6 per week for each week you borrow, irrespective of how much you borrow. Admin fees are 'capped' and the maximum fee that can be charged is £24. See borrowing and fee examples.

 

 

  • Minimum advance   - £50
  • Maximum advance   - £350 or 35% of net salary (whichever is lower)
  • Interest rate   - 0% APR
  • Admin fee   - £6 per week (with fee cap)
  • Minimum term  - 1 day  
  • Maximum term   - 4 weeks
  • Credit check   - No
  • Credit search   - No
  • Repayment   - Deducted from pay

 

 

Fee cap

We ‘cap’ our admin fee to make sure you never pay excessive charges on any borrowing.

 

The maximum fee we can charge is £24 or 20% of the advance, whichever is lower. So if you borrowed £50 over 3 weeks, the weekly fee of £6 would normally equal £18. However, 20% of £50 is £10. Therefore, the maximum admin fee that could be charged would be £10

 

Example:

Advance of £350 over 1 week. Admin fee £6

Advance of £350 over 3 weeks. Admin fee £18

Advance of £50 over 3 weeks. Admin fee capped at £10

 

 

Applying for and paying back your Workplace Advance

A Workplace Advance can be obtained via our online portal on a PC or smartphone. You’ll need to upload a selfie, one form of ID like a driving licence or passport and your most recent payslip.

 

As a responsible lender, we will carry out our own affordability calculator assessment to make sure you are not taking out money you can't afford to repay. We want people to feel comfortable with their borrowing, even if it is just for a few weeks.

 

We can normally issue you with an advance the same day you apply (before 2pm). Your advance, along with any admin fee, will be deducted by your employer when you next get paid.

 

 

 

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