A paycheck advance is a way to receive money early based on your upcoming earnings. Think of this as money that you borrow from a future paycheck. While you haven’t technically been paid out yet, your employer is willing to front you the money now based on the work you’ve already done toward future earnings.
Paycheck advances are designed as an affordable alternative to short-term loans, credit card cash advances and bank account overdrafts. They’re typically less expensive than a payday loan, but they’re not available to everyone: You must work for an employer that offers it as a benefit. Companies typically offer payday advances as a benefit to employees through a third-party platform like DailyPay.