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Payroll Advance
Payroll advance is a type of short-term unsecured loan for employees, allowing employers to release payroll funds in advance. Some companies offer payroll advance services to help employees bridge the financial gap between paychecks and avoid higher-cost options. But they’re not necessarily a good choice.
An employer-led payroll advance occurs when a company, either directly or through a third party, allows an employee to obtain part of an upcoming paycheck days, or even a week or so, ahead of payday.
