Current Paycheck Advance Review - Pros & Cons
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Unexpected expenses can throw your household budget into chaos. Need to replace a damaged front tire on your car? Maybe you’re facing an unexpected medical bill. Or maybe your laptop just conked out. Whatever the reason, you need fast access to cash.
Current Paycheck Advance might be a solution. Online bank and financial technology company Current offers a paycheck advance feature that allows you to receive a cash advance from your next paycheck if you need quick access to emergency funds. Instead of waiting until your next payday, you can get the cash you need now.
But is a Current Paycheck Advance a smart financial move? That depends on how quickly you need the funds to cover unexpected expenses. While Current’s basic paycheck advance comes with no fees, the company does charge an Instant Access fee if you want an instant direct deposit of cash in your bank account. If you don’t choose Instant Access, Current will deposit your money into your bank account within three business days. But by waiting, you won’t be charged any fees.
Should you consider a Current Paycheck Advance if you are short of funds? Read our review to find out.
In this article
What is Current Paycheck Advance?
Current is an online bank that you can access by downloading its app from the App Store or Google Play. Current offers a hybrid of a savings and checking account and a debit card and credit card. Once you have a Current account, you can use your Current debit card or credit card to earn points that you can redeem for cashback bonuses.
By opening an account with Current, you also gain access to its paycheck advance feature, which allows you to request early access to a cash advance of $50 to $500 from your next paycheck. You’d normally turn to this type of instant cash offer if you face an emergency expense that you can’t afford.
Current Paycheck Advances are a good alternative to personal loans, lines of credit and payday loans. These products, especially payday loans, charge high interest rates for the cash that they provide. They also often charge exorbitant late fees. Current, though, charges no fees for a standard paycheck advance. It also does not charge interest on its advances.
That does change if you want your money instantly. Current paycheck advances will show up in your Current account within three business days. But if you want to receive your money as soon as your payday advance request is received? You’ll need to pay for Current’s Instant Access feature.
- Payday is just one tap away. Get instant access to your paycheck in advance for a fee, or get it within 3 business days for free.
- Unlimited access. Advance as much as you qualify for, as often as you need.
- No credit checks. There are no credit checks required to qualify for Paycheck Advance, and we don't report your withdrawals or repayments.
How does Current Paycheck Advance work?
Receiving a paycheck advance through Current is a simple process. As you can see from the screenshot below, you can pay for instant access to your advance or get it for free by waiting up to three business days.
First, you’ll have to meet certain eligibility requirements. To qualify for a paycheck advance, you must receive at least $500 in eligible payroll deposits in your Current account each month. On its website, Current says that other qualifying criteria might apply. To determine if you are eligible for a paycheck advance, log onto the Current app, check the “Services” tab and select “Paycheck Advance.”
Current does not run a credit check when you apply for a payday advance. This means that you won’t be rejected for an advance even if your credit score is lower. While Current offers paycheck advances of up to $500, you might not qualify for that full amount. Current will look at your eligible payroll deposits before deciding upon your advance amount.
Repayment of your paycheck advance is simple, too. Current will simply repay your advance amount by removing the appropriate amount from your next paycheck.
This, of course, is the big negative with any paycheck advance. By taking one out, your next paycheck will be lower. This could lead to cashflow issues before your next payday arrives. That’s why it’s always best to build an emergency fund containing up to six months of daily living expenses. That way, if you face an unexpected financial emergency you can cover it with your savings instead of having to apply for paycheck advances or resort to covering these financial emergencies with your credit card.
You can take out as many paycheck advances as you’d like with Current. Although if you find yourself constantly applying for cash advances before your next pay period arrives, you should look at your spending habits. You might also focus on your budgeting to make you aren’t overspending each month. You don’t want to rely too heavily on paycheck advances.
How much does a Current Paycheck Advance cost?
Unlike with many other cash advance apps, a basic paycheck advance from Current is free. You won’t have to worry about making a late payment, either. That’s because Current automatically withdraws your repayment from your next paycheck.
If you want to receive your paycheck instantly, though, you will have to pay a fee. Current does not list the amount of this fee but does say the size of it will depend on how large of a cash advance you request.
Current will show your fee when you apply for instant access of your cash. If you think the fee is fair, you can proceed. If you don’t, you can cancel your paycheck advance request or schedule a free version of your request.
- Payday is just one tap away. Get instant access to your paycheck in advance for a fee, or get it within 3 business days for free.
- Unlimited access. Advance as much as you qualify for, as often as you need.
- No credit checks. There are no credit checks required to qualify for Paycheck Advance, and we don't report your withdrawals or repayments.
Features of a Current Paycheck Advance
No fees (mostly)
The biggest draw of a Current paycheck advance is that you won’t pay a fee for it, if you can wait up to three business days to receive your money in your Current account. If you need your money faster, you can pay a fee for instant access to your advance.
Overdraft protection
Current offers other financial services in addition to its paycheck advance, including a debit card connected to a hybrid of a savings and checking account. One of its features is fee-free overdraft. This mean that you can use your debit card to make a purchase even it that purchase is for more than the amount of dollars in your Current account. Current can provide you $25 to $200 in overdraft protection, meaning it will advance this extra money when you are in danger of depleting the funds in your account. This way, you won’t be charged any overdraft fees. Current will take funds from your next deposit to pay back what it loaned you.
Cash back
You can earn cash back by using your Current debit card or Current Visa credit card thanks to the company’s points program. While most purchases will earn you 1 point for every dollar, you can earn up to 7 points per dollar on card swipes at more than 14,000 participating merchants. You can then redeem these points for cash. For every 100 in points you earn, you’ll earn $100 in cash back.
Savings pods
You can set up to three Savings Pods through Current. These basically act as individual savings accounts. Say you want to save up for a big summer vacation. You can open a savings pod for that, and then deposit dollars in it. Say you also want to save up for your first semester of college. You can create a separate pod for that. If you set up and maintain a direct deposit of at least $500 to a pod, you’ll earn a 4% annual percentage yield (APY) to help boost your savings.
Who should consider a Current Paycheck Advance?
Those who don’t want to pay
Current’s Paycheck Advance is a good choice if you don’t want to pay a fee for your paycheck advance. If you choose to receive your advance within three business days, Current won’t charge you for it. Current also doesn’t charge interest on the money it advances.
Those willing to pay a small fee for quick cash
If you want your advance deposited in your Current account instantly, you’ll have to pay a fee. If you are willing to do that and you frequently need quick cash, Current might be a good choice.
Those willing to open a Current account
To be eligible for a paycheck advance from Current, you’ll need to open an account with the company. You must then set up a direct deposit of your paycheck into your Current account.
Those with weaker credit scores
Current does not check your credit score or reports before approving you for a cash advance. Because of this, you can qualify for an advance even if you need to repair your damaged credit score.
- Payday is just one tap away. Get instant access to your paycheck in advance for a fee, or get it within 3 business days for free.
- Unlimited access. Advance as much as you qualify for, as often as you need.
- No credit checks. There are no credit checks required to qualify for Paycheck Advance, and we don't report your withdrawals or repayments.
Who should not use a Current Paycheck Advance?
Those who need a large sum of money
If you need a large chunk of money for an emergency, Current might not help because it limits its paycheck advances to a maximum amount of $500. If you need more than that, you might consider working with one of the many lenders that offer personal loans. With a personal loan, you can apply for much larger loan amounts.
Those who don’t receive regular direct deposits from their employer
To be eligible for a paycheck advance from Current, you must receive payroll deposits from an employer, government payer or payroll provider of at least $500 a month.
Those who want to focus on budgeting, building an emergency fund
Ideally, you won’t need to rely on paycheck advances to cover even unexpected expenses. The better choice is to create a household budget and build an emergency fund. An emergency fund is a savings account that holds enough money to cover up to six months of daily living expenses. When financial emergencies pop up, you can draw from this fund to cover any unexpected expenses.
Pros and cons of a Current Paycheck Advance
Pros
- No fees for a standard paycheck advance.
- Current charges no interest on paycheck advances.
- Current also offers a debit card, credit card and savings pods.
- Current provides overdraft protection if you qualify.
Cons
- Paycheck advances limited to a maximum amount of $500.
- Current charges a fee for instant deposits of paycheck advances.
- Need direct deposits from your employer of at least $500 a month to qualify for a paycheck advance.
How Current Paycheck Advance compares to the competitors
App | Main feature | Extra features | Fees |
Current | Paycheck advance | Debit card, credit card, hybrid savings and checking account | No fee for standard paycheck advance; one-time fee for an instant deposit of a paycheck advance |
Dave | Cash advance | Side-hustle jobs board, paid surveys, checking and savings accounts | $1 monthly fee; 3% of the amount you are borrowing for express delivery to Dave checking account; 5% of amount you are borrowing for cash advance delivered to an external debit card. |
Empower | Cash advance | Line of credit, debit card, AutoSave feature | $8 monthly fee; you’ll be a charged a fee of $1 or more for instant delivery of a cash advance. |
EarnIn | Payday advance | Cash advance, credit monitoring, overdraft protection | 99 cents to $4.99 for Lighting Speed paycheck advance. No fees for standard paycheck advance services. |
Chime | Online checking and savings accounts | Peer-to-peer payments, online bill pay, online bill pay | $2.50 for each cash withdrawal from out-of-network ATMs; fees for depositing cash into your Chime account at most locations. |
Dave
You can use the to apply for cash advances of up to $500. Dave will consider your income, credit and other financial factors when determining how much cash it will advance you.
Dave charges a $1 monthly subscription fee. A cash advance charges no interest. Dave also doesn’t charge late or overdraft fees. If you want your money deposited instantly, though, you’ll pay 3% of the amount you borrow for an instant-delivery fee. If you want your cash advance deposited to an external debit card, you’ll pay 5% of what you borrow for instant delivery.
Dave also offers Side Hustle, a job board that lets members search for quick, money-paying jobs, and Surveys, a chance for members to get paid for taking surveys. You can also open a Dave checking or savings account.
Empower
With the Empower app, you can apply for a cash advance of $10 to $300. If you pay an instant delivery fee, you'll usually receive your cash as a direct deposit in your bank account in as little as 15 minutes, according to Empower’s website. If you don't pay the delivery fee, your funds will usually arrive on the next business day. You’ll pay a fee of at least $1 for instant delivery.
Empower also offers a line of credit under the brand name Empower Thrive. With this feature, you can qualify for a line of credit of $200 to $400 that you can access to pay for anything. And by repaying what you borrow, you could improve the strength of your credit history.
This app also features an AutoSave function, in which Empower will automatically make a deposit from a connected checking account – either one with Empower or an external bank account – into a savings account.
Earnin
Like Current, EarnIn is a paycheck advance app that lets you access the money you’ve already earned before your paycheck hits your bank account.
With EarnIn, you can receive paycheck advances of up to $100 a day or up to $750 total for each of your pay periods, depending on the amount that you earn. EarnIn charges no fees for your paycheck advance and doesn’t charge interest. If you want to participate in its Lightning Speed program, in which your paycheck advance is deposited instantly in your bank account, you’ll pay from 99 cents to $4.99 a transaction, depending on how much EarnIn deposits.
EarnIn also offers Balance Shield, a tool that sends you alerts if your checking account balance is getting low. This service will also deposit $100 from your on-demand pay into your checking account to make sure that your checking account isn’t overdrawn.
Chime
Chime does not provide cash advances or paycheck advances. Instead, it’s a complete mobile banking app, allowing you to create an online checking and savings account. You can also use Chime to pay bills online and complete peer-to-peer payments. Say you and a family member go to the movies and dinner. You can pay your family member for your portion of the entertainment through the Chime app.
Chime charges no fees for most of its services. But if you withdraw cash from an out-of-network ATM, you’ll be charged $2.50 for every transaction. Chime says that its members can withdraw cash free from more than 50,000 ATMs across the country.
You can deposit cash directly into your Chime account at participating retailers such as 7-11, Walmart and CVS. However, cash deposits are only free at Walgreens and Duane Reade stores. Other participating retailers will charge a fee. This fee varies by retailer.
- Payday is just one tap away. Get instant access to your paycheck in advance for a fee, or get it within 3 business days for free.
- Unlimited access. Advance as much as you qualify for, as often as you need.
- No credit checks. There are no credit checks required to qualify for Paycheck Advance, and we don't report your withdrawals or repayments.
FAQs
How large of a paycheck advance can I get?
Current limits its paycheck advances to a maximum of $500.
What if my credit is bad?
Current does not check credit scores or credit reports. Instead, it looks at the amount of paycheck deposits you receive in your Current account each month.
What do I need to qualify for a Current paycheck advance?
You’ll need payroll deposits of at least $500 a month in your Current account.
Is it true that Current’s paycheck advance is free?
Mostly. You won’t be charged any fees for a standard paycheck advance. The catch is that this advance won’t arrive in your Current account for up to three business days. If you need cash instantly, you’ll need to pay a fee. Current does not list this fee but says that it is based on the amount of your payday advance.
The bottom line
Current is a good alternative to payday lenders and other cash advance apps that charge high interest rates or fees. You can get your Current paycheck advance for free if you are willing to wait for your deposit for up to three business days. It’s best, though, to budget and build an emergency fund so that you won’t need paycheck advances to handle life’s unexpected financial emergencies.
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Writer
Dan Rafter is a freelance writer who has more than 20 years experience covering personal finance. He's written for the Chicago Tribune, Washington Post, Bankrate, CreditCards.com, Rocket Mortgage, NortonLifeLock and several others.
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