INCOME ADVANCE

WHAT IS AN INCOME ADVANCE LOAN?

Income Advance provides employees with easy access to an emergency loan when they encounter unexpected difficulties, helps build their credit, and encourages savings for the long-term.

Key Features:

  • No Credit Checks: Eligibility is based solely on employment status.

  • Fast Access: Funds are available within 24 hours.

  • Affordable Loans: Maximum APR of 20%, with loan amounts up to $2,000.

  • Flexible Repayment: Loans are repaid over a period of 6 to 12 months via payroll deductions.

  • Encourages Savings: Once the loan is repaid, payroll deductions continue into a savings account unless the employee opts out.

THE GOLD STANDARD

While the basic framework of the Income Advance program provides immediate financial assistance, our "Gold Standard" approach goes further by focusing on these key principles:

  • Accessibility & Inclusivity: Easy access for all employees, without complex eligibility criteria.

  • Affordability: A low maximum APR ensures loans are a realistic solution for urgent needs without causing financial strain.

  • Transparency & Fairness: Clear terms and conditions, with no hidden fees or surprises.

  • Long-Term Impact: Helps employees build a strong financial foundation by encouraging savings and improving credit.

Click here to learn more about how the Income Advance program can support financial well-being and why the "Gold Standard" matters.

WHY CHOOSE INCOME ADVANCE?

Income Advance was designed as an alternative to the more predatory lending options available to people with poor or thin credit. Instead of running a credit check, the key data point used to underwrite these emergency small dollar loans is the borrower's stable employment.

Income Advance provides you a solution to a real and practical employee need and supports engagement, productivity and retention of your greatest asset: your employees.

STEP BY STEP

Income Advance works in 7 simple steps

INTERESTED IN LEARNING MORE?

Reach out to our Income Advance Program Manager, Chris Hynes!

Email: chynes@RhinoFoodsFoundation.org

Phone: (207) 205-2728

Book A Meeting With Chris: Calendar Link

Income Advance Resources

Click here to find additional resources.

News & Stories

News & Stories
Treasury's National Strategy for Financial Inclusion: Aligning Workplace Solutions with National Objectives
Income Advance, Opportunity Employment
Treasury's National Strategy for Financial Inclusion: Aligning Workplace Solutions with National Objectives
Income Advance, Opportunity Employment

The U.S. Treasury Department's inaugural National Strategy for Financial Inclusion (NSFI) establishes a framework for expanding access to financial services for underserved communities. With 78% of Americans living paycheck to paycheck and many unable to cover emergency expenses, this strategy provides timely guidance for addressing persistent gaps in financial access.

Income Advance, Opportunity Employment
Access to credit: How the Income Advance Program stacks up
Income Advance
Access to credit: How the Income Advance Program stacks up
Income Advance

In this blog, we will take a deeper dive into comparing Income Advance to other avenues for accessing cash to address an immediate expense. Our goal here is  to show how Income Advance is a non predatory, safe, and accessible solution for employees experiencing financial stress, to ultimately turn into financial empowerment for employees. 

Income Advance
Income Advance: The Gold Standard Employer Sponsored Small Dollar Loan Program
Income Advance
Income Advance: The Gold Standard Employer Sponsored Small Dollar Loan Program
Income Advance

Income Advance offers employees quick access to small dollar loans, directly from a bank or credit union. Rather than running a credit check, the key data point used to underwrite Income Advance loans is the borrower’s stable employment – because of this criterion, the loans are often referred to as Employer Sponsored Small Dollar Loans (ESSDL). But not all ESSDLs are created equal.  

So what is the “Gold Standard” Income Advance program the RFF advocates for?

Income Advance