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 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?

Since its inception in 2007, the Income Advance program has demonstrated remarkable growth and impact. With 100 businesses in Vermont participating, over $2 million in loans distributed in 2023 alone, and more than 1,400 Vermont workers benefiting, the program's success underscores its importance.

At the Rhino Foods Foundation, we get a lot of questions about EWA and how it compares to the Income Advance Program. In this article, we'll delve into expedited pay products (EWA and D2C Advance) and compare them to our Income Advance program. Our aim is to provide readers with a comprehensive understanding to make informed decisions.