TymeAdvance is a newly launched service by TymeBank that allows people to borrow money directly from their salaries in the future.
A service that makes the negotiation of a salary advance seamless between an employer and employee. It takes the difficult and uncomfortable money discussions away from the company and creates a trustworthy environment for both parties.
So without wasting your time, let’s dive right in.
How TymeAdvance Works
With TymeAdvance, you’ll have the opportunity to borrow a portion of your earned salary before the actual payday.
It’s very simple how the advance (not a loan) is calculated.
In an example, the bank gave, if you earn R18,000 a month, by day 10, if you have an emergency and need cash, you can only take R3,000 of the R18k as that’s what you have earned at the time. You cannot however take 50% of your salary advance at a go.
The facility is designed to help those working with access to cash to address unexpected financial emergencies. So it’s safe to save TymeAdvance is going to crush the payday loan industry since this service is almost free.
Tymebank will only charge you R30 for every request you make, which there won’t be many since you don’t want to earn zero salary at the end of the month.
TymeAdvance Limits
You can request a salary advance from R300 to R5,000 per single transaction. You can also make a maximum of 3 requests per day for access to a portion of your salary in the month’s payroll cycle.
But how much you’ll really get depends on your monthly salary and basically how much you earn per day. Your TymeAdvance limit will increase per day from your last salary payment date.
You will ONLY get the amount you’ve earned for those days you wish to make your TymeAdvance request at an affordable rate.
While this service is exciting and all, you would also need to be very careful how you use it because you don’t want to resent your work environment because you’re no longer earning much end of the month.
The only best opportunity here is the convenience of getting the money for only R30 extra at no cost to the employer. 99% better than the high-interest-rate payday loans offered in South Africa.
How to Apply for TymeAdvance
The application process involves both you (the employee) and the employer for the TymeAdvance to be approved.
On your end, as an employee, follow these simple steps to access your advanced salary with Tymebank.
- Open a Tymebank account online
- Request the amount to withdraw from your salary up to R5,000
- Once approved, the funds will be deposited directly into your account.
Tymebank will be in comms with your employer (the company) to add your TymeAdvance information to the payroll data for the month of the request.
When your salary is paid, a portion of the amount will go to Tymebank and the remaining balance will be paid to you.
You don’t need a good credit score to qualify for TymeAdvance, it’s not a LOAN. All you need is proof of employment and signoff from your employer to pay the salaries accordingly.