Financial emergencies can happen at any time. You never know when your daily expenses will pile up or if a loved one requires immediate medical care—and you're left with a near-empty bank account.
If you’ve been in this situation, you may have wished for a quick way to get your hands on extra funds. This is where InstaCash comes in, a salary advance solution that provides risk-free financial support, addresses unexpected financial challenges and contributes to better financial wellness.
This blog will discuss why InstaCash is important, how it works, and how employees benefit from salary advances.
InstaCash: Providing Emergency Cash Within Minutes
Did you know that InstaCash was the first employee benefit developed by Sprout? It was born out of thoughtful planning and research.
We looked into the most impactful, relevant, and extensive employee benefits we could offer that would give us a competitive advantage.
We asked ourselves, “What if someone runs out of cash or can’t stop by an ATM because they need to go to work?” It was exactly these pain points that helped us create and offer a salary advance solution. And that’s how we came to offeremployees quick and convenient access to emergency funds within minutes.
A Closer Look at InstaCash
InstaCash allows you to provide workers with emergency funds whilesupporting their financial wellness.
But even though InstaCash offers this benefit, learning to manage personal income is still the best way to address unprecedented financial difficulties. This is why we recommend having experts teach employees how to set their daily budget and save up in case of a sudden emergency.
How Does InstaCash Work?
The InstaCash widget is found on the top-right corner of your Sprout HR dashboard. It displays the minimum and maximum amount for a salary advance, which can be toggled with the slider underneath it.
Set Your Preferred Amount
InstaCash uses smart limits to calculate just how much cash you need. Simply drag the slider to your desired amount, then click the “Get Cash” button.
Once you’ve set your preferred amount, another screen will appear to let you choose how the emergency funds will be deducted. The amount will be subtracted from an employee’s salary over your chosen payment term or period.
Send Your Salary Advance Request
After selecting a payment term, mention why you’re getting emergency cash. This will provide us with valuable insights about how we can improve InstaCash further!
After stating your reasons, you’ll be prompted to read the necessary terms and conditions. Enter your initials to confirm that you understand and agree to these terms then click the “Sign and Submit Request” button.
What Can You Expect From InstaCash?
InstaCash processes employee salaries on demand, meaning everyone can access fast cash whenever they need it. Apart from that, granting salary advances through InstaCash takes near zero admin work because it streamlines the entire process and ensures employees receive their emergency funds within minutes.
More importantly, InstaCash is accessible and available 24/7. You can request a salary advance from your phone or web browser—whenever, wherever.
How Does Offering a Salary Advance Help Your Employees?
Salary advances offer the following benefits:
Reduces Financial Burdens
Employees often take salary advances to address unexpected financial difficulties. According to a 2020 study on financial well-being, 20% described how managing their expenses made them feel extremely stressed and financially insecure.
Salary advances help workers ease the burden of monthly payments and, in turn, encourage them to handle their finances properly.
Encourages Greater Productivity
In PwC’s latest Employee Financial Wellness Survey, 41% of respondents reported that financial stress had a serious impact on their productivity.
Workers faced with financial burdens are unable to perform at their best because their mind is elsewhere. But with a salary advance, they can work more productively without worrying about their expenses.
Improves Retention Rates
PwC’s survey also noted that 76% prefer to work at companies that care about their financial well-being. The research recommends offering workers instant wage access for free, which is a key highlight of InstaCash. By offering this benefit, you can improve your company’s retention rates.
What Employees Say About InstaCash
Current data on financial well-being paints a clear picture of just how useful salary advances are to employees. But let’s go beyond those data points with actual employee testimonials that clearly show the impact InstaCash has had on their current financial situation.
“I couldn’t come to work for two months because of the serious illness bugging me. I expected that I wouldn’t get paid. Thankfully, I have access to InstaCash, so I took the opportunity to borrow cash for medications.
I’m incredibly satisfied with the very fast transaction. I got the money right even before I received the notification that it was credited to my account! Thanks a lot, InstaCash, for saving my life!” – Loreto
“Last time, I had an emergency related to financial matters. Borrowing money from banks and other financing companies took so long because of all the requirements and long processing [times].
But then, when I learned about InstaCash… I was so impressed! [With] Just one click, as long as you’re qualified, you’ll have instant cash credited to your bank account.” – Alexander
“We live in a house with extended family. We’re all pretty close and help one another maintain a roof over our heads, lights to keep our home lit, and meals to keep us fed.
However, when the pandemic started, most of my family members lost their jobs. Only my wife were able to hold on to our jobs. Having access to InstaCash not only helped me, but also my family get through this tough time. I was able to provide for my loved ones up until my family members got new jobs, thanks to InstaCash.” – Edrian
“InstaCash helped me a lot since I didn’t know where to borrow quite a big amount of money. I didn’t want to borrow from my friends, workmates, or my mom. I’m happy we have InstaCash, so I was able to borrow from that and pay for my sister’s pawned necklace, my dog’s cremation, and my credit card bills.” – Rachel
“There were times I became so broke that I had no money left. InstaCash helped me live and got me through those times of my life, and I’m very thankful.” – Marvin
Give Your Employees the Financial Support They Deserve
Salary advance solutions offer workers easy access to their salary when they experience financial difficulties. InstaCash lets your employees access fast cash to their accounts right when they need it. In turn, this contributes to greater productivity and a longer tenure.
Want to learn more about InstaCash? Book a consultation today or check out our blog for more HR tech updates and insights.