Payday is still a faraway dream, but your dog has decided to eat all your chocolate out of the snack cupboard and now needs a vet check. Or you’d forgotten you were supposed to save for a great gift for your mum’s 60th birthday. Or your fridge suddenly breaks after 10 years of faithful service. Wouldn’t it be great if you could access some of your salary – which, after all, you’ve already earned – with a bit of advance?
What is Hastee Pay?
Hastee Pay allows employees to instantly access a portion of their earned pay every month via its app. Employers can set the limit for withdrawals, allowing employees to access their earned wages instantly in exchange for a cheaper fee than many other forms of borrowing (such as overdrafts or payday loans).
Since it’s money you’ve already earned, you aren’t borrowing it. This means your credit score isn’t checked, there’s no interest rate and you won’t be asked to pay it back. You’ll simply get a bit less in your final pay.
Hastee is one of the few startups offering salary advances. Since you can’t use it unless your company offers it as a perk, this could make it easier to build a case for it (there’s actually a pretty handy form on Hastee’s website that lets you refer your employer).
Key features of Hastee Pay
Hastee’s salary advances are a pretty straightforward product, easy to understand and use.
For employees:
You can withdraw a percentage of your salary per month. This percentage is set by your employer.
Cash out whenever. With Hastee Pay, you can withdraw however many times you like as long as you have an available balance to withdraw from. There could be a small withdrawal fee of £1.75, depending on the model your employer has chosen.
For employers:
No financial risk. Hastee receives your funds at the point of normal payroll and does not hold employee or company funds.
Bank-level encryption to protect your data.
Can alter the model. For example, you can choose whether to cover the entire cost for employees with a monthly subscription option. Otherwise, the employees will pay the fee for withdrawing.
Pros and cons
Pros
An affordable alternative to payday loans.
Not a loan – no credit checks are carried out, and you don’t need to pay the money back.
It doesn’t matter if you have bad credit.
No impact on the company’s cash flow.
Free for employers if you don’t cover the fee for employees.
Cons
It becomes more expensive the more you borrow.
There is a transaction fee of £1.75 when you withdraw.
It doesn’t offer employee loans or an automated savings option.
If you spend too much throughout the month, you may have trouble meeting your regular expenses.
Hastee customer support
You can contact Hastee by email at hello@hastee.com.
Our verdict
Hastee Pay offers a unique experience of taking out part of your salary before your payday. Though there is a transaction fee, this is much cheaper than a loan to cover your expenses. Compare alternative providers that offer salary advances.
Frequently asked questions
You can request a salary advance as often as you like, as long as it’s under the percentage set by your employer.
Unfortunately not. The main issue with salary advances is that they need to be set up by the company you work for, so they’re not universally available (yet).
Whatever you like, no questions asked. However, don’t forget that it isn’t free, so it’s always worth asking yourself if you really need it.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
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