Introduction
It is unpredictable to know when exactly financial emergencies will occur but when it does happen, securing a salary advance for additional funds could take several days or more in a process that could also involve considerable paperwork and ID requirements.
Sprout InstaCash eliminates all the aforementioned red tape, providing a streamlined platform for companies to provide employees with near-instant emergency funds. The only limitation was that there could only be one active transaction at any given time.
What’s New?
With the introduction of the latest feature, InstaCash Credit Line, it will become possible to avail of multiple cash advances at a time as long as it is all still within their Maximum Loanable Amount (MLA). As for the credit limit itself, replenishment will occur every time the dues are paid in the form of salary deductions. The amounts will then be added back to their net pay as the system computes for the new MLA every pay period.
The Process
How Does Credit Line Work?
The process of applying for a cash advance remains the same as before (How to Request for A Loan). The main difference is that, with the introduction of the Credit Line feature, a corresponding policy will determine whether or not the ability to have multiple active transactions will be available.
If the above-mentioned policy is off, only the initial implementation of InstaCash can be used, wherein there can only be one active cash advance at a time.
Figure 1.0 - InstaCash with Credit Line Feature turned off (browser)
Figure 1.1 - InstaCash with Credit Line Feature turned off (mobile)
However, if the Feature is enabled, all the capabilities of the Credit Line feature will be at employees' disposal.
Figure 1.2 - InstaCash with Credit Line Feature enabled (browser)
Figure 1.3 - InstaCash with Credit Line Feature enabled (mobile)
With Credit Line available, the only time cash advances will not be available will be when the MLA threshold has been reached or the remaining credits are below the minimum allowed, in which case, the following notifications will be displayed:
Figure 1.4 - Not enough credits for an additional cash advance (browser)
Figure 1.5 - Not enough credits for an additional cash advance (Mobile)
How Do Automatic Deductions Work with Credit Line?
Being tagged as a mandatory deduction, overlapping InstaCash transactions that fall within the same cutoff period will be automatically deducted from an employee’s payroll as long as there is enough net pay to do so. If a deduction will cause the net pay to become a negative value, then it will be deferred to the next cut-off.
❗ The hierarchy of deductions follows a First In-First Out system. That is, the deductions will apply depending on the order of their corresponding loan transactions.
How Does Credit Replenishment Happen?
The MLA is automatically replenished as soon as the transactions are tagged as Paid on Advance’s end.
You still might have a few questions about InstaCash 2.0:
Check out our FAQs here!
Who should I contact if my question isn't answered here?
If you have any questions or concerns, please contact us by creating a ticket through Sprout Benefits: InstaCash - Ticket Submission
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