All You Need To Know – Early Wage Access

All You Need To Know – Early Wage Access

What is Early Wage Access?

The end of the month is here along with a possible cash crisis.

MyShubhLife provides Early Wage Access to salaried workers. Shubh Now helps employees to access their accrued salaries in-between a month rather than waiting for salary day. Any individual who earns a minimum of Rs. 12,000 and is between 21-60 years of age becomes eligible for Shubh Now.

What is Early Wage Access?

Early Wage Access is a financial service provided to salaried workers/employees to access their accrued wage before the payroll cycle. This helps employees use their own hard-earned money for any emergency or requirements that can crop up anytime of a month. 

Early Wage Access shouldn’t be mistaken for a loan. It is a financial service that helps the employee get their wages a bit early without causing a hassle for their employer. An early wage access can help with various requirements that an employee may have such as:

  1. An Emergency:

An unprecedented medical emergency does not come with a warning. With early access to your Earned Wage, one can overcome the worry of payments at the end of a month and get treated immediately. Health does come first at all times. This can mean for oneself or a family emergency.

  1. Funds For an Event:

Events like a wedding or a funeral require a good amount of cash – be it if you are attending one or hosting one. Though weddings can be planned for, the expenses for an unwarranted funeral or a wedding need can be met by using the early access to your earned wage and keeping the event how you and loved one would have wanted it to originally without worrying about being low with funds. 

This way you will also avoid creating more debt for yourself by taking a loan and use your own hard earned money. 

Other than these reasons, there are a lot of various reasons that can be valid for the usage of the early wage access. 

Features of Earned Wage Access

  1. No Collateral is Required – When applying for Early Wage Access, as this does not work the same as a loan and is just your salary being paid to you earlier, there is absolutely no requirement for a collateral. 
  2. Convenient and Fast Disbursal – All one would need to do is download the MyShubhLife app or go to our site and apply for Early Wage Access. The documents (Aadhar and Pan) can be uploaded online and once the application gets approved, the amount gets transferred directly to the employee’s bank account. With a minimum 24 hour disbursal and a paperless process, it already fares way higher and better than a traditional loan process. 
  1. Easy Accessibility – An employee could apply from anywhere and anytime and the process is as easy as it can get. As it is an online facility, all one would need is the MyShubhLife app or go to the site and apply for the required product. Of course, good internet connection would be required!
  1. No Extra Charges – MyShubhLife puts out all the charges including processing fees for the plain view of the customer. There are no hidden charges when applying for an Early Wage Access (ShubhNow) with MyShubhLife.

Early Wage Access is the solution for the majority of short-term cash crunch issues that an employee can face on a monthly basis. This has made it quite popular in recent times as there are no strenuous procedures to get an approval for EWA and the financial problems can be solved with no time to waste. Also, as these funds can be used any way one would if they are using their salary, it can be different based on the earning capacity of each employee – MyShubhLife provides a minimum of 50% net salary to 90% earned salary to employees with salaries starting at Rs. 12,000.

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