Salary Advances | Meaning and Definition

What is the meaning of salary? 

A salary can be considered as a regular payment that is made by the employer to his or her worker for services rendered. It can be provided monthly or yearly to the worker but is quite often paid monthly at a fixed date.

What is the meaning of advance income? 

Giving a portion of a worker’s wages in advance is known as a salary advance. For instance, if a worker has a life-threatening illness and requires a portion of his February income in advance, the employer can give him a part of his salary in advance. The advances are normally paid back in installments with no interest.

Salary advance loans 

Advance Salary Loans are short-term loans available in India for salaried professionals. The interest rate on these loans, unlike personal loans, is computed weekly or even every day by certain lenders. The rate of interest, as well as other loan terms, will very certainly differ from one creditor to the next. Furthermore, several creditors often offer advance salary loans in as little as a few hours, if not seconds. These advance pay loans have a very high annual percentage rate due to their quick approval time and high annual percentage rate.