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Deel launches new cash advance feature; paycheck up to 30 days early

By Pavithra R

October 23, 2020

  • Deel
  • USA
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Alex Bouaziz, Deel co-founder and CEO

Deel, a provider of payroll platform for remote teams that connects localized compliance and payments in one system of record and automates everything has announced the launch Deel Advance, a new feature that allows Deel users to access their earnings up to 30 days in advance, without interest rates or traditional credit scoring.

The traditional model of paying workers on a set biweekly or monthly schedule maintains clean business bookkeeping for employers but may fall short in offering the flexibility that workers want and need.

The new feature is part of Deel’s suite of solutions that make remote work accessible and desirable. Deel Advance modernizes how workers get paid, enabling them to tap their earnings, whenever and however they want. The solution enables workers to access 100% of their earnings up to 30 days before their set payday for a fixed fee.

Criteria are as follows:

  • Eligibility: Deel users who have worked with the same client for more than 3 months are eligible for this feature,
  • Fees: Advances up to $50 is free and a one-time fixed fee thereafter,
  • Payback: The advance is paid off as soon as the next payment arrives with no compounding.

“Our platform gives remote workers, and their employers’ newfound flexibility and the new Advance feature extends that flexibility to paydays. We help put money into the hands of the people that earned it, when they need it. Deel Advance has absolutely no interest applied on the sum borrowed. So whether you pay us back in 9 days or 9 months, the amount remains the same,” said Deel co-founder and CEO, Alex Bouaziz.

Founded in 2018 by Alex Bouaziz & Shuo Wang, Deel is missioned to create a world where talents are not limited to a location. Deel can complete payroll in more than 100 currencies and has partnered with more than 200 labor law & accounting experts to create and deliver a library of localized contract templates that can be used to legally onboard international employees.

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