Cash Advance Request

Policy 

Our cash advance policy describes our terms for advancing pay to our employees as an emergency short-term loan.

Scope

This policy applies to all our permanent full-time or part-time employees regardless of position. Temporary employees who have contracts that span more than one year may also be included in this policy.

Policy elements

“Cash advance” refers to employees receiving a portion of their pay before their next normal payday. 

Our company isn’t obliged to pay employees in advance. We may choose to do so if employees have legitimate reasons.

Conditions for requesting a Cash Advance

These conditions apply to all eligible employees without discrimination against protected characteristics, rank, or position.

Employees should have a legitimate reason to ask for advance pay, usually an unexpected or unavoidable occurrence. Examples of such reasons are having to pay for:

Payroll Advance Terms

The maximum cash advance is 25% of employees' monthly gross salary. If employees find themselves in need of more frequent or larger pay advances than they are allowed, Anchor Financial Services (AFS) is willing to help and provide long-term loans.

We will deduct the amount of the advance pay from an employee’s future pay. This may mean, deducting the whole amount from their next pay.

We will not charge any administrative fees or interest.

If an employee resigns or is terminated before they repay their payroll advance, Finance is responsible for reaching a new agreement with the employee or deducting the entire remaining amount from the final pay.

Payroll Advance Agreements

Employees who want to request a cash advance should create a direct Ticket to Finance Department with the subject, “Cash Advance Request” and with the below information:

The Finance Head should first review the request and decide whether to grant the employee’s request. If they approve, both parties will agree on repayment terms. 

The Finance Department must give employees their advanced pay through their payroll account once approved. It will only take 1-2 working days. If the request is denied, the management will inform the employee within one business day.

For Anchor Financial Services (AFS) loan request, please send an email to hr-team@boomering.ph.