Earned Wage Access: Questions & Answers
Frequently asked questions about Earned Wage Access
What is Earned Wage Access (EWA)?
EWA is a financial service that allows employees to access a portion of their earned but unpaid wages before their scheduled payday, providing greater financial flexibility.
How does EWA work?
EWA platforms partner with employers to offer employees an app or platform where they can track their earnings and request early access to a portion of their wages for a small fee or, in some cases, for free.
Is EWA the same as a payday loan?
No, EWA is not a payday loan. It’s your money earned from work, accessible without the high-interest rates and fees associated with payday loans.
Are there any fees associated with EWA?
EWA providers may charge a small fee for the convenience of accessing your earnings early, but it’s typically lower than traditional banking or loan fees.
How can EWA benefit employees?
EWA provides financial security by helping employees cover unexpected expenses, reduce financial stress, and avoid high-interest loans. It empowers better financial planning and promotes financial wellness.
What’s in it for employers?
Employers benefit from EWA by attracting top talent, improving productivity, and fostering a more financially stable workforce. It’s a win-win, promoting employee satisfaction and loyalty.
Is EWA available to all employees?
Availability can vary, but EWA is often offered to both full-time and part-time employees, as well as gig workers. Check with your employer to see if it’s available to you.
How does Astra make EWA better?
Astra makes it possible to deliver earned wages instantly. Without Astra, it may still take an employee a few days to access their wages because standard bank transfers are slow. With Astra, EWA providers can deliver wages in real time to an employee’s bank account or debit card. Find out more on Astra’s website here