On-demand pay is exactly what it sounds like. Employers allow employees to be paid on demand instead of waiting for the regular pay date every 2 weeks or twice a month. On-demand pay gives employees early access to wages they have already earned.

Depending on what an employer will allow, these new services can allow employees to decide whether they want to get paid for a day just completed or for the days since they were last paid. Essentially, this can provide employees the freedom to decide when they want to get paid and may also help them better manage their cash when unexpected expenses arise.

Finally, if an employee gets used to receiving daily wages, they may find themselves in a financial emergency since they are paid up to date and may not have any cash cushion. In these cases, the employee may still consider taking a short term loan, like a payday loan to help them out of these situations.

If they have a flexible payment plan, it may also be easier to ensure they pay back the loan on the due date as they can access cash quickly and not wait for the traditional 2 week period for their next check.

Read more .. https://www.cashone.com/blog/what-is-ondemand-pay-why-it-is-growing

Author's Bio: 

Robin Williams is an Executive at CashOne, which serves to connect consumers across the U.S. quickly with its authorized lender network for payday loans online. Robin has more than 20+ years’ experience in Administrative Management, with several years in the lending industry.