TymeBank has launched a new product (TymeAdvance) that allows companies to provide their employees with access to their salaries at any time. This is not a loan, but rather a quick solution for persons in need of emergency finances. Instead of taking out a loan, they can take a percentage (up to 50 percent) of their earned salary at the moment and not have to worry about having to pay extra money or being in debt by having to opt for a loan from “mashonisa’s”.

    What is TymeAdvance?

    TymeAdvance is a way for employees to access their salary anytime without having to wait for payday. It is specially made for businesses to empower their staff with a solution that protects them from going into debt and worrying about money, enabling them to focus on their work and be productive.

    For a small flat cost, TymeAdvance allows employees to get a portion of their earned money prior to payday. When payday arrives, the remainder of your money is deposited into your usual salary account (your normal salary, minus however much you chose to payout as a TymeAdvance during the payroll cycle).

    It is not a loan so, there are no interest rates nor credit checks involved.

    How does TymeAdvance Work

    TymeAdvance is only available to employees whose employers have opted in. If you are not sure if your employer has signed up for TymeAdvance, you may speak with them. Obviously, they will have to undergo a screening process to see if they meet the minimum requirements. You will be notified via SMS as soon as TymeAdvance is available for usage.

    Employees whose employers have signed up may access the advance.

    When TymeBank receives real-time payroll information, it will calculate the available advance for each employee depending on their salary.

    Staff members may then contact TymeBank directly from the app or USSD code (120*543#) to request an advance.

    Funds will be deposited into the employee’s TymeBank account so they w need to open an account if they don’t have an active account already.

    All advance information will be communicated and shared with the company; payroll will then pay the remaining salary amount to the employees.

    How to Use TymeAdvance

    You can access your salary before pay day by firstly opening a TymeBank account – you can apply for one in just 5 minutes through the TymeBank app. When done, select TymeAdvance on the app and enter the amount you need to withdraw from your salary (up to R5000 at a time).

    If your request is approved, the money will be deposited into your account immediately.  

    TymeAdvance Limits

    Throughout the payroll cycle, you can request payouts from your available TymeAdvance up to three times per day as an employee. The maximum single transaction amount is R5000, and the minimum is R300.

    The amount you have available for TymeAdvance is determined by your company and is based on how much of your pay you have received at any particular time. Each day you work inside the payroll cycle, your available advance grows.

    The maximum compensation per payroll cycle is R100 000.

    There will most likely be a few days in between payroll cycles when you won’t be able to get a TymeAdvance payout. It all depends on your employer’s payroll cycle.

    The TymeAdvance section of the TymeBank app will tell you how many days you have left in the current payroll cycle. You can get the same info by dialling 120*543#.

    Remember, this product and related services are subject to employers who have undergone a screening process and fulfil the necessary minimum requirements, and/or approval is at TymeBank’s discretion.

    TymeBank offers great products and services such as Tymebank MoreTyme – Zero-Interest Credit and Tymebank SendMoney: Instant Money Transfer.



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