For many people, a time may come where you can’t financially make it until your next paycheck is set to come out. While you have a few options you can try to tap into to get a little extra money to tide you over, one of these options you may want to consider is an advance in pay from your boss. Depending on interest rates for your loan options, this may be the best choice for you. However, you may take a hit to your pride when asking your employer for a loan. So to help make this conversation a little easier on you, here are three tips for asking your employers for a pay advance.
Check The Policies Before You Ask
Before you get yourself into a sticky situation, you should make yourself aware of what you’re getting yourself into. According to Lisa McQuerrey, a contributor to The Nest, the first thing you should do when you’re considering asking your boss from an advance is check out the policies of how your company handles requests such as this. Find your employee handbook and see if there’s any literature about what your company does when asked for a pay advance. If you can’t find this information on your own, speak to your human resource manager to see if he or she can give you any more information on how this process generally works.
Meet With The Decision Maker In Private
Once you know that asking your boss for a payday advance is a viable option, it’s now time to actually speak with your boss. Depending on how open you are about your own finances or your relationship with your boss, this could be a very uncomfortable conversation for you to be having. But for the livelihood of yourself and your family, it’s important that you do all you can to get the help you need.
To best do this, Leyla Norman, a contributor to BizFluent.com, recommends setting up a meeting with your boss in private to discuss this topic. Try to find a time where your boss is in a good mood and has a little bit of time to have a real conversation with you. By doing this in private and having a set meeting on the books, you should be able to explain your situation and come up with some options with your boss.
Create Your Own Repayment Plan
To show your boss that you’ve thought of everything and that you want to make this as easy as possible, come to your meeting with a repayment plan already compiled. Holly Mccoy, a contributor to Sapling.com, advises having a few options that you’re comfortable with for your boss to choose from. Hopefully you’ll be able to pay the amount back quickly and you and your boss can move on without having this financial burden hanging over your heads.
If you’re considering asking your boss for a payday loan, use the tips mentioned above to make this conversation a successful one.