If you are on an active engagement and wish to access your monthly payment funds earlier than the payment due date, Andela has made this possible for you. Based on your engagement length, see the options available below:
Active on an engagement - less than two months
What are the eligibility requirements?
- You have signed a contract with Andela as a contractor.
- You have been engaged with a client for less than two months.
- You do not have any outstanding balance with Andela.
How do I apply for a cash advance?
Please fill out and submit an Andela Cash Advance Request Form.
What is the maximum amount I can receive in advance?
The maximum amount you can receive is equal to your monthly payment rate, with a maximum of $5,000 if your rate exceeds this amount.
Are there any fees for a cash advance?
Yes, we charge an administration fee of 2% of the requested cash advance value.
How long do I have to pay back my advance?
The ‘payback amount’ (cash advance amount plus administration fee) will be deducted from future fees that you earn in the number of installments of your choice: (1 month, 2 months, or 3 months). The payback amount will be split equally across those months and deducted from your monthly paycheck.
What happens if I roll off an engagement early?
We will deduct the outstanding cash advance amount from your final payment. If your final payment can’t cover the full amount, we’ll require your assistance in transferring back the outstanding amount to Andela. If you fail to do so, you will be exited from the network.
Can I request multiple advances?
Yes, but you can only request another advance once your first advance is repaid. In other words, you can only have one outstanding advance at a time. After working on an engagement for more than 2 months, you will need to request an advance from one of our payment vendors.
What happens after I've requested my cash advance?
We will notify you by email within 48 business hours if your request is approved or declined based on the eligibility requirements. If your request is approved, you will receive a Cash Advance contract that both parties must sign.
When and how will I receive the funds?
Our team processes cash advance payments through our payment vendors every Friday, and you should receive yours by the following Monday at the latest. To receive them, you must have completed setting up your account on our payment vendors’ platform.
What if my engagement hasn't started yet?
If your engagement hasn’t started yet, we’ll only process your cash advance 10 business days before the start date at the earliest.
Active on an engagement - more than 2 months
If you are engaged with a client for over 2 months, you are no longer eligible for Andela’s cash advance as noted above. However, you can request a cash advance from one of our payment vendors. Click this link to read more. Access to the article's contents requires sign-in.