Imagine having the power to unlock the value of your paid time off while still working – that’s what Sorbet, a unique fintech app, offers to employees. According to Sorbet, over 60% of Americans are missing out on this crucial workplace benefit. If you’re someone who often accumulates unused paid time off, you might typically save it up to cash out later. But with Sorbet, you can access cash from your PTO even before leaving your job. In this comprehensive review, we’ll delve into how Sorbet operates and whether it’s a viable option for you.
- Sorbet allows W-2 employees to access the cash value of their PTO while still working for the company.
- Repayment can be extended up to two years with monthly interest payments.
What is Sorbet?
Sorbet is a fintech app designed to help employees access the cash value of their unused paid time off even while they are still employed. Unlike traditional methods that involve getting the money from the employer upfront, Sorbet offers a cash advance with the expectation of paid back when the PTO payout eventually arrives. To qualify for the advance, Sorbet needs to be confident in your ability to repay it before providing the funds.
How does Sorbet work?
Before you can get the cash advance, Sorbet needs to determine your eligibility. Here’s the step-by-step process:
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Determine Your PTO At Termination:
- Sorbet evaluates your employer’s PTO policies to gauge your eligibility for the advance. Factors considered include your annual PTO days, payout policies at termination, accrual rates, and rollover limits. This will impact your chances of receiving the advance.
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Complete An Application:
- The application process with Sorbet is straightforward and quick, without employer contact or credit checks. If your application gets declined, it could be due to age restrictions, income levels, or existing advances.
- Get Your Money:
- Once approved, you can expect to receive the funds within 1-5 business days in your linked bank account, with no upfront fees except for monthly interest payments, usually for a 2-year term.
Are There Any Fees?
Sorbet isn’t entirely clear about its fee structure, but monthly interest payments between 9.99% to 36% apply. Late fees and faster advance fees might also be incurred, making it essential to understand the terms before signing up.
How Does Sorbet Compare?
While Sorbet stands out for its PTO-specific advances, other cash advance apps like Earnin and Brigit offer similar services without the PTO connection. Earnin, known for its no-fee model, and Brigit, with additional features like credit monitoring services, provide alternatives depending on your financial needs.
If you want to explore Sorbet further, consider if you’re eligible and find it more convenient than traditional cash advance apps or personal loans for larger sums.
If you’re ready to access the value of your unused PTO through Sorbet, give it a shot and see if it’s the right fit for you. Unlock new possibilities with Sorbet today!
