Bridgeover offers a cash advance service to its users. This service helps users manage unexpected expenses or financial emergencies between pay periods. Users can request a cash advance through the Bridgeover app, and once the transfer is complete, the requested amount is deposited directly into their bank account. The available advance amount appears in the app and can be up to 60% of the your average net weekly paycheck, with a limit of $400. The advance Bridgeover offers is a short-term solution when you are in need of liquidity.
The outstanding amount of the advance will be collected on your next payday, unless you customize your repayment plan. For more information on the repayment process, please visit the Repayment FAQ category.
A top-up is the option to request additional funds, up to your maximum limit, on top of an existing Cash Advance that you still need to pay back. This feature enables you to access extra funds if you find yourself in need of additional financial assistance beyond their initial cash advance amount.
Example: Suppose your Cash Advance eligible maximum limit is $300. You first decide yo take out a $200 Cash Advance. Two days later, you decide to take out an additional $100, which is a "top-up" on the existing Cash Advance. Now, you have an open Cash Advance with an outstanding amount of $300, which you will repay either on your next payday, or as you have scheduled in your repayment plan.
The main purpose of our Cash Advance product (as our name implioes) is to bridge over temporary cash deficiency due to emergency or unexpected expenses.
It is not intended to replace the long-term need to match your income and expenses.
To ensure you use you cash advance responsibly and maintain good standing for access to emergency funds, consider the following guidelines:
Borrow Responsibly: Only take the Cash Advance amount you NEED and can reasonably repay within 2-4 pay periods (depends on your payroll frequency). Borrowing more than necessary can lead to unnecessary debt and financial stress.
Budgeting: Create a monthly budget and use our monitoring product to track your expenses and maintain a sufficient balance in your bank account.
Repayment Planning: Ensure you leave sufficient funds in your bank account on payday and on the following 2 business days to repay your Cash Advance balance. Failure to repay on time may affect your BridgePoints™ reserve and may affect your future advance offers.
Notification Settings: Keep your notifications enabled in the Bridgeover app. Important notifications regarding your payment and account status will keep you informed and may require your attention to maintain your Bridgeover account in good standing.
We offer flexibility in repayment, but we expect our customers to use our product responsibly. Following these guidelines will help you avoid financial stress, past-due accounts, and failed payments.
We value your feedback and suggestions to improve our services. Please email any feedback, feature requests, or product questions to support@bridgeover.io or call us at 1-800-472-4230. Our support team is available Monday to Friday from 9:00 AM to 5:00 PM ET.
The ACH withdrawal process can take as long as 2 business days to complete. Please note the following:
Timing: The withdrawal timing may vary depending on your bank and its specific ACH processing times.
Funds Availability: Please ensure that you have sufficient funds in your bank account for at least 2 business days following your scheduled repayment date. Weekends and holidays are not included in this timeline, so plan accordingly.
Avoiding Insufficient Funds: Leaving enough money in your account to cover your outstanding balance for 2 business days will help ensure the repayment is successful. This prevents situations where you have insufficient funds and the ACH withdrawal fails, potentially resulting in fees from your bank, an unnecessary use of your BridgePoints™ reserve with possible limitations on future advances.
If you have any questions or need further assistance, please feel free to email us at support@bridgeover.io or call us at 1-800-472-4230. Our support team is available Monday to Friday from 9:00 AM to 5:00 PM ET.
With Bridgeover, you enjoy the benefit of zero interest on cash advances. That’s right, 0% APR. Your employer covers the cost of this benefit, demonstrating their commitment to your overall well-being, including your financial wellness.
Employer-sponsored Benefit: The zero interest rate on cash advances is made possible because your employer subsidizes this benefit. It's part of their effort to support your financial health and provide assistance during times of need.
No Cost to You*: You will not incur any fees or interest charges when requesting and using a cash advance through Bridgeover. This means you can access the funds you need without worrying about additional financial burdens.
* Bridgeover's core service is free, if you pay off your entire advance in one payment. If you break up your repayment into more than one payment, please note that there is a payment fee of $0.95 for each advance repayment starting from the second payment, to cover the additional transfer costs.
Supporting Financial Wellness: By offering zero interest cash advances, Bridgeover aims to help employees manage unexpected expenses or financial emergencies without resorting to high-interest alternatives such as payday loans or credit card cash advances.
No, applying for a Bridgeover Cash Advance does not negatively impact your credit score.
Bridgeover's cash advance application process does not involve any form of credit check or reporting to the credit score agencies. This means that your credit score is not considered during the approval process, and there is no record of the application on your credit report.
Timeline for Cash Advance Deposit: After you accept the Cash Advance proposal in the app, Bridgeover will initiate the advance transfer via ACH. The timing of the deposit depends on when the advance request is initiated:
If the advance request is initiated before 3 pm (CT) or before 4 pm (ET), you will receive the deposit on the same business day.
If the advance request is initiated after 3 pm (CT) or after 4 pm (ET), you will receive the deposit by 11:30 am (CT) or 12:30 pm (ET) on the next business day.
If the advance request is initiated on a non-business day (weekends or holidays), you will receive the deposit on the following business day by 11:30 am (CT) or 12:30 pm (ET).
Banking Procedures: Please note that the actual timing may vary depending on the specific banking procedures of your bank. If you are concerned about the exact timing of the deposit, we recommend double-checking with your bank.
The maximum amount you are eligible for with a cash advance through Bridgeover depends on your payment cycles and your net salary. Here's a breakdown:
Weekly Payment Cycle: You can receive up to 60% of your average weekly net salary*, with a maximum limit of $400.
Bi-weekly Payment Cycle: You can receive up to 30% of your average bi-weekly net salary*, with a maximum limit of $400.
Monthly Payment Cycle: You can receive up to 15% of your average monthly net salary*, with a maximum limit of $400.
Please note that the maximum limit of $400 applies regardless of your payment cycle. This means that even if your salary calculation allows for a higher percentage, the maximum cash advance amount will not exceed $400.
* The average net salary is calculated based on the last 3 net payrolls.
If you don't have a cash advance offer available, there could be a few reasons for this:
Account Eligibility: Your account may not meet the eligibility criteria for a cash advance offer. Factors such as your payment history, financial behavior (such as maintaining at least 30% of your salary available in your account the day after payday, for a minimum of 3 pay-cycles out of your previous 5 pay-cycles), or employment status could influence eligibility.
Incomplete Onboarding: If you recently signed up for Bridgeover, ensure that you've completed all necessary onboarding steps. Providing all required information is essential to fully activate your account.
Banking Requirements: Bridgeover may have specific banking criteria that need to be met before offering a cash advance. In order to be eligible for an advance, your connected bank account must meet the following criteria:
It must be a Plaid-integrated bank. You can see the list of banks Plaid works with here.
Your linked account must have your paycheck deposited into it.
The bank account linked must be active for at least 90 days.
You must have at least 6 weeks' payroll history and 3 payroll deposits in your payroll account.
Outstanding Cash Advance: If you've recently taken out a cash advance and haven't yet repaid it, you can not be eligible for another advance until the previous one is settled (although you may be entitled for a top-up). Please note that once the repayment has initiated, it can take up to 2 business days for the bank to process and complete the transfer.
If you're unsure why you don't have a cash advance offer available, we recommend contacting Bridgeover customer support. They can provide personalized assistance and help determine the specific reason for the absence of an offer in your case.
Our Support Team is available Monday to Friday from 9:00 AM to 5:00 PM ET at support@bridgeover.io or at 1-800-472-4230.
There could be several reasons why you haven’t received the cash advance yet:
Non-Business Day Initiation: If the advance request was initiated on a non-business day (weekends or holidays), the deposit will be processed on the following business day. This delay is due to banking processing times and is a standard practice.
Bank Processing Times: Even if the advance request was initiated on a business day, the processing time by your bank can vary. It may take some time for the funds to be transferred from Bridgeover to your bank account, depending on your bank's procedures.
If you haven’t received the cash advance and none of the above reasons apply, we recommend reaching out to our customer support for further assistance. They can investigate the issue and provide you with more specific information about the status of your cash advance request. Our Support Team is available Monday to Friday from 9:00 AM to 5:00 PM ET at support@bridgeover.io or at 1-800-472-4230.
Bridgeover is an AI-powered financial wellness platform that partners with employers to support their employees’ financial health. We provide employees access to interest and fee-free emergency funds up to $400, flexible repayment options, and resources for long-term financial stability.
