Cashout employer overview

Cashout is a way for your team to cover unexpected expenses before payday. As an employer, there’s no extra cost, no extra work, and you aren’t responsible for amounts that employees cash out.

With Cashout,1 employees can request a portion of their estimated paycheck before payday. Then, their Cashout loan is automatically repaid through their regular direct deposit paycheck.

Gusto Cashout was built to work with the Gusto spending account, so Cashouts deposited to a Gusto spending account arrive instantly and are completely free.2

Cashouts deposited to an external bank account will typically arrive in 1-3 business days and will incur a small fee.3 Depending on the loan amount and loan duration, the fee will either be $5 or 36% APR of the loan amount, whichever fee amount is lower.

Gusto’s Cashout benefit makes critical moments, such as paying unexpected bills, emergency costs, and stressful situations, more manageable at no extra cost to you.

1. The Cashout program is issued by Sunrise Banks, N.A., Member FDIC.

2. The Gusto Cash Account, savings goals, spending account, and debit card are issued by nbkc bank, Member FDIC. There are no fees associated with Cashout to a Gusto spending account. The Gusto spending account may have fees such as out-of-network ATM fees. Please review the terms and conditions carefully. Cashout to an external bank account has fees up to $5 per transaction, but may be less depending on your loan. Fees are either $5 or 36% Annual Percentage Rate (APR) of the loan amount, whichever is lower, and does not vary across the loan term. Generally, Cashout funds are available to Gusto Spending Account users within a few minutes. Whereas, Cashout funds to an external account can take between 1-3 business days to be made available.

3. Cashout fees are up to $5 per transaction, but may be less depending on your loan. Fees are either $5 or 36% Annual Percentage Rate (APR) of the loan amount, whichever is lower, and does not vary across the loan term. So for example, an employee that has a $500 loan with 7 days until payday would pay 36% APR of the loan amount ($3.45) since that is smaller than $5. In this scenario the total repayment amount would be $503.45. An employee that has a $500 loan with 14 days until payday would pay a $5 fee (26.07% APR) since that is smaller than 36% APR of the loan amount ($6.90). The total repayment amount would be $505.

4. See the Gusto Help Center for additional eligibility requirements.