Gusto Cashout overview

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

First-time Cashout users can request up to 40% of their estimated accrued net wages, up to $200. Once they repay their first Cashout loan, they become eligible to request 40% of their estimated accrued net wages, up to $500. Employees can request up to two Cashouts per calendar month. Any outstanding Cashout balance must be repaid in full before an employee can request a new Cashout.

Like other financial products, employees need to meet eligibility criteria in order to use Cashout. For compliance reasons, employee Cashout eligibility and activity is not shared with employers.4 

 

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% 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. For additional information, see Gusto’s Privacy Policy.

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

6. Gusto’s partner bank Sunrise Banks N.A., Member FDIC, who issues Gusto’s Cashout program, reserves the right to disqualify individual employees or employers at their discretion.