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Gusto Cashout - available balance calculations

Your available balance with Gusto Cashout has a cap in order to prevent you from incurring large amounts of debt. Gusto has several rules in place that help determine how much money can be cashed out at once.

Available Balance Calculation Overview

  • The maximum cash out amount that you can take each time will typically be capped at 50% of your expected paycheck, based on the average of your last 3 regular paychecks. However, you may not be able to take the full 50% all at once.

    • The amount available is based not only on your average paycheck, but also how far into the current pay period you are.

      • If you try to submit a Gusto Cashout request early in the pay period, your available balance may be lower than the 50%. Waiting until later in the pay period may increase your cash out amount. 

  • If your employer runs payroll after the pay period has ended, you may be able to cash out more than 50% of your average net pay. If this happens, the amount beyond your 50% limit will be taken on the following payroll. For example:

    • You are normally paid $500 per payroll - which means that your limit to cash out is $250 for one specific pay period.

    • Your pay period runs from July 1- July 15th with a pay date of July 20th. The following pay period is July 16-July 31 and has a pay date of August 5th.

    • Your employer normally runs payroll on the 18th of the month in order to pay you on the 20th.

    • On July 17th you go to make a Gusto Cashout and see that your available cash out balance is $300. This is over your 50% limit of $250, here’s why:

      • Your company has entered a new payroll period - this means that of the available $300, $250 is from the pay period July 1st-15th and the remaining $50 is from the pay period July 16th-July 31st.

    • If you cash out the full $300 available, $250 will be taken out of your paycheck on the 20th of that month and the remaining $50  will be paid back on the 5th of the following month since your available credit was split over 2 pay periods.

    • When a cash out is split between pay periods, the entirety of the 1% fee* is collected from the second paycheck.

*APR varies based on the term of the loan. For a loan amount of $400 over an 8-day term until the next payday, the APR would be 45.63%, and the repayment amount would be $404.