Access your PTO cash value

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Source: The College Investor

Sorbet is a fintech that is the traditional Cash Advance AppAccording to Sorbet, over 60% of Americans are missing out on a key workplace benefit – their paid vacation, or PTO.

If you accumulate unused paid vacation time, you may plan to cash it out when you leave your job.

But Sorbet offers you the opportunity to access cash from your paid vacation while still working for your company. In this in-depth review, we'll explain how Sorbet works and tell you if it's worth considering.

• Allows W-2 employees to access the cash value of their PTO while continuing to work for the company
• Repayment up to two years
• Monthly interest payments are due

What is sorbet?

Sorbet is a fintech app that lets you unlock the cash value of your unused paid vacation while you're still working. Sorbet doesn't collect the money up front from your employer. It offers you a cash advance with the expectation that you'll pay it back when you receive your paid vacation payout. Because of this, Sorbet needs to be fairly certain that you can pay back your advance before you're approved.

Sorbet screenshot. Source: The College Investor

How does it work?

Before you can receive money, Sorbet must verify your eligibility. Here's how the process works in three steps:

1. Determine your paid vacation upon termination

Sorbet uses the information you provide about your employer's PTO policies to determine your eligibility for a PTO advance. This includes answers to the following questions:

• How many paid vacation days do you get per year?
• Does your employer pay out unused paid vacation when you terminate your employment?
• Do you receive all your paid vacation at the beginning of the year or does it accrue monthly?
• Is there a limit or maximum number of PTO days you can accrue or carry over?

Your employer's PTO policies will affect your chances of qualifying for an advance through Sorbet. For example, if your employer doesn't pay out unused PTO upon termination or doesn't allow you to carry over unused time into the following year, you may not be eligible.

2. Fill out an application

The application process at Sorbet is straightforward. It only takes a few minutes and Sorbet will not contact your employer or check your credit score. You can also cancel at any time during the application process or before receiving your first advance without any obligation.

Once your application is submitted, it will be reviewed and approved (or denied) within five business days. During this time, you will be notified of any updates via email. According to Sorbet, a denial of your application may be due to one or more of the following reasons:

• You are under 18 years of age or have not yet reached the age of majority in your home state.
• You do not have a residential address in the USA
• Your annual salary is less than $30,000
• You have an existing PTO advance through Sorbet
• You have been denied another PTO advance within the last 90 days

3. Get your money

If Sorbet approves your application, you can expect to receive your funds within 1-5 business days. The funds will be transferred to a linked bank account you provided during the application process. There are no fees – however, you will have to make monthly interest payments, usually over a 2-year term.

If the advance is still outstanding at the end of the term, you will have to repay the principal in full. Although the idea is to repay the loan from your PTO money, if you don't receive your PTO money, Sorbet expects you to repay the amount owed in another way.

Are there any fees?

Unfortunately, Sorbet is not transparent about the cost of its services. What we do know is that you will be charged interest over the life of the advance and will have to make monthly interest payments. Interest rates range from 9.99% to 36%. If your interest rate is at the higher end of the range, your advance will be significantly more expensive.

There don't appear to be any setup fees, but if you miss a monthly interest payment, you'll be charged a $7 late fee. If you want to get a faster advance, you'll also be charged a 5% fee to get your money within one business day or sooner.

How does sorbet compare?

Sorbet offers you a unique service by giving you the ability to access your unused paid vacation. Cash advance apps offer something similar but without the connection to paid vacation.

Earnin is a cash advance app that allows you to get cash advances of up to $750. What's unique about Earnin is that there are no fees. You can leave a tip, but that's completely optional. There is a fee if you want to get an instant transfer instead of waiting a few days.

Brigit is similar to Earnin in that it is primarily a cash advance app. You can access cash advances from $50 to $250, but there is a monthly plan fee of $8.99 or $14.99. Although you get some extra features for the price, including credit score monitoring, credit building services, and other financial tools, it is expensive if you are just looking for a cash advance.

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How do I open an account?

You can start by calculating your unused paid vacation on the Sorbet website homepage. After answering a few qualifying questions, you will be asked to provide your name and email address to receive your results. You must agree to receive emails and/or text messages from Sorbet regarding your applications.

Is it safe and secure?

Sorbet uses industry-standard security protocols to protect your privacy and ensure the safety of your account.

How can I contact Sorbet?

You can contact Sorbet by email at support@getsorbet.com or by post to the following address:

Shifttime, Inc.
41 E 11th Street,
11th floor
New York, NY 10003

Is it worth it?

If you have a W-2 and can accrue paid vacation, Sorbet's services could be worth your while, especially if you don't plan on using all of your vacation entitlement. However, we suspect Sorbet isn't for everyone. You may not be eligible or find it easier to use a standard cash advance app like Earnin or Brigit. If you need to access a larger sum, a personal loan may be a better option if you qualify.

Check out Sorbet here >>

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