Advance Agreement

Advance Agreement

_______________________ (hereafter “Employee”) and _______________________ (hereafter “Employer”), hereby agree to the following rules and restrictions regarding an advance on the Employee’s paycheck:

The Employee has requested and been approved for an advance on their paycheck of {amount}, to be received on {date} and paid through {direct deposit/check/cash/etc.}. The Employee will receive a {written/electronic} receipt for the advance.

The Employer is authorized to deduct the full amount of the paycheck from the Employee’s {next/next two/next three/etc.} paycheck(s) in an amount of {amount each/full amount}.

The Employee understands that if they quit or are terminated before the full amount has been repaid, the Employer may deduct the remaining amount from any money owed to the Employee at termination. If that does not cover the advance, the Employee will be billed for the remainder, to be paid within {amount of time}.

In witness to their agreement to the terms of this contract, the parties affix their signatures below:

____________________________________

Employee, signature & date

____________________________________

Employer, signature & date

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