Deel Advance allows eligible independent contractors to get short-term cash advances. Deel Advance is not a loan - there is no interest rate and we do not run any credit checks.
Got questions about how it works? We have answers below.
In This Article:
Deel Advance Fees
[ACCORDION] How much does it cost?
Deel Advance is not a loan, and there are no interest rates - only a one-time fixed fee for each advance.
- A fee will not be charged on the first advance if it is $50 or less.
- Any advance above $50 will incur a fee of 3% of the Advance Amount, with the minimum fee of $10 USD.
You will be able to see the total fee before you submit your request.
[ACCORDION] What currencies are available?
Deel Advances are always in US dollars. If you choose to withdraw or repay your advance in another currency, standard exchange rates will apply.
[ACCORDION] What are the limits for Deel Advance?
Deel's internal algorithm will determine your maximum advance amount. Your personal limit will be visible on the Deel Advance request screen.
You must be receiving regular payments on your contract in recent months for us to calculate your limit.
The maximum advance amount possible is $10,000 USD.
Deel reserves the right to make changes to any Advance limits for any user at any given time to align with our company risk policies and market conditions. You may notice fluctuations to your allowable advance limit periodically as a result.
[ACCORDION] Why is my Deel Advance Limit shown as $0?
You must be receiving regular payments for us to calculate your Deel Advance limit.
If you have not been receiving regular payments your limit will appear as $0. You will not be able to use Deel Advance until you start receiving regular payments from your clients.
[ACCORDION] Can I cancel my Advance request?
Unfortunately, we can't cancel the Deel Advance after you take it.
You can try fee-free for up to $50 USD Deel Advance if you have doubts before taking the higher amount.
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Deel Advance Eligibility
[ACCORDION] Am I eligible for a Deel Advance?
Deel Advance eligibility varies from person to person, but there are some basic requirements:
- You have an active Fixed or time-based Pay As You Go contract
- You are verified on Deel
- Your pay cycle must be less than or equal to one month
- You do not have any existing overdue Advance repayments
- You have received continuous payments from the same client for at least one month, as measured by your earliest work cycle and not your contract creation date.
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Your contract must not have a termination pending.
- For Fixed contractors: contract termination date should be at least one cycle away.
- For Pay As You Go contractors: contract termination date should be at least 3 months away.
Deel may also consider other factors on a case-by-case basis when reviewing Advance requests.
Contracts with certain clients might be not be eligible for Deel Advance.
Deel Advance requests are granted immediately and your funds will be instantly available in your Deel balance.
Only regular billed "work" will be considered for Deel Advance eligibility.
We will take into consideration the calculated rate when reviewing your Advance eligibility.
If your hours have been reported as "Task", "Other", "Bonus", "Commission" on your invoices, these will not count towards Deel Advance eligibility. The same criteria applies to off-cycle invoices or a one-off payment: eligibility is determined only by regular billed work.
[ACCORDION] How long does it take to be approved?
Deel Advance requests are granted immediately and your funds will be instantly available in your Deel balance.
[ACCORDION] Am I already eligible for Deel Advance?
If you are eligible to use Deel Advance you will see a Deel Advance tab in the side-bar navigation menu. If you do not see this tab, you are not eligible at this time.
The request screen will include the following information:
- The amount you want to request
- The Advance limit amount for your request **
- Fees - Your first Deel Advance for up to $50 USD is free!
You must be receiving regular payments for us to calculate your limit. Users who have not been receiving regular payments in recent months may see an advance limit of zero.
[ACCORDION] Will my client know I am requesting an advance?
No, clients are never informed about contractor Deel Advance requests.
A Deel Advance is a contract between you and Deel. Your client will not be contacted on any matters related to your Deel Advance.
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Deel Advance Repayment
[ACCORDION] How do I repay a Deel Advance?
You can repay your Deel Advance, including fees, in multiple ways:
When you get paid:
1) Automatic repayment when you receive a payment from any of your clients. This will release available funds from your Deel Balance into repaying an outstanding Deel Advance. This include both scheduled payments from clients, and one-off payments.
When your Deel Advance is due:
2) If you have available funds on your Deel Balance, you can let Deel automatically take funds from your Balance to cover your Advance repayment.
3) Make a manual payment via a Stripe link that will appear on your account when payment is overdue.
[ACCORDION] What if my Deel Advance isn't settled in full?
Your Deel advance should be repaid automatically by client payments made through the Deel platform. If your Deel advance is overdue, you will see an option to repay your balance via Stripe.
You will not be able to request a new Deel Advance until your overdue Deel Advance is repaid in full.
We always suggest taking an Advance less than your absolute limit in order to allow for fluctuations in payment amounts, early withdrawal fees, and exchange rate variations (if in a non-USD currency).
Note: You can take up to 10 advances within one pay cycle. When totaled, all of the advances you request within the same pay cycle cannot exceed the calculated limit.
[ACCORDION] Can I request to change the repayment date of my Deel Advance?
No. Your Deel Advance repayment date is based on the invoice payment cycle due date, and we are unable to amend it.
The due date is when we expect you to receive payment from the client, which will then automatically go into repayment for your Advance.
[ACCORDION] What currencies are available for Deel Advance?
Deel Advances are always in US dollars. If you choose to withdraw or repay your advance in another currency, standard exchange rates will apply.
[ACCORDION] Can I settle my Advance payment in a non-USD currency?
No, repayment of a Deel Advance must be made in US dollars.
If your contract isn't in US Dollars at the time of repayment, Deel will automatically convert funds from your contract currency to dollars to settle your Advance repayment.
[ACCORDION] How do I reverse a Deel Advance repayment?
Requests to reverse any repayments will not be granted.
[ACCORDION] Can I use Early Withdrawal with Deel Advance?
No. You cannot use Early Withdrawal feature if you have an outstanding Deel Advance.