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Sorbet is a fintech company making it easy to turn unused vacation days into cash with advances up to $3,000.
Instead of letting your unused PTO go to waste or waiting until you leave your company to get the payout you’ve earned, Sorbet lets you advance against your PTO without affecting your salary.
It’s basically a PTO cash advance and you can use the money for whatever you want with no credit check and fast funding once you’re approved.
With American employees taking the fewest vacation days in the world, read on to find out if a Sorbet PTO cash advance is right for you.
How much are your PTO days worth? >>> Check Your Sorbet Cash Advance 👈
What is Sorbet?
Sorbet makes it easy to turn your unused vacation days into cash!
The company enables eligible employees (more on that below) to access a portion of their earned but unused paid time off (PTO) as a cash advance.2
Sorbet provides a flexible way to cover the cost of a major purchase (perhaps you’ll finally take that vacation?), pay down high interest credit cards, or manage unexpected expenses.
There is no credit check, small interest-only monthly payments, and flexible repayment options. Plus, you’re accessing money you’ve already worked for so you’re getting the compensation you deserve without having to wait months (or years) to leave your company.
Sorbet can be used by employees to turn unused vacation days into quick cash OR by employers to support their employee’s financial wellness.
Offering an alternative to high-interest loans or dipping into your next paycheck and getting stuck in a cycle of debt, the Sorbet app is quickly growing in popularity since its launch in 2023.
| PROS | CONS |
|---|---|
| ✓ Turn unused PTO days into cash | ✗ Strict PTO eligibility requirements |
| ✓ Interest-only payments | ✗ Potentially high express fees |
| ✓ Long loan terms | |
| ✓ Competitive rates |
Why Users Love Sorbet
- No Credit Check: Sorbet uses your PTO data, bank account information and other eligibility markers to determine how much you’ll be eligible for. Applying is easy and risk-free with no strings attached.
- Highly Competitive Rates: Sorbet’s rates range from 9.99% to 36% APR with no origination fee (this can typically cost up to several hundred dollars). Sorbet’s rates stack up to other lenders who also require a credit check to qualify (something you won’t have to worry about).
- Highly Flexible Interest-Only Payments: Sorbet offers flexible repayment terms. Make small monthly interest payments and repay the full amount at the end of your term or when you get your full PTO payout from your employer.
- Instant Access to Funds (Otional): Once approved, funds are transferred directly to your linked bank account within 5 business days. For immediate access, you can pay an express fee (5% of your advance) to get your finds in as little as 30 minutes.
| 💡Overdraft Apps Tip: Sorbet will NOT contact your employer to let them know you’re taking out a PTO cash advance. |
Sorbet Eligibility Requirements
Keen to access the cash value of your PTO as you accrue it? There’s no need to wait until you leave your company.
Here’s how you can qualify for a Sorbet advance:
- Age: At least 18 years old with a valid checking account in good standing.
- Location: A legal resident of the US state where Sorbet is offered (Colorado, Florida, Illinois, Massachusetts, New York, New Jersey, Texas or Virginia)
- Income: A W2-paying job with at least $30,000 a year salary (this can include employment or government benefits) so Sorbet isn’t suitable for gig workers.
- PTO: You’ll need some PTO saved up already (as Sorbet is a PTO cash advance app)
The more days of PTO you have saved up, the more you’ll be able to borrow. If you’re new to your job, you probably won’t have enough days saved up for Sorbet to be worthwhile.
Once you’ve decided how much of your unused PTO you want to advance, simply submit an application via the app or website.
If successful, your cash advance will be loaded onto a virtual Sorbet Visa card that you can spend on anything.
| 💡Overdraft Apps Tip: Your company’s PTO program also needs to meet Sorbet’s eligibility requirements. Your paid days off need to carry over year-to-year and you get paid out for accumulated PTO once you leave the company. |
What Potential Users Should Know
Sorbet’s express fee of 5% is on the higher side (especially if you borrow a larger amount). On the plus side, there are no hidden fees so you’re only paying interest each month until you leave your job with no monthly or subscription fees.
It’s also important to remember that interest rates and fees can add up.
Here’s what a potential Sorbet cash advance can look like over the life of your loan.
| You borrow: $2,500 at 23.99% APR |
| You make: 24 monthly interest payments of $49.98 |
| Your total interest cost: $1,199.52 |
| Plus you’ll repay the original loan of $2,500 |
| That’s a total of $3699.52 |
Once you leave your job, the principal (or initial amount you borrowed) will be due.
Your last paycheck will typically have your total unused PTO hours and you can use that to repay the principal amount. If you don’t leave your job, you’ll owe the principal amount after two years instead.
Sorbet does let you pay back part or all of your loan whenever you want, which can decrease your interest with no prepayment penalties to worry about.
Final Word: Is a Sorbet Cash Advance Right For You?
If you’ve been at your job for a few years and haven’t used up your vacation time, Sorbet is designed to help you take advantage of these unpaid days off and you may be able to turn savings you didn’t even know you had into extra cash.
The app’s user-friendly interface, quick approvals, and flexible repayment options make it an attractive alternative to traditional lending options.
However, it’s essential to borrow responsibly and understand the associated costs before deciding if a Sorbet cash advance is right for you, with rates and fees that can catch you out without planning.
Put Sorbet To The Test >>> Calculate Your PTO Payout FREE 👈
*Checking eligibility won’t impact your credit score
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- As of February 13, 2024. Offers may change and may not be available to all users. Eligibity requirements apply. See KashKick's Terms of Service for full details.
- Sorbet is not a bank. Loans are originated by Lead Bank at 9.99-36% APR and are subject to approval based partially on Paid Time Off (PTO) factors. Repayment plans include a balloon payment due at loan term or upon separation of employment. Must be 18 years old or age of majority in your home state to apply.
