Sorbet PTO cash advance review
- Min. Amount
- $300
- Max. Amount
- $3,000
- Turnaround time
- Up to 5 business days for approval and 5 business days for funding, or faster for a fee
Our verdict
Access cash advances based on your unused PTO, but interest rates aren't transparent on its website.
Sorbet found a way for employees to convert their paid time off (PTO) into cash they can benefit from now. This feature is great for people who’ve accumulated time off but are too busy to take advantage of vacation or personal days. And, unlike most cash advance apps, you could qualify for larger loan amounts, and you don’t have to pay it back on your next payday.
However, meeting certain PTO policy requirements may offer the best shot at approval. The product seems to be geared towards W-2 employees with a sufficient amount of accrued, unused PTO that carries over and pays out if you leave the company. Plus, you’ll pay interest on Sorbet’s PTO cash advance.
Best for: Employees who need larger loan amounts than cash advance apps offer and have accrued PTO.
Pros
-
Turn unused PTO into cash
-
Interest-only payments required
-
Long loan terms
Cons
-
Meeting strict PTO policy requirements offers the best chance at approval
-
Hard to gauge company reputation since it's fairly new
How does Sorbet PTO cash advance work?
Based on details you provide on your application including your job, salary, PTO-accrued and employer policies, Sorbet determines if you are eligible for a PTO advance. If you are, it uses algorithms to calculate the cash value of your PTO and offers a percentage of that value, which you can take as an advance.
Once the advance is disbursed, Sorbet notifies you of your monthly pay schedule and interest rate. Rates range from around 9.99% to 36%, and the loan term is 24 months or when you leave the company, whichever comes first.
For the first 23 months of the term, you’ll make interest-only payments and then pay off the principal on the 24th month. For example, if you’ve taken a $1,000 advance with an APR of 12%, you’ll pay $10 a month for the first 23 months. The final payment covers your final interest payment plus your principal balance with Sorbet ($10 + $1,000 = $1,010). And, you’ll have paid about $230 in interest payments over the 24 months.
If you leave the company before the loan term is up, you can repay the loan in full from your PTO payout. To reduce interest charges, you can make larger monthly payments or pay off the whole advance at any time with no penalties. Either way, regardless of the payout you receive, your loan will need to be repaid in full.
What makes Sorbet shine
We love that Sorbet found a way to harness unused PTO and allow workers to cash in on an important part of their total compensation package. Most employees don’t use all their PTO, so they often don’t get the full benefit until they leave the company.
The long loan term is a nice feature as well. It gives workers the option to enjoy small monthly payments or pay off the loan early if they choose. Sorbet also offers a referral program that waives one monthly payment for each approved referral.
Where Sorbet falls short
Sorbet charges interest on its PTO advances, which fails to make it competitive if you compare it to cash advance apps. Sorbet also doesn’t reveal your interest rate until you’ve already been approved. Sorbet could be more transparent about your rate before you’ve agreed to the advance. Plus, it charges late fees, another downside that most cash advance apps don’t have. However, considering the amount of money you can potentially borrow, this product compares more to a personal loan.
But, Sorbet’s business model is geared towards people who have a W-2 job with a specific PTO policy in place. This may make it hard for people that are self-employed, do gig work, have unlimited time off or workers whose PTO doesn’t carry over to get a loan.
Finally, at the time, Sorbet is only available online via desktop or mobile web, but we would love to see a mobile app!
Sorbet details
| Product name | Sorbet |
| Min amount | $300 |
| Max amount | $3,000 |
| Interest rate | 9.99% to 36% APR |
| Loan term | 24 months or upon employment termination, whichever is sooner |
| Turnaround time | Up to 5 business days for approval and 5 business days for funding, or faster for a fee |
| States available | Available in all states and US territories except Puerto Rico (as of August 27, 2024) |
| Costs | 9.99% to 36% APR |
| Other fees |
|
| Requirements | 18 years old or age of majority in your home state, annual income $30,000 a year, proof of income may be required, have a bank account supported by Sorbet, available in the United States only, except Puerto Rico |
How to qualify for Sorbet PTO advance
Not every employee is eligible for PTO cash advances, and it’s unclear how much unused PTO you need banked or how long you need to have been with your company. But here are the basic requirements to qualify:
- Be at least 18 years old or age of majority in your home state
- Annual income of $30,000
- Proof of income may be required
- Have a bank account supported by Sorbet
- Available in the United States and US territories only (excluding Puerto Rico)
For best chances at approval:
- Have PTO that carries over from year to year
- Have an employer who pays out PTO upon termination
- Be a W-2 employee
- Accrued PTO balance
Other features
Sorbet also partners with employers to offer PTO advances as a voluntary benefit to its workforce. At no cost, companies that partner with Sorbet can offer their employees the option to cash out a percentage of their PTO whenever needed.
This feature provides an alternative to waiting for the PTO as a payout when workers leave the company. The benefit can help lower the financial stress of employees.
Is Sorbet PTO legit?
Sorbet is a legitimate company, but it’s a startup fintech company that only rolled out its PTO cash advance in 2023. As a result, it is not yet rated by the Better Business Bureau (BBB) and has not been widely reviewed by users.
Sorbet was selected as one of the most promising startups in 2021 and is known as an advocate for employees to have better access and use of their unused PTO. Sorbet’s co founder and CEO, Veethal Eilat-Raichel, has been featured in publications such as the New York Times, Wall Street Journal, Wired and Forbes, among others.
Sorbet PTO reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | Not rated |
| Customer reviews verified as of | 03 July 2024 |
Sorbet is a fairly new company, so it’s not super surprising that they aren’t yet rated and don’t have reviews on well-trusted sites like the BBB or Trustpilot. While this isn’t a red flag, it makes it hard to gauge customers’ experience thus far.
Although Sorbet doesn’t have many reviews, the few customer reviews it shares on its website are almost entirely positive.
Compare Sorbet to other apps
Frequently asked questions
How does my PTO Balance from Sorbet affect my PTO balance at work?
Sorbet doesn’t technically deduct from your PTO balance at work, but it assumes you’ll most likely repay your loan from your PTO payout when you leave the company. It simply calculates the value of your future PTO payout and allows you to advance a percentage of that amount based on what it thinks you can comfortably pay back.
Does Sorbet get in touch with my employer about my PTO advance?
Sorbet doesn’t contact your employer about your PTO advance. However, it requires you to submit proof of your current PTO balance to be eligible for an advance, usually in the form of your most recent pay stubs.
How can I contact Sorbet if I need help?
Sorbet has multiple communication methods, including chatbot, email and live customer service members. You can chat from the website, email at support@getsorbet.com or call 424-383-5610. This is not a toll-free number.
Can I receive my PTO advance faster?
Funding by ACH transfer is free but could take a few days. If you opt for Sorbet’s expedited transfer, you should receive the funds in minutes, but it’ll cost you 5% of the advance amount.
Your reviews
Lacey Finder
Writer
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