Sorbet is a fintech that puts a unique spin on the traditional cash advance app. According to Sorbet, over 60% of Americans are letting an important workplace benefit go unused — their paid time off, or PTO.

If you are accumulating unused paid time off, you might be planning to cash out when you eventually leave your job.

But Sorbet offers the potential to access cash from your PTO while you're still working for your company. In this full review, we'll explain how Sorbet works, and let you know if it's worth considering.

What Is Sorbet?

Sorbet is a fintech app that helps you unlock the cash value of your unused paid time off while you are still working. Sorbet doesn't collect the money from your employer up front. It provides you with a cash advance, with the expectation that you will pay it back when you receive payout of your PTO. Because of this, Sorbet must be fairly confident that you will be able to repay your advance before you are approved.

How Does It Work?

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

1. Determine Your PTO At Termination

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

• How many PTO days do you get per year?
• Does your employer payout unused PTO at termination?
• Do you receive all of your PTO at the beginning of the year or do you accrue it monthly?
• Is there a limit or cap on the number of PTO days you can accrue or rollover?

Your employers PTO policies will impact your chances of qualifying for an advance through Sorbet. For example, if your employer doesn't payout unused PTO at termination or you can't carry over unused time to the following year, you might not be eligible.

2. Complete An Application

Sorbet's application process is straightforward. It only takes a few minutes, and Sorbet will not contact your employer or check your credit score. You can also cancel any time during the application process or prior to receiving your first advance, with no obligation.

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

• You are under 18 years of age or the age of majority in your home state.
• You don't have a U.S. residential address
• Your annual salary is under $30,000
• You have an existing PTO advance through Sorbet
• You've been declined for 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 money will be transferred to a linked bank account that you provided during the application process. There are no fees — but you will be subject to monthly interest payments, usually for a 2-year term.

If the advance remains outstanding at the end of the term, you will be required to repay the principal in full. While the idea is to pay off the loan from your PTO cash out, Sorbet will expect you to repay the amount owing through other means if you don't receive your PTO cash.

Are There Any Fees?

Unfortunately, Sorbet lacks transparency regarding the cost of its services. What we do know is that you will be charged interest during the term of the advance, and you must make monthly interest payments. Interest rates are between 9.99% and 36%. If your rate is on the higher end of the range, your advance becomes much more expensive.

It doesn't appear that there any set up fees. However, you will be charged a $7 late fee if you miss a monthly interest payment. Also, if you want to receive a faster advance, you will be charged a 5% fee to receive your money within one business day, or sooner.

How Does Sorbet Compare?

By giving you a way to access your unused PTO, Sorbet offers a unique service. Cash advance apps offer a something similar but without the PTO connection.

Earnin is a cash advance app that allows you to access cash advances of up to $750. What stands out about Earnin is that there are no fees. You can choose to leave a tip, but that is entirely optional. There is a fee if you want to receive an instant transfer as opposed to waiting a few days.

Brigit is similar to Earnin in that it's primarily a cash advance app. You can access cash advances from $50 to $250, but it charges a monthly plan fee of $8.99 or $14.99. While you get some additional features for the price, including credit score monitoring, credit builder services, and other financial tools, it's pricey if you're just looking for a cash advance.

How Do I Open An Account?

You can get started by calculating your unused PTO on the Sorbet website homepage. Once you answer a few qualifying questions, you'll be asked to provide your name and email address in order 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 employs industry standard security protocols to maintain your privacy and keep your account secure.

How Do I Contact Sorbet?

You can contact Sorbet by email at [email protected], or by regular mail at the following address:

Shift Time, Inc.
41 E 11th St.,
11th Floor
New York, NY 10003

Is It Worth It?

If you work at a W-2 and have the ability to accumulate paid time off, you may find Sorbet's services worthwhile, especially if you don't plan to use your full allotment of vacation days. But we suspect that Sorbet won't appeal to everyone. You may be ineligible or find it easier to use a standard cash advance app, such as Earnin or Brigit. If you need to access a larger sum, a personal loan may be a better option, if you can qualify.

Check out Sorbet here >>

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