If you were in a financial bind, would you turn to your employer instead of a payday lender?

Coming up with cash quickly can be a costly endeavor for the 78% of working Americans who often live paycheck to paycheck. Many turn to payday loans because they're convenient. But they also carry high interest rates and allow rollovers, trapping many in a cycle of repeat borrowing and indebtedness.

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In recent years, startups from Silicon Valley and beyond have stepped up to offer payday alternatives through the workplace. Some, including Earnin and payActiv, have put a new twist on the two-week pay cycle to give people access to their wages as soon as they've earned them. Others, such as HoneyBee, SalaryFinance and TrueConnect, allow employers to offer low-cost emergency loans as an employee benefit.

These startups say that by providing solutions for the two main reasons people take payday loans - to manage cash flow or pay for unexpected expenses - they will eliminate the need for them.

Here's what you need to know about paycheck advances and emergency loans.

The concept of a paycheck advance is not new - your workplace may already have an informal program that gives you access to money you've earned.

What technology companies like Earnin and payActiv say they offer is a streamlined approach for employees that retains the employer's traditional two-week pay cycle.

"If we can watch movies in real time, why can't we get access to our income in real time?" says Ijaz Anwar, co-founder and COO of payActiv, based in San Jose, California.

Earnin , based in palo Alto, California, has a mobile app that asks for your time sheet and lets you cash out a portion of the money you've earned before your pay date. The company asks for an optional "tip," which is deducted from your regular paycheck.

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payActiv integrates with your employer's payroll system to offer a similar app-based service that sends earned wages to a bank account or prepaid debit card. The company, which counts Walmart among its clients, charges employees a flat membership fee of $5 that includes three chances per month to withdraw pay. It also offers financial counseling and budgeting tools.

The typical user makes between $11 and $13 an hour and is in their mid-30s, Anwar says.

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