Inside My Wallet is a series where we talk to Salary Finance members about their journey moving out of debt and into saving. Today we’re talking to Regina, an Automotive Sales Advisor from Denver, Colorado, who took out a Salary Finance employee loan to cover moving expenses in a competitive rental market. We spoke with Regina about how her experience with Salary Finance compared to other lenders, and how she is staying prepared amidst the current coronavirus pandemic.
What was the reason you chose to take out a Salary Finance loan?
I used my loan for a rental deposit, here in Denver the rental market has really changed, so I had to put down three times the rental amount which was very unexpected. Everything was really tight at that moment for me, and I needed a little bit more, so I was glad to have this option when I would otherwise have had to rely on family.
How has the Salary Finance employee loan helped you, and what is the biggest difference it has made for you personally?
The loan helped ease the stress I was experiencing in this situation, and have peace of mind knowing I would be able to fund my move.
How would you describe the application process, and your experience with Salary Finance in general?
Easy. It was really simple, I just went online and followed simple steps. And the fact that it’s a benefit through your employer – it just made it really easy.
Have you applied for loans previously? If so, how has your experience with Salary Finance compared?
Yes, I have. In terms of my experience with other loan applications, they were somewhat easy to apply for and all that, but in terms of the interest rate they were outrageous, and significantly higher. I think they were something like 500% – I mean really outrageous – I ended up paying back more than the loan that I even borrowed. It’s kind of disheartening that they were able to get away with those interest rates.
How does having this benefit available through your employer impact how you feel about working for them?
It makes me feel good about my company in general, and about our mission, and how they treat their people – everything as far as the employee perspective. They have some of the best benefits, in terms of health and everything else that I have ever seen, and this is another good benefit for employees.
Would you recommend Salary Finance to your friends or colleagues?
In light of the current news and the coronavirus crisis, is there anything you’re doing to prepare for how it could impact your finances?
Oh yes, definitely. My employer gives us stock, and it can be kind of hard watching it right now, but it is affecting our finances in that respect. I’m just trying to educate myself, stay informed and involved, in order to know how to best adapt financially. I think the best thing anyone can do is to just stay educated.
Has Salary Finance helped you with any areas of your finances?
Yes, I am saving part of the loan that I didn’t actually use during the move. It is helpful to have that cushion there, and focus on continuing to save.