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Frequently Asked Questions

For employers

 

What does Salary Finance offer my employees?
What are the fees?
What are the interest rates?
What is the typical loan term / repayment period?
What is your underwriting criteria?
How do employees access Salary Finance?
What is the effort to implement and administer Salary Finance ongoing?
What happens if an employee can’t afford repayment, or leaves the employer?
Does Salary Finance provide customer support?
How does Salary Finance work with our company to communicate the benefit to employees?

For employees

 

What you should know before getting started

I’m interested in applying for a loan but I don’t see my employer listed on your website. How can I apply?
Am I eligible to apply?
What can I use a Salary Finance loan for?
I’m not sure I’ll qualify for a loan. Can I add a co-applicant to my application?
Will applying for a loan affect my credit?
Does Salary Finance report to credit bureaus as my loan is repaid?
How is my interest rate determined?
Will the interest rate change on my loan?
How quickly can I get a loan?
What happens if I leave my employer?
Are my loan repayments going to my employer?
Who is Axos® Bank?
Are there any additional fees?

 

Questions on the application process

I thought my loan repayments would be deducted from my paycheck. Why do you require a bank account?
What is Plaid?
How can I be sure my bank account information is safe?
What information will I need to have handy in order to complete my application?
I applied for a larger amount. Why am I being offered a lower loan amount?
How do I get a copy of my final loan documents?

 

Questions about the loan

How do I make my loan payments?
I’m looking to make additional payments. Can I make my payments online?
I need to change my bank account on file with Salary Finance.
I’d like to pay my loan off early. How can I do that?
I currently have a Salary Finance loan I’m repaying. Can I apply for another one?
I successfully repaid my Salary Finance loan. Why am I being offered a smaller loan amount than I requested this time?
I just finished paying off my loan. How soon can I get another?
What if I’m laid off or otherwise can’t afford my regularly scheduled payments?

 

What does Salary Finance offer my employees?

Salary Finance is a global financial wellness platform focused on solving the root cause of financial stress: a lack of employee savings, caused by high levels of high-interest personal debt. With Salary Finance, employees pay down their existing debts (like credit cards or payday loans) by replacing them with a single, low-interest employee loan repaid directly from their paycheck. Since repayment is taken automatically through payroll deduction, it’s easy to implement and administer ongoing. The Salary Finance team is also your partner in employee engagement to help make sure you’re reaching the employees in your organization who need it most.

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What are the fees?

We do not charge employees any application, origination, or early repayment fees. Offering Salary Finance is 100% free for employers.

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What are the interest rates?

Our rates range from 5.9% to 19.9% APR, fixed over the life of the loan. Our multi-rate model is designed to be the most inclusive on the market, and to offer value to applicants with a range of incomes and borrower profiles.

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What is the typical loan term / repayment period?

We recommend that employers offer 12, 18, 24, and 36 month loan terms.

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What is your underwriting criteria?

We have created an inclusive, responsible, and employee-friendly underwriting model, driven by a focus on affordability and employment history and the minimization of employer risk. We strive for high acceptance rates across our client base. Any employees who cannot be approved are directed to non-lending resources. Because we are able to validate employment data with the employer, we are able to accept more people at lower rates than traditional lenders. 

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How do employees access Salary Finance?

Employees apply for loans and access their Financial Wellness Hub through a dedicated URL set up for your company. No site maintenance is required on the part of the employer. All employees (regardless of whether or not they apply for a loan) will have access to our online Financial Wellness Hub, which provides a library of financial wellbeing education materials, as well as credit check and budgeting tools through our partner, United Way.

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What is the effort to implement and administer Salary Finance ongoing?

Salary Finance is 100% free for employers. We invest heavily in our technology and customer success to ensure our platform:

  • Is adaptable to your company’s internal payroll processes;
  • Requires as little work as possible from payroll to launch and manage (minutes per pay cycle);
  • Allows employees to completely manage their loans directly with Salary Finance, without employer involvement; 
  • Passes the most stringent information security requirements.
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What happens if an employee can’t afford repayment, or leaves the employer?

Salary Finance is extremely flexible and is designed to ensure an optimal, empathetic experience for the employee and the employer at all times. This includes offering payment holidays (or similar solutions), seamless transition to and from repayment methods for departing employees, and maintaining enormous sensitivity for any change in employees’ circumstances over the course of their loan repayment.

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Does Salary Finance provide customer support?

Salary Finance is responsible for all aspects of the loan application, approval, and customer support. No employer involvement is required to ensure employees have a seamless experience. Employees can contact our dedicated support team via web form, email, or phone.

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How does Salary Finance work with our company to communicate the benefit to employees?

From our experience of launching with dozens of large employers, we know how critical it is to get communications right – both at launch and at the most suitable moments throughout the year. We work extremely closely with our partners to design and implement a communications strategy that maximizes engagement, impact, and positive change among your employees at launch and ongoing. Our team will produce these customized communications assets for you at no charge. We also ensure that this process is as straightforward as possible. The ease with which this benefit co-exists among your wider benefits offering is something which we pride ourselves on. 

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I’m interested in applying for a loan but I don’t see my employer listed on your website. How can I apply?

Salary Finance products are available to employees of our partner employers. We’d love to partner with your employer to make Salary Finance available to you and your co-workers! Please contact us and provide an HR point of contact, and we’ll take it from there!

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Am I eligible to apply?

To be eligible for a Salary Finance loan, your employer must be a Salary Finance partner. Click here to visit our website, and click “Apply Now”, then “I’m an employee” to search for your employer.”

If your employer is a partner, there are a few eligibility criteria you’ll need to meet to apply. You must be at least 18 years of age, have a valid Social Security Number so that we can verify your identity, and have at least 12 months address history in the United States.

Once you’ve applied, approval of your loan application will depend on a number of additional factors. That includes employment data verified by your employer, your credit history, and other information you’ll submit on your loan application. Please note some criteria may vary by employer, so please check your employer-specific Salary Finance website for additional information.

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What can I use a Salary Finance loan for?

A Salary Finance loan is an unsecured personal loan that should be used solely for personal, family, or household purposes. Most of our borrowers take out their loan to pay down existing, higher-cost debt, like credit cards, payday loans, or medical bills. Your Salary Finance loan cannot be used for expenses like real estate, business purposes, purchases of securities, or post-secondary education expenses.

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I’m not sure I’ll qualify for a loan. Can I add a co-applicant to my application?

We do not currently allow for joint applications. However, given our partnership with your employer, we are able to offer loans to applicants who may not qualify for loans from traditional lenders, since the repayment is taken automatically from your salary (in applicable states).

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Will applying for a loan affect my credit?

Yes. To assess your loan application, we request your full credit report from Experian, which is considered a hard credit inquiry. A hard credit inquiry may impact your credit score. According to myFICO.com, for most people, one additional credit inquiry will take less than five points off their FICO scores. We use this information, alongside employment data verified by your employer and information you enter on your loan application, when making a lending decision.

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Does Salary Finance report to credit bureaus as my loan is repaid?

Yes, we report repayment history to Experian as your loan is repaid, as well as if your account is past due by 30 days or more. This means that if you make all loan repayments on time, your credit score may improve.

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How is my interest rate determined?

If you are offered a loan, your interest rate will be based on your credit and employment history. The rate is fixed for the duration of your loan. 

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Will the interest rate change on my loan?

No, your Salary Finance loan has a fixed interest rate for the full term of your loan. Your interest rate will not change if you leave your employer, either.

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How quickly can I get a loan?

Typically it takes between 5-7 business days from the time you click “Apply” to when you receive the funds if your loan is approved.

Once you have submitted your loan application, you will find out if your application is approved, or we’ll request that you provide further documentation, within 2-3 business days. 

Once you have been approved for a loan and sign your loan documents, it will take 2-3 business days for you to receive the funds in your bank account.

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What happens if I leave my employer?

If you leave your employer, your interest rate and repayment schedule will not change. Your loan repayments will be withdrawn automatically and securely from your bank account on file, if you authorized Salary Finance to do so during the loan application process. If you did not sign up for bank repayments during your application, contact us to arrange an alternate repayment method.

If your payday with your new employer is different from your existing loan repayment schedule, please contact us and we’d be happy to modify your repayment schedule to match the timing of your new payday.

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Are my loan repayments going to my employer?

No, loans are provided by Salary Finance through our lending bank partner, Axos® Bank. When you make a loan repayment, you are paying back the lender. 

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Who is Axos® Bank?

Axos® Bank is an FDIC-insured, federally-chartered savings bank  headquartered in San Diego, CA.

Axos Bank is the lender (or loan originator) for all personal loans obtained through Salary Finance.

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Are there any additional fees?

No. There are no application fees, fees to get your loan, or fees to pay off your loan early.

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I thought my loan repayments would be deducted from my paycheck. Why do you require a bank account?

There are two reasons we need your bank account information. First, that’s where your Salary Finance loan funds will be deposited! Second, in the event we aren’t able to take repayments from your paycheck, we can securely and automatically withdraw repayments from your bank account. This is also the repayment method we’ll use if you leave your employer before you fully repay your loan.

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What is Plaid?

Plaid is a third-party service that Salary Finance works with to authenticate accounts from banks or credit unions. Plaid works with other popular financial apps like Venmo and Acorns. If you’d like to learn more about Plaid, you can read their Terms of Use and Privacy Policy.

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How can I be sure my bank account information is safe?

Our third-party partner, Plaid, regularly undergoes both internal and external network penetration tests, and third-party code reviews. Plaid also maintains a SOC 2 Type II report by testing the design and operational effectiveness of our Information Security program using independent auditors. If you have any questions, please email compliance@plaid.com.

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What information will I need to have handy in order to complete my application?

We’re able to verify some of your information with your employer, US regulations and our bank partner require that we take certain steps to further verify your identity prior to lending money. Sometimes you’ll need to provide additional documentation like your W-2, state ID, or a recent utility bill. Don’t worry, once we receive this documentation from you, our team will review it quickly so that we can provide your final loan documentation to sign. Once signed, your funds will be on their way!

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I applied for a larger loan. Why am I being offered a lower loan amount?

Your loan amount is determined based on a number of factors, including your credit report, your employment history, and the affordability of your loan payments. In some cases, we are unable to approve loans for the full amount requested but we still want to help, by offering you a lower loan amount. This smaller loan is a great way to build and improve your credit because it helps ensure you can make timely payments, which are reported to Experian. Over time, this can help improve your credit score, and makes it more likely that you will be approved for a larger loan amount in the future.

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How do I get a copy of my final loan documents?

The email containing your loan documents was sent to you when you finalized your loan. If you can’t find that email, don’t worry! Contact us and we’ll be happy to send a copy of your documents.

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How do I make my loan payments?

Your loan payments are set up to be automatically deducted from your salary or wage payments, unless you primarily work in DC, IL, IN, NH, NJ, NY or WV. 

If you work in DC, IL, IN, NH, NJ, NY or WV, or if you leave your employer, repayments can be made electronically via a withdrawal from your bank account on file, or you can send us a paper check. 

Please feel free to contact us if you have any questions about your loan repayments, and note that we do not currently accept payment via credit card.

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I’m looking to make additional payments. Can I make my payments online?

To make additional payments on your Salary Finance loan, please contact us. Additional payments can be made electronically via your bank account or by mailing us a paper check.

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I need to change my bank account on file with Salary Finance.

Please contact us with your new bank account information and your most recent statement from that account. We’ll follow up with further instructions once you’ve provided that information.

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I’d like to pay my loan off early. How can I do that?

We’re happy to help you pay off your Salary Finance loan early! Please contact us to let us know the date you’d like to process the payoff, and allow two business days for us to process that payment.

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I currently have a Salary Finance loan I’m repaying. Can I apply for another one?

Members are only eligible for one Salary Finance loan at a time. In order to be able to apply for another loan, your existing Salary Finance loan must be paid off first. Please note that paying off your existing loan does not guarantee will be approved for another loan. Your new application will be assessed based on your personal circumstances at the time of the new application.

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I successfully repaid my last loan with Salary Finance. Why am I being offered a smaller loan amount than I requested this time?

While making timely payments should help improve your credit history over time, we cannot guarantee approval for a larger loan amount after repaying your previous loan, as all new applications are assessed based on your employment and credit history at the time of your new application.

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I just finished paying off my loan. How soon can I get another?

Once your final payment has been processed, you will receive an email notification letting you know that you are now eligible to apply for another loan. Since processing your final loan payment may take up to 5 days, and your new application takes 5-7 business days, the entire process to get a new loan may take ten to twelve business days.

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What if I’m laid off or otherwise can’t afford my regularly scheduled payments?

We encourage you to contact us as soon as possible if you become unemployed or your personal circumstances change such that you can’t afford your regularly scheduled payments. As part of the Salary Finance community, we have solutions available to help our members during times of financial hardship.

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