To be eligible for a Salary Finance loan, your employer must be a Salary Finance partner. To search for your employer, click the "Get started" button at the top of this page. 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, we will assess your application based on a number of factors, including your tenure and credit history.
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.
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).
You can apply for a Salary Finance loan without affecting your credit score. In the event you are approved for and accept a Salary Finance loan, a hard inquiry will appear on your credit report, which may impact your credit score. In the event you are not approved or decide not to accept your loan offer, your credit will not be affected.
Yes, we report repayment history to credit bureaus as your loan is repaid, so if you make all loan repayments on time, your credit score may improve. In fact, Salary Finance members who pay off their loan in full see their credit scores increase by an average of 43 points (as of 5/18/21).
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.
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.
Once your application has been approved and you’ve signed your loan documents, it takes two business days or less to receive the funds in your bank account.
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 Your loan repayments will be withdrawn automatically and securely from your bank account on file, if you authorized Salary Finance to do so during the loan application process.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. You can email firstname.lastname@example.org for assistance.
No, loans are provided by Salary Finance through one of our lending bank partners, Axos® Bank or Celtic Bank. When you make a loan repayment, you are paying back the lender.
Axos® Bank is an FDIC-insured, federally-chartered savings bank headquartered in San Diego, CA. Axos Bank is the lender (or loan originator) for some personal loans obtained through Salary Finance. Celtic Bank is a Utah-Chartered Industrial Bank, Member FDIC headquartered in Salt Lake City, Utah. Celtic Bank is the lender (or loan originator) for some personal loans obtained through Salary Finance.
No. There are no application fees, fees to get your loan, or fees to pay off your loan early.
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.
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 email@example.com.
While 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!
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 Equifax. 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.
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.
Your loan payments are set up to be automatically deducted from your salary or wage payments. 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. (Also note that in some locations, payment via salary deduction isn’t available- that only applies if you primarily work in DC, IN, NH, NJ, NY, or WV.)
Additional payments can be made electronically via your bank account or by mailing us a paper check. Please contact us if you’d like to arrange additional payments, by emailing firstname.lastname@example.org.
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. You can email us at email@example.com.
We’re happy to help you pay off your Salary Finance loan early, and there are no early repayment fees or penalties if you do so. Please contact us to let us know the date you’d like to process the payoff, by emailing firstname.lastname@example.org.
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.
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, which typically takes 5-7 business days.
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 your Salary Finance membership, we’re able to send you free referrals to local resources and organizations that may be able to help in times of financial hardship.
*Please Note: Salary Finance is an optional program, not a recommendation from your employer. Your employer does not benefit financially from offering this service and communications regarding your loan will be through Salary Finance directly. Salary Finance branded loan products are offered by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Salary deduction payments are not available to employees who work primarily in DC, IN, NH, NJ, NY and WV.