Check whether your employer offers Salary Finance as a benefit and if you’re eligible for an employee loan.
Complete our simple, online application in a matter of minutes.
If your application is approved, money is usually in your bank account within 48 hours.
Repayments are taken directly from your paycheck so you never have to worry about missing a payment.
Taking repayments directly from your paycheck allows us to approve a wider range of borrowers than most lenders.
We offer loans of up to $15,000 with low fixed interest rates from 5.9% - 19.9% annual percentage rate (APR).**
By taking repayments directly from your paycheck, you never have to worry about missing a payment.
To be eligible for a Salary Finance loan, your employer must be a Salary Finance partner. 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.
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).
Yes. To assess your loan application, we request your full credit report from Equifax, specifically your VantageScore, 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.
Yes, we report repayment history to credit bureaus 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.
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.
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.
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.
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.
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.
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 firstname.lastname@example.org.
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, unless you primarily work in DC, IN, NH, NJ, NY or WV. If you work in DC, 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.
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.
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.
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.
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.
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.
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.
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.
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.
We do not charge employees any application, origination, or early repayment fees. Offering Salary Finance is 100% free for employers.
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.
We recommend that employers offer 12, 18, 24, and 36 month loan terms.
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.
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.
Salary Finance is 100% free for employers. We invest heavily in our technology and customer success to ensure our platform: 1. Is adaptable to your company’s internal payroll processes; 2. Requires as little work as possible from payroll to launch and manage (minutes per pay cycle); 3. Allows employees to completely manage their loans directly with Salary Finance, without employer involvement; 4. Passes the most stringent information security requirements.
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.
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.
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.
**Your individual fixed rate and maximum loan eligibility may vary based on your creditworthiness and employer.