Employees have access to a free tool to calculate their personal financial fitness score. This helps them understand their financial situation relative to others and can provide ideas on how to improve it.
Employees can see if they’re eligible, then apply for low-cost loans* that are repaid through payroll deduction
Employees have access to financial education about the topics they care most about including budgeting and spending, credit and borrowing, and saving and investing
Giving employees a way to access their own working capital (their salaries) returns dignity to them and is a more equitable, inclusive solution than the alternatives, which are incredibly high-cost and in many cases, predatory
Automatic repayment through salary deduction means less risk of missing a payment or going delinquent. Regular repayment helps build credit, so they can more easily and affordably participate in the financial system in the future.
Financial education that covers topics employees need the most help with, like what to do if they lose income, how to build up savings, and how to reduce spending
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 6, 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.
*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 loans are offered by Axos Bank® Member FDIC, and are subject to eligibility, underwriting, terms and conditions, and approval. Salary deduction payments are not available to employees who work primarily in DC, IN, NH, NJ, NY and WV.