Employer Loan Platform

Employer Loan Platform

WorkPlaceCredit® works with employers to offer a loan platform that provides:

• Emergency Loans
• Installment Loans²
• Fast Cash
• Holiday Loans
• Consolidation Loans

We provide low-cost, fast loans to your employees as part of your benefits. This will drive employee satisfaction and financial stability.

Our loan programs are fast and easy to set up. Likewise, employers are not responsible for the repayment.

Your company sees the benefit of stability in your workers, all while not taking the risks of lending. It’s a win-win!

Get started in 3 steps:

1. We work with you to create awareness about your new loan program.
2. Begin an easy to set up pilot. This will ensure seamless loan disbursement and payroll deduction.
3. Seamless onboarding through payroll systems integration. Aside from setting up the payroll deduction, the employer is free from managing the process.

The employer is not liable for employee repayment.

WorkPlaceCredit® complies with Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA), Patriot Act and all other applicable CFPB, Federal and State requirements for lending.

Our processes and platform have the highest standards of data security and integrity.

When setting up your program, think of this data:

Those who suffer from financial stress are more likely to say their health is poor.

According to Forbes, this kind of stress can affect physical health, resulting in higher healthcare costs.

• This stress has resulted in a 34% rise in missing work and being late to work, according to the Society for Human Resource Management. And one study from the Center for Retirement Research at Boston College found that stressed workers miss almost twice as many days (3.5) each year.

• This stress also hurts an employee’s ability to get things done when they are at work. 34% of Gen X, 16% of baby boomers and 37% of millennials say they are distracted by their finances at work, according to a PricewaterhouseCoopers survey. The PwC report also notes that nearly half of employees spend more than three hours per week distracted by finances. This means that even when your employees are at work, they aren’t working at full capacity.

• A new survey by Salary Finance, found that 48% of employees are worried about money. Those worries cost the employee about a month of productivity per year. These employees are also 2.2 times more likely to seek a job elsewhere. The lost productivity, with high turnover costs and other things related to poor financial wellness account for, on average, 11% to 14% of an employer’s payroll expense.

Some takeaways from the above data:

• The financial health of the employee has an impact on the workplace.
• Employees with better financial health can be more effective in the workplace.

We offer a simple way for your employees to obtain a loan with fair terms and rates. Likewise, we aim to lower the financial stress of employees.

We also offer financial counseling to borrowers in partnership with KOFE (Knowledge of Financial Education) at no cost to the employee or the employer.

Loan Eligibility Criteria

• Age 18+
• Full time with the employer for 12 months
• U.S. bank account – Loan proceeds will be sent to the employees account via ACH (Automated Clearing House)
• Easy, automatic repayment through payroll deduction³.