Personal Loans for the Employed

We have a diverse personal loan services portfolio. For example, we offer an emergency loan and an installment loan to fulfill different types of needs.

Our emergency loan of $500.00 can come in handy when faced with unexpected situations such as home repairs, car repairs, and medical bills. The installment loan of up to $6,000 is designed for larger needs. Please note a 4% origination fee will be charged with each installment loan¹.

According to a recent study, nearly 40% of Americans can’t cover an emergency expense of $400.00.

So, this forces many to seek help from payday lenders who charge high fees and rates for their loans.

As a result, research has shown that financial stress can affect employees’ performance on the job, leading them to look for a job change and other sources of income. Also, the stress the employee has results in lost production, missing work and, at times, employee turnover.

Statistics:

Consider these financial statistics.

Since the crisis of 2008, most lenders withdrew from those seeking small, emergency loans or stopped servicing people with low credit scores.

So, employees who were in the income range of $25k-$60K had to search for online lenders or payday loan lenders.

Most people, at this point, start asking questions such as:

Can you get a personal loan with a low credit score?

How can I get a personal loan fast?

Moreover, their available go-to lenders are pawnshops and Payday Loans. The interest rates and fees with both are usually very high.

Therefore, we offer a financial lifeline so you don’t have to try payday loans or pawnshops.

Our loans vs traditional payday loans:

Read CFPB’s information on what is a payday loan here.

Cost of securing a small balance loan up to $500.00 payable within five months:

Payday Lenders: fees total as much as $475.00

WorkPlaceCredit® Loan: fees total as low as $30.00.

Projected savings by using our personal loans: $445.00

We also offer one of the best installment loans in the market for up to $6,000. Please note a 4% origination fee will be charged with each installment loan¹.

Here is an example of the specific rates and fees that would apply to your loan with WorkPlaceCredit®: If you are requesting a loan of $3000, an origination fee of $120 (4%) will be added to your loan amount. The total amount of your loan would be $3120 which is financed at an interest rate of 20.99% and 25.18% APR. Should your chosen time frame for repayment be two years, your payments of $73.71 would be scheduled over 52 bi-weekly installments over the next 2 years.

Other highlights:

• Everyone with a history of stable employment with our approved list of employers will be approved for an installment loan subject to affordability, regardless of their credit score.
• Free financial education program to help with budgeting and debt resolution.
• Payment history will be reported to credit bureau.
• Fast & Easy

Our Underwriting Logic and Eligibility Criteria Is Incredibly Straight Forward:

• Verified Personal Information & Above 18 Years Old
• Pass Screening for US Government Sanctions List & Fraud
• Not in an Active Bankruptcy Proceeding
• Currently employed with employer for 12 months or longer

Remember, there are several drawbacks to Payday Lending. Read CFPB’s information on what is a payday loan here.

• People caught in a cycle of borrowing.
• Also, has an illusory aura of simplicity.
• In contrast, WorkPlaceCredit® offers loans at competitive rates in a process designed to help build borrower credit history.

We at WorkPlaceCredit® therefore want to lend responsibly and fairly to customers with a stable income stream and offer access to affordable credit even if they have a bad credit history.

• A WIN WIN FOR THE EMPLOYER AND THE EMPLOYEE
• COST-FREE BENEFIT TO THE EMPLOYER
• SOLUTION FOR THE EMPLOYEE’S CREDIT CHALLENGE
• LOW-COST ALTERNATIVE TO PAYING MORE MONEY TO PAYDAY LENDERS
• EMPLOYEE BUSINESS FOCUS ENHANCED BY REDUCING WORRY

The benefits of choosing our program include:

• WorkPlaceCredit® makes fast and simple decisions about the loan process.

• WorkPlaceCredit® can give you quick cash when you need it.

• Interactions with employer and individual customers are timely and completely confidential.

• The most important highlight of the WorkPlaceCredit® loan is its affordability. A remarkable feature of the loan program is the proprietary affordability model. This model ensures that you only borrow what you can pay back. The online application is hosted on a platform that is easy and secure. When approved, loans are disbursed within 24-48 hours.

• Another highlight of the program is a financial wellness platform offered by WorkPlaceCredit® in collaboration with KOFE (Knowledge of Financial Education). KOFE highlights: Budget counseling; debt elimination strategies; Credit building advice; Credit report reviews.