Employee Lending

The Need

  • A solution for employees locked out of typical credit options. Once an employee has reached a specified tenure, there are no turn-downs.
  • The vast majority of lower-income employees have difficulty qualifying for unsecured loans or credit cards, but they still have the same credit needs as everyone else.
  • Our product is more than 10 times cheaper than subprime loan options.
  • Our product helps borrowers rebuild their credit profiles. By offering payments by payment deductions, borrowers are unlikely to miss a payment, which helps them rebuild their credit faster.
  • By spreading payments out over 1 year, we can lower the payment size and help employees pay off short-term, higher-interest loans.

The High Cost of Financial Stress

1 in 4 employees say their finances have been a distraction at work (PwC). Financial costs an employer an average of $5,000 per year (Federal Reserve). Productivity could decrease by 20 hours per month per employee affected by financial stress (Journal of Employee Assistance). Warning signs that your employees are under financial stress are: decreased productivity, high percentage of 401K hardship withdrawals, garnishments, requests for pay advances.
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If you Want More Information

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Benefits for Employers

  • Zero cost
  • No risk
  • No tracking / administrative requirements
  • Avoid awkward conversations with employees seeking pay advances
  • Increase employee retention and productivity
  • A free employee benefit to enhance your suite of wellness offerings 

Did you know?

Employees under financial stress...

63% of Americans could not come up with $500 in an emergency. 51% of Americans make less than $30,000 per year. 43% of Americans Expect to tap their retirement for financial needs. 52% of all employees report being stressed out out their finances with 17% saying it impacts their productivity.
employeelending

Getting Started

1) Start by signing up as a participant in the program and completing a contract with HR Butler.
2) Provide employees with the website to apply.
3) If an employees requests canceling payroll deductions, you agree to contact HR Butler to remove the payroll deduction or you may remove it yourself.
4) You’re done! If an employee has questions about a loan balance or any other question related to the program, our customer service representatives are available from 8 a.m. to 8 p.m. Monday through Saturday, and 10 a.m. to 6 p.m. Sundays.

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