Salary Finance recognized as the best consumer credit solution by Finovate
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Provider of Employee Financial Wellness Products Wins Finovate Award for Excellence in Consumer Lending
BOSTON – (BUSINESS WIRE) – Salary Finance, the world’s leading provider of socially responsible financial products in the workplace, has been recognized by Finovate as the best consumer lending solution, an award given to the bank or the financial institution that excels in the field of consumer credit by offering quality products and an exceptional digital experience. The program, launched in 2018, rewards companies that advance financial innovation and people who bring new ideas to life.
“The Finovate Awards were created to honor the best in fintech, and Salary Finance exemplifies the spirit and excellence of what we expect from our winner: a mission that puts people first and leverages innovation. technology to deliver affordable and inclusive financial products, ”Greg Palmer, vice president of strategy, Finovate, said.
Salary Finance’s flagship product is Borrow, a low-interest loan solution offered as a voluntary employee benefit that allows employees to avoid borrowing from their retirement account or taking out payday loans. at a high rate in the event of unforeseen expenses. By using employment data and accepting repayment through payroll, Salary Finance is able to offer employees across the credit spectrum an affordable and responsible credit option.
Salary Finance loans have the lowest interest rates available from an employment-based lender – set from 5.9 to 19.9 Annual Percentage Rate (APR) for amounts up to 35,000 $ *, and Salary Finance is able to approve more applicants than traditional lenders because it relies on employment history, not primarily credit scores, for its underwriting decisions.
The benefits program is offered free to employers and also includes an emergency savings product, a financial education platform, financial coaching, and more. The emergency savings product encourages employees to save at least $ 500, with Salary Finance paying a bonus of $ 50 to anyone who meets the bonus criteria in the first six months after opening their account.
“We are delighted that Borrow has been recognized by Finovate as the best consumer loan solution,” said Dan Macklin, CEO of Salary Finance, Inc. “Our mission is to help people move from debt to savings, and it all starts with Salary Finance’s inclusive loan solution that helps hardworking people avoid high-interest debt when life turns them on. ”
* Your individual fixed rate and maximum loan eligibility may vary depending on your creditworthiness and your employer.
About salary funding
Salary Finance’s mission is to improve the financial health of American workers by providing them with access to socially responsible financial products in the workplace. When employees can access affordable credit, reduce bad debt, and increase their savings, they are happier and more productive at work, and more likely to achieve long-term financial stability. Employers benefit from improved retention and engagement at no additional cost. Our award-winning technology platform enables us to deliver better inclusive financial products such as high interest savings accounts, access to affordable credit, and personalized financial education. Salary Finance is a United Way Worldwide business partner and works with over 600 of the world’s leading employers. Salary Finance is a founding member of the Senior Executives Network of Conscious Capitalism and a member of the American FinTech Council. For more information, please visit www.salaryfinance.com/us.
Salary Finance brand loan products are offered by Axos Bank®, member of the FDIC. All loans offered are subject to eligibility, underwriting and approval. Thermal baths and conditions of application.
Salary Finance Inc NMLS # 1750487.
Financing of salaries
Source: Financing of salaries