FAQs
Program Overview
What is TrueConnect™?
TrueConnect is an employee loan program available only as an employee benefit. Loans are offered in two types: small-dollar loans or large-dollar loans. Small-dollar loans are offered in amounts from $1,000 to $5,000 with no credit check. Small-dollar loans are repaid with small payroll deductions spread out over twelve months. For example*, an employee who borrows a $1,000 TrueConnect loan that is paid 24 times a year (twice a month) would pay approximately $46.50 per paycheck to repay the loan. On average, this is approximately $9.67 a month in finance charges. A similar payday loan might end up costing $300 per month in fees before being fully paid off. TrueConnect is a far less expensive option to borrow short-term credit vs. high-cost payday loans. TrueConnect’s large-dollar loans are offered in amounts greater than $5,000 and require a credit check.
How does TrueConnect™ help?
Employees often have immediate cash needs to pay for unexpected health care deductibles, car repairs, or other crises. TrueConnect is intended to meet those needs, safely and conveniently. Unlike costly payday loans (often at 400% APR interest or more), the TrueConnect loan is repaid over 12 months* and is much less expensive. It is also an alternative to hardship withdrawals from 401(k) or 403(b) plans, which can dangerously reduce retirement savings.
What makes TrueConnect™ safer and better than other alternatives?
Payday loans are very expensive, have to be repaid in full from your next paycheck, and often require leaving the office to take or repay a loan. Credit or debit overdrafts are also expensive and can damage your long-term credit. And 401(k)/403(b) withdrawals can harm your retirement savings goals. In contrast, the TrueConnect loan is offered as an employee benefit, can be conveniently accessed online, and has payments deducted from your paycheck.
How does it work?
When you request The TrueConnect loan, we electronically confirm your eligibility based on information you and your employer provide. If you meet the bank’s eligibility requirements, you choose your loan amount, sign your documents, and instruct the bank where to deposit your money – all online. Depending on the day (and time) of your acceptance, the money will be available the next business day. Your loan will be repaid from your authorized payroll deductions, in accordance with the payment schedule set forth in the loan agreement, beginning on your scheduled payday. You may repay the loan early without penalty if you wish.
How does TrueConnect™ work?
When you request your TrueConnect loan, we electronically confirm your eligibility based on information you and your employer provide. If you meet the bank’s eligibility requirements, you choose your loan amount, sign your documents, and instruct the bank where to deposit your money – all online. Depending on the day (and time) of your acceptance, the money will be available the next business day. Your loan may be repaid from your authorized payroll deductions, in accordance with the payment schedule set forth in the loan agreement, beginning on your scheduled payday. You may repay the loan early without penalty if you wish.
For Borrowers
Should I be worried about my credit score?
TrueConnect does not require a credit check for loans between $1,000 and $5,000. Regardless of if you do not have a credit score or your credit score is sub-prime, a TrueConnect is available to you.
Does TrueConnect™ report repayments to credit bureaus?
Yes, all repayments are reported to all three major credit bureaus so you can continue to build your credit score with your TrueConnect loan.
Am I eligible for a TrueConnect™ loan?
Your eligibility for the loan program will be automatically assessed once you apply and may vary depending on your employer’s criteria.
Is the loan from my employer?
No. TrueConnect loans are originated by our preferred banking partners who are FDIC insured. TrueConnect is made available via your employer as a voluntary benefit and your employer does not provide any funding or approval for the loan.
Does my employer know that I am taking out a loan or need to know why I’m taking out a loan?
No, a loan through TrueConnect is a no questions asked way to borrow funds when you need them. You do not need to provide any documentation to support why you need the money and your employer is not privy to this information. TrueConnect is completely secure and you can apply for your loan online from the comforts of your own home alone.
Can I use my TrueConnect™ loan for any expense?
Yes, your TrueConnect loan is your earned money and can be used for anything you need: home repair, car repair, medical expenses, childcare, HSAs/FSAs, student loans, debt consolidation, travel, etc.
Are TrueConnect™ loans available year-round?
Yes, TrueConnect loans are available any time. You do not need to opt in to TrueConnect during your open enrollment period. TrueConnect is available 24/7/365.
Do I need a bank account to apply?
You have two options to be able to access the funds:
- Option one is to deposit the funds directly to a bank account where you will need an account number and a routing number.*
- Option two is to deposit the funds to a prepaid card (not a payroll card).
*If you do not have an account number or routing number, during the loan process you will be able to create a free bank account with no hidden fees through our partner, Chime.
How do I make loan payments?
Your regular loan payments will be made through payroll deductions. You authorize the payroll deductions through your employer through an Authorization and Direction.
Can I repay my loan early?
Yes, you can repay your loan early and there are no prepayment penalty fees.
What if my employment status changes?
While your employer facilitates repayment through convenient payroll deductions, you are ultimately responsible for repaying your loan after you leave your employer. Contact TrueConnect to learn about your options of repayment for your loan at contact@trueconnectloan.com or (561) 270-5981.
Where can I learn more about my rights and obligations in connection with a TrueConnect™ loan?
The TrueConnect Loan Agreement and Promissory Note will include full details regarding your loan, including the required Federal Truth-in-Lending Act disclosures. You will also be provided with the Payroll Authorization with respect to your scheduled payroll deductions. These documents are provided to you prior to the time any loan is made, and you must read and agree to the terms before any loan will be made.
I have a TrueConnect™ loan but have been called to active military duty. What do I need to do?
Under the Service Members Civil Relief Act (SCRA), individuals called to active military duty have rights related to credit obtained prior to entering active duty. Contact the bank using the contact information provided on your loan documents.
My employer doesn’t offer TrueConnect™. Is there any way I can get a TrueConnect™ loan?
TrueConnect is an employer-sponsored program. In order for you to access a TrueConnect loan, your employer needs to offer the program in your organization. We’d love to connect with your HR Department to have this discussion. Email contact@trueconnectloan.com with the name, phone number and email of a direct contact in your HR Department so we can introduce TrueConnect to your employer.
Is TrueConnect™ available for federal employees?
Currently, TrueConnect is not servicing federal employees. However, we are available to service your organization if you connect us with your HR Department directly to implement the program. Email contact@trueconnectloan.com with the name, phone number and email for direct contact in your HR Department.
Is TrueConnect™ available in all 50 states?
TrueConnect is available in all 50 states, Washington D.C. and Puerto Rico.
For Employers
What are TrueConnect’s fees?
TrueConnect does not have any fees. It costs the employer nothing to implement.
Do you work with all payroll providers?
Yes, we are available to work with any and all payroll providers.
How much work does it require to implement TrueConnect™?
TrueConnect is a simple and easy implementation. You’ll work with a dedicated client success rep to gather the necessary details from your organization (census file and payroll periods) and we’ll do the rest!
Does TrueConnect™ provide customer support?
Yes, TrueConnect provides customer support for both the employer and the employees. You will receive a dedicated Employee Engagement and Implementation teams to facilitate the implementation and ongoing support of the program. Employees have access to customer support via chat, email or phone whenever they need it.
How does TrueConnect™ help promote the program internally?
We know how important the success of launching a new program is to the utilization of the program. TrueConnect will provide you with a dedicated Employee Engagement Team to provide a tailored communication plan for your organization for the launch and beyond. Your Employee Engagement team is hands-on and will provide fresh materials and insight into the program utilization. Your success is our success and we’ll work together through consistent communication throughout the entirety of the program.