Florida Employers Provide Safe and Affordable Loans to Employees
W.S. Badcock Corporation of Polk County and Habitat for Humanity of Saint Lucie County Add TrueConnect Loan as an Employee Benefit to Help Employees with Financial Wellness
Employee Loan Solutions, Inc. of San Diego, California, today announced that two progressive Florida employers have signed up for their voluntary employee benefit program, TrueConnect Loan, to help employees manage their financial lives.
Many Americans lack emergency savings that would help them to weather an unexpected expense. Per a recent study by Bankrate, “about 63 percent of Americans say they’re unable to handle a $500 car repair or a $1,000 emergency room bill”. Employers are recognizing this situation and stepping up to the plate to put programs in place that will help their employees today.
“It’s the right thing to do for our employees,” said Lori Walsh, vice president of human resources at W.S. Badcock Corporation. “And it’s also the right thing to do for the company to keep employee engagement and loyalty high. Our employees are our most valuable asset.”
TrueConnect Loan allows employees to take out short-term loans at significantly lower interest rates than payday loan vendors. The program is available to employees regardless of their credit history, with loans available in denominations of $1,000 to $3,000. Payments are automatically deducted from an employee’s paycheck in small increments over a year. Interest rates are comparable to most credit cards, with a maximum rate of 24.9%.
The no-fee application process for employees is automated and can be completed in less than five minutes. Qualified applicants receive the loaned money within 24 hours of completing the application. And, all TrueConnect Loan borrowers get 6 FREE credit counseling sessions from a federally accredited credit-counseling program, LSS Financial Choice.
“W.S. Badcock Corporation and Habitat for Humanity of Saint Lucie County are smart to be showing their employees how much they care and minimizing their financial stress,” said Doug Farry, vice president of Employee Loan Solutions, Inc. “Whether you operate a non-profit or a for-profit company, employee engagement and employee loyalty directly impacts your ability to deliver for your shareholders.”
About Employee Loan Solutions, Inc. (www.employeeloansolutions.com)
Employee Loan Solutions, Inc. developed the patented TrueConnect Loan program as a voluntary employee benefit to help employees access safe and affordable credit. The TrueConnect Loan is free for employers to offer and requires very little administration. Qualified employees get access to small dollar loans (from $1000 – $3000) that are repaid through automatic payroll deductions. Employees do not need a credit history, but can only borrow what they can pay back with 8% of their paycheck to help insure a successful loan repayment. On-time payments are reported to credit bureaus so borrowers can build up their credit scores. All TrueConnect Loan borrowers get 6 free credit counseling services from LSS Financial Choice, a federally accredited credit counseling program.