In our most recent series of blogs, we have written about the debilitating effects of debt, rising living costs and the increasingly prohibitive costs of medical care. Each time, we have tried to offer practical and simple advice for beating the financial strain of modern life. One solution we always offer are TrueConnect’s tried, tested and trusted employee benefits solutions. But what are these benefits, and how useful are they?
Helping employees help themselves
One of the greatest dangers of employee debt and financial instability is the desperation it can create. People don’t make good decisions when they panic. They approach predatory lenders; they draw money from salaries they haven’t yet earned; they create more debt to meet their payment obligations. Debt is also embarrassing — no one wants their boss to find out they’ve defaulted on a credit card payment!
TrueConnect cuts through the desperation and protects employees from bad decisions, all while ensuring their privacy is protected by removing the involvement of management in the employee’s private life. This service — offered on a voluntary basis by employers at no risk or cost to their company — lets employers empower their employees by providing them with access to safe and regulated bank loans from a financially responsible and ethical source. TrueConnect’s employee loans service are available to over 1200 employers across the United States, helping thousands of employees avoid the penalties, exorbitant interest rates and risks of predatory lenders, advance payday loans and dipping into your prized 401k or other retirement funds.
Cutting the red tape
We know that credit checks are a massive obstacle blocking the financial aid people need. Nearly 26 Million Americans — almost 1 in 10 — have no credit record to qualify for home loans, car loans and other forms of traditional credit; that’s why we don’t demand credit checks for our loans. We don’t want anyone jumping through bureaucratic hoops and bring extensive bank account histories or exhaustive credit checks. But what is help without building towards your future? With TrueConnect, all repayments are reported to the Credit Bureaus as a positive credit building activity, helping employees recover from their terrible credit scores.
It’s not just a metaphorical money ladder, however. At TrueConnect we know that education and awareness are key solutions in preventing recurring debt and informing employees how to effectively manage their finances so that they may build a brighter future for themselves and their families. All of our borrowers have access to free financial counselling from LSS Financial Choice, a federally accredited program that advises employees on everything from credit scores and debt management to repayment schedules and retirement planning.
The benefits of a healthy, stress-free and financially stable workforce are clear. Employees who do not suffer anxiety, stress, or crippling debt are more productive, and employees who offer employee benefits solutions to their workers have an edge in a business environment. After all, employees want to feel like their employers care about their problems. Companies need to start thinking about the future of their employees. By supporting these workers in times of need, they’re supporting the people who will take their business to new heights and beyond. Find out how you can secure your employees’ and company’s future through employee benefits solutions by visiting our website or booking a consultation with us to speak to an expert.
