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Empower your employees with safe and affordable loans at no cost to you, the employer.
Pricing
Interest Rates
No Credit Score
Free Counseling
TrueConnect borrowers receive 6 free financial counseling sessions.
Loans made simple and easy, for employees everywhere
Many loan services and employee benefits programs out there are a bureaucratic nightmare. They’re risky, may incur costs, penalties and hidden fees and come with misleading or harsh interest rates for employees. At TrueConnect, we believe in providing your employees safe and affordable loans at no cost to you, the employer.
TrueConnect loans gives the same rates for all employees in a company and our application process doesn’t require a credit score. What’s more, TrueConnect borrowers have access to 6 free financial counseling sessions which may help them address their current problems and offer alternatives for the future. Best of all, these loans are sourced and administered automatically, which streamlines the loans process from application to final repayment. Do not let helping your employees be a hassle and costly, adopt TrueConnect at no cost to you the employer.
Why TrueConnect?
Offered as a voluntary employee benefit, TrueConnect revolutionizes the process of making small payroll loans to employees in cooperation with employers. TrueConnect uses a patented method of making and repaying small dollar loans, and provides an automated technology platform in cooperation with a leading CDFI bank to provide safe loans to employees. Our mission is to provide safe alternatives to the predatory lending products, such as payday and car title loans, both affordably and with the convenience of paycheck deductions. Designed in cooperation with consumer advocacy groups, TrueConnect provides help at moment of need while responsibly restricting unnecessary debt. Confidential and online – we also help remove employers from directly dealing with employee personal issues.
Helping your employees is easy
as 1-2-3
Get started helping your employees today.
Want to attract millennials to your organization?
- Provides employees access to a safe, regulated bank loan
- No credit score needed to qualify.
- Free Financial Choice financial counseling to all TrueConnect borrowers.
At no cost or financial risk to qualified employers.
Provides a safer alternative to “Payday Loans”.
Separates employer from the personal financial lives of employees, while providing a safe solution to employees in need.
Automated loan origination and administration.
No benefit enrollment process.
Available to over 1,200 employers across the US.
Meets and exceeds all regulatory requirements for consumer bank loans.
55% of employees surveyed say not having enough emergency savings for unexpected expenses is their top ranked financial concern. PWC
60% of households faced an unexpected financial shock in the last year; 33% suffered more than one. $2,000 was the median cost of the most expensive financial shock. PEW
63% of Americans say they’re unable to handle a $500 car repair or a $1,000 emergency room bill. CBSNews
1 in 3 American families report having no savings, including 1 in 10 of those with incomes of more than $100,000 a year. PEW
Half of all American households cannot cover an unexpected $2,000 expense within one month, including nearly 25% of households earning between $100 – 150,000 a year. TheAtlantic
- 35% of employees find it difficult to meet their household expenses on time each month. PwC
- Even among those employees earning $100,000 or more, 20% find it difficult to meet household expenses on time each month. PwC
- 46% of all employees are enrolled in a health plan with $1,000 or more out of pocket costs. Kaiser Family Foundation
- 63% of Americans don’t have enough savings to cover $500 medical emergency. Forbes
- In one study, 20% of 401(k) account holders have a loan outstanding right now. 37% have taken a retirement loan in the last 5 years. NBER
- 10% of all retirement loans default, with tax consequences. NBER
- 12 million Americans a year take out high cost payday loans because they don’t have better options.
- A typical payday loan has an annual percentage rate (APR) of nearly 400% according to the federal government agency the CFPB. CFPB
- 26 Million Americans, 1 in 10 adults, have no credit history. Credit records can help to qualify for home loans, car loans and other forms of traditional credit. CFPB
- Help employees who are underserved by traditional financing options or who want access to services that aren’t generally available to them otherwise.
- TrueConnect does not use credit scores to qualify employees for loans, but repayments are reported to the Credit Bureaus, which may be positive credit building activity, if payments are made on time.
- TrueConnect users get 6 FREE credit counseling sessions annually from a nationally recognized credit-counseling program, LSS Financial Choice.
- Nearly two-thirds (62%) of employees, including 75% of Millennials, say they’re looking to their employer for more help in achieving financial security through employee benefits.MetLife
Increase Employee Engagement
- “Employees who are engaged significantly outperform work groups that are not engaged.” Employee Engagement
- Caring is one of the key elements that drives employee engagement. That is, “employees want their managers to care about their personal lives, to take an interest in them as people, to care about how they feel and support their health and well-being“. Employee Engagement
Increase Productivity
- 7 out of 10 HR professionals surveyed say personal financial challenges have a large or some impact on their employees’ job performance. SHRM
- 46% of those who are distracted by their finances at work say that at work each week they spend three hours or more thinking about or dealing with issues related to their personal finances (up from 37% last year) PWC
Reduce Turnover
- 93% of TrueConnect users surveyed say they feel better about their employer. Only 7% were neutral. 0% felt worse.
- Workplace related stress leads to a 50% increase in employee voluntary turnover. Harvard Business Review
Reduce Healthcare Costs
- High financial stress levels and concerns over debt are associated with increased risk for ulcers, migraines, heart attacks, and sleep disturbances. Everyday Health
- Nearly 3 in 10 lower-income Americans have either considered skipping (9%) or actually skipped (20%) necessary doctor visits due to their finances. American Psychological Association
- TrueConnect can help employees afford to pre-fund a Health Savings Account (HSA), allowing the employee more comfort in shifting to lower monthly premium costs.
No Enrollment Process: Emloyers can start TrueConnect anytime during the year.
Easy to Administer – Employees go to TrueConnectBenefit.com to apply for a loan. The process is fully automated.
No Financial Risk – Qualified employers are not responsible for the loans.
Regulatory Compliance: a federally chartered bank, Sunrise Banks N.A, funds TrueConnect loans.
Sunrise Banks N.A.; a nationally chartered, Office of the Comptroller of Currency(OCC) regulated bank that is also certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking in Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.
We do both – “Loans and counseling are the 2 most effective ways to reduce disengagement and turnover within companies” – Weirich, Ruth K. Workplace Stability. Aha! Process Inc. 2016
Worker stress is known to result in lower productivity behavior identified as absences, tardiness, leaving early, mistakes, lack of job concentration, accidents, and lower output. AFCPE
Loans and counseling are the 2 most effective ways to reduce disengagement and turnover within companies – Weirich, Ruth K. Workplace Stability. Aha! Process Inc. 2016
Sunrise Banks N.A.; a nationally chartered, Office of the Comptroller of Currency(OCC) regulated bank that is also certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking in Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.
Listen to what Joyce Norals says about TrueConnect.
TrueConnect has received the Wells Fargo “Next Award” and San Diego Ventures Group “Cool Companies” awards.
Here is what Employees have to say about TrueConnect:
- “Thank you. I really appreciate the fact that you are concerned enough about your employees to get involved with such an employee.” Lutheran Social Services employee, Minneapolis MN
- “It definitely came in handy. My family and I were struggling to pay bills on time and TrueConnect rescued us!” Workplace Impact employee, Cleveland OH
- “TrueConnect is a great service. I couldn’t be more grateful that it is a discrete service and taken right out of my pay check without having to worry about it.” Eastern Municipal Water District employee, Perris CA
Loans made simple and easy, for employees everywhere
TrueConnect loans gives the same rates for all employees in a company and our application process doesn’t require a credit score. What’s more, TrueConnect borrowers have access to 6 free financial counseling sessions which may help them address their current problems and offer alternatives for the future. Best of all, these loans are sourced and administered automatically, which streamlines the loans process from application to final repayment. Do not let helping your employees be a hassle and costly, adopt TrueConnect at no cost to you the employer.
What is TrueConnect?
- Provides employees access to a safe, regulated bank loan
- No credit score needed to qualify.
- Free Financial Choice financial counseling to all TrueConnect borrowers.
At no cost or financial risk to qualified employers.
Provides a safer alternative to “Payday Loans”.
Separates employer from the personal financial lives of employees, while providing a safe solution to employees in need.
Automated loan origination and administration.
No benefit enrollment process.
Available to over 1,200 employers across the US.
Meets and exceeds all regulatory requirements for consumer bank loans.
Employees Suffer Financial Stress Today
55% of employees surveyed say not having enough emergency savings for unexpected expenses is their top ranked financial concern. PWC
60% of households faced an unexpected financial shock in the last year; 33% suffered more than one. $2,000 was the median cost of the most expensive financial shock. PEW
63% of Americans say they’re unable to handle a $500 car repair or a $1,000 emergency room bill. CBSNews
1 in 3 American families report having no savings, including 1 in 10 of those with incomes of more than $100,000 a year. PEW
Half of all American households cannot cover an unexpected $2,000 expense within one month, including nearly 25% of households earning between $100 – 150,000 a year. TheAtlantic
How TrueConnect Helps Your Employees
- 35% of employees find it difficult to meet their household expenses on time each month. PwC
- Even among those employees earning $100,000 or more, 20% find it difficult to meet household expenses on time each month. PwC
- 46% of all employees are enrolled in a health plan with $1,000 or more out of pocket costs. Kaiser Family Foundation
- 63% of Americans don’t have enough savings to cover $500 medical emergency. Forbes
- In one study, 20% of 401(k) account holders have a loan outstanding right now. 37% have taken a retirement loan in the last 5 years. NBER
- 10% of all retirement loans default, with tax consequences. NBER
- 12 million Americans a year take out high cost payday loans because they don’t have better options.
- A typical payday loan has an annual percentage rate (APR) of nearly 400% according to the federal government agency the CFPB. CFPB
- 26 Million Americans, 1 in 10 adults, have no credit history. Credit records can help to qualify for home loans, car loans and other forms of traditional credit. CFPB
- Help employees who are underserved by traditional financing options or who want access to services that aren’t generally available to them otherwise.
- TrueConnect does not use credit scores to qualify employees for loans, but repayments are reported to the Credit Bureaus, which may be positive credit building activity, if payments are made on time.
- TrueConnect users get 6 FREE credit counseling sessions annually from a nationally recognized credit-counseling program, LSS Financial Choice.
How TrueConnect Helps Employers
- Nearly two-thirds (62%) of employees, including 75% of Millennials, say they’re looking to their employer for more help in achieving financial security through employee benefits.MetLife
Increase Employee Engagement
- “Employees who are engaged significantly outperform work groups that are not engaged.” Employee Engagement
- Caring is one of the key elements that drives employee engagement. That is, “employees want their managers to care about their personal lives, to take an interest in them as people, to care about how they feel and support their health and well-being“. Employee Engagement
Increase Productivity
- 7 out of 10 HR professionals surveyed say personal financial challenges have a large or some impact on their employees’ job performance. SHRM
- 46% of those who are distracted by their finances at work say that at work each week they spend three hours or more thinking about or dealing with issues related to their personal finances (up from 37% last year) PWC
Reduce Turnover
- 93% of TrueConnect users surveyed say they feel better about their employer. Only 7% were neutral. 0% felt worse.
- Workplace related stress leads to a 50% increase in employee voluntary turnover. Harvard Business Review
Reduce Healthcare Costs
- High financial stress levels and concerns over debt are associated with increased risk for ulcers, migraines, heart attacks, and sleep disturbances. Everyday Health
- Nearly 3 in 10 lower-income Americans have either considered skipping (9%) or actually skipped (20%) necessary doctor visits due to their finances. American Psychological Association
- TrueConnect can help employees afford to pre-fund a Health Savings Account (HSA), allowing the employee more comfort in shifting to lower monthly premium costs.
TrueConnect Makes It Easy For Employers To Offer
No Enrollment Process: Emloyers can start TrueConnect anytime during the year.
Easy to Administer – Employees go to TrueConnectBenefit.com to apply for a loan. The process is fully automated.
No Financial Risk – Qualified employers are not responsible for the loans.
Regulatory Compliance: a federally chartered bank, Sunrise Banks N.A, funds TrueConnect loans.
Sunrise Banks N.A.; a nationally chartered, Office of the Comptroller of Currency(OCC) regulated bank that is also certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking in Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.
We do both – “Loans and counseling are the 2 most effective ways to reduce disengagement and turnover within companies” – Weirich, Ruth K. Workplace Stability. Aha! Process Inc. 2016
What are the risks of NOT offering TrueConnect?
Worker stress is known to result in lower productivity behavior identified as absences, tardiness, leaving early, mistakes, lack of job concentration, accidents, and lower output. AFCPE
Loans and counseling are the 2 most effective ways to reduce disengagement and turnover within companies – Weirich, Ruth K. Workplace Stability. Aha! Process Inc. 2016
Credibility Matters To Us
Sunrise Banks N.A.; a nationally chartered, Office of the Comptroller of Currency(OCC) regulated bank that is also certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking in Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.
Listen to what Joyce Norals says about TrueConnect.
TrueConnect has received the Wells Fargo “Next Award” and San Diego Ventures Group “Cool Companies” awards.
Here is what Employees have to say about TrueConnect:
- “Thank you. I really appreciate the fact that you are concerned enough about your employees to get involved with such an employee.” Lutheran Social Services employee, Minneapolis MN
- “It definitely came in handy. My family and I were struggling to pay bills on time and TrueConnect rescued us!” Workplace Impact employee, Cleveland OH
- “TrueConnect is a great service. I couldn’t be more grateful that it is a discrete service and taken right out of my pay check without having to worry about it.” Eastern Municipal Water District employee, Perris CA