A salary advance is a short term loan given by an employer upon requests from the employee(s) and is usually deducted from subsequent salary payments.
Employees may require this access to credit for various reasons such as school fees payment, car purchase, personal expenses, hospital bills and so on.
While access to credit to cater to these needs may be life changing for the employees, salary advances tend to put a strain on company funds when employer(s) grant salary advances from funds that should be used to run the business effectively.
One solution to this credit gap for employees is the FINT Payday loan product, in partnership with registered companies, FINT provides the access to credit that subsequently benefits both employers and employees.
Benefits of Payday Loans For Employees
As an employer or HR personnel, here are some of the benefits of allowing your team access to credit.
- Increase in Productivity: When employees know that asides from their salary, their employer can grant them access to credit when they need it, without going through a lot of paperwork and providing collateral, it gives them more comfort to do their job, thereby increasing their productivity and reducing turnover.
- More People Qualify: Due to the lack of data in Nigeria, a lot of people are unable to access credit as banks and other traditional lenders are unable to accurately determine their credit worthiness. With payday loans, every employee qualifies.
- Convenient Loan Amounts: Unlike some other loan types, FINT payday loan amounts are a fraction of the net salary of the employee and the payback period is typically within 3 months, this ensures that the borrower does not take more than they can conveniently pay back thereby running into more financial challenges.
- Fast Turnaround Time: Employees on the FINT platform can disburse loans as fast as 24hrs as a number of processes required for a typical loan process are already covered by the partnership between the lender and your company.
- Easy Loan Management: With tech enabled platforms like FINT, you are not required to do the tough work of calculating repayments for each employee and deductions monthly. The FINT HR Portal is tailored to provide you with all the information you need to manage all the loan applications of your team at a glance.
How To Get Started
Click HERE to register your company, a representative of FINT will be in touch with you to go over the details and run you through the process of onboarding your team members.