The Employee Loan Benefit Program
The Employee Benefit Program is an innovative voluntary employee benefit loan program offered at no cost to employers. The Employee Benefit Program is now available to over 1200 employers in all 50 states and growing fast. The Employee Benefit Program is guaranteed to make your client’s employees happier and more productive.
Once an employer is approved and enrolled in the employee benefit program, employees become eligible for a bank loan up to $3000. Repayments are made through small, convenient payroll deductions spread out over a full year – to keep expenses manageable. Additional protections are included to keep employees from borrowing more than they can safely afford to repay.
Loans are funded and regulated by a FDIC insured Bank. The employer is not a party to the loan. No credit report from the employee is required to acquire the loan, but repayments through payroll deduction are reported to the credit agencies to help generate a positive credit history. The application, funding and payment process is automated, so HR has very little administrative role.
The Employee Benefit Program is a great way to connect with your clients and let them know that you care about their employees, their financial wellbeing, and their productivity at work. This webinar is focused on what the employee benefit program is, how it works, and how it can help your employees and your clients handle workplace financial stress more effectively. Learn about how other brokers around the country are having success bringing the employee benefit program to their clients.
How does this help?
22% of employees admit that they have taken unexpected time off in the past 12 months to deal with a financial issue.
76% of employees report living paycheck to paycheck, regardless of income.
The Employee Benefit Program is designed to help employees handle financial emergencies without asking for a salary advance or borrowing from retirement plans.