SalaryFinance is a new employee benefit. Our mission is to save UK workers £4bn per annum through lower interest repayments.
Research shows that 1 in 3 UK workers cite money worries as having a negative impact on their productivity at work. To address this, SalaryFinance works with progressive employers to help their staff reduce their personal finance interest costs. Our platform allows employees to take out loans when they need it, with repayments collected from salary deductions. This repayment method substantially lowers risk/cost, the savings from which we pass on to employees. We focus on reducing the cost of existing borrowing, rather than encouraging more.
Our interest rate of 7.9% APR is the same for all staff and is around one third the rate charged by the big four UK banks, for loans less than £5,000. Whilst the big banks advertise lower rates, they tend to be for higher value loans and not available to all consumers. On average, employees who use SalaryFinance, benefit from an equivalent 2-3% pay rise, through lower interest costs. There is minimal admin and no cost or liability for employers, making SalaryFinance a win-win product, for employers and their staff.