This makes people's lives less stressful. It also helps them become more focused and productive in the workplace. We believe in keeping things straight forward, and simple - our personalised FinFit (short for Financial Fitness) budget reports and guides do exactly that, and they are free.
You can rest assured we, at WorkLoan, are committed to lending responsibly. This means we never lend to someone if we know they won't be able to make repayments or if their financial situation will be made worse due to the loan.
Or call 0203 7517537 to find out more about our workplace services and employee benefits.
According to the Close Brothers Financial Wellbeing Index research, which polled 5,000 UK employees, over a third of millennials have nothing in place to face an emergency. And nearly 90% of millennials said money worries affected them at work.
According to Bank Workers Charity, more than 16% of adults have problem debt. Further, 43% of workers who are in debt find it difficult to concentrate at work. 17.9 million working days lost due to work-related stress, depression or anxiety in 2019/20.
The Barclays "Financial Wellbeing: The Last Taboo in the Workplace" report shows lost productivity due to employees worrying about their finances is costing employers an additional 4% to payroll costs. The Serving All report (by the Financial Inclusion Alliance) states that 50% of workplace absence is attributed in one way or another to money problems (research by Joseph Rowntree Research).
However, it is not just the financial impact on your business. The same Serving All report mentions research shows employees living with constant money worries are five times more likely to have relationship issues with colleagues at work. They are also six times more likely to produce substandard quality work than their colleagues.
We are on a mission to improve the financial health and wellbeing of all UK employees. We can offer your employees loads of budget tips and general guidance on how to come out of debt and start saving through our website. We offer FinFit reports - a personalised budget report that will show spending and where to cut unnecessary personal costs. And for those unexpected events, we also can provide salary advances to your employees in the form of a loan (subject to approval). But that's not all; we’re also working adding Free £2,500 Accident Insurance for your employees when you sign up for our workplace services and employee benefits. More information coming soon...
Although we want to help, we have to make sure that we help in the right way and best interest of your employee. Sometimes that means that our loan product may not be the right product. To decide on loan applications, we perform affordability checks to make sure repayments are realistic, and there are no signs of financial difficulties. As part of our checks, we use an Open Banking connection to help us pick up any financial difficulties that employees may be experiencing. Open Banking does not leave a mark on employees credit report.
Regardless of whether we approve a loan or not, we will always provide a FinFit budget report. This is offered free and is designed to help employees understand their expenses. We believe that understanding and controlling costs is one of the best ways to save and prepare for a rainy day. There is a default fee of £15.00 (charged only once, even if there are repeat defaults). There are no other added fees.
Loans are a form of credit and a regulated service. We, as a lender, are also regulated by the Financial Conduct Authority. To ensure we follow regulation at all times, we will provide all the material about our services, necessary information. The guidance will show what can and cannot be done. That way, you can be confident that we are compliant at all times.
To find out how to sign up for our services or to find out more, please drop us a line, or give us a call on 0203 7517537.
Answer.
Yes, our registration number is 673428, and you will find us on the FCA register.
Being authorised and regulated by the FCA means we must act in the customers best interest, ensuring that the product we offer is suitable for our customers. It also means all our communications and product information are presented honestly, easy to understand, and balanced.
Answer.
No. However, as a responsible lender, we will perform affordability checks before lending. We use the data provided by the applicant and as well as Open Banking. This provides us with enough information to ensure an applicant can realistically afford a salary advance in the form of a loan or not. Open Banking access does not affect the applicants' credit score.
Answer.
There is growing evidence that money worries affect productivity, focus at work, and we know money worries can cause sleepless nights. Helping employees gain control of their finances will make their lives less stressful. Less personal concerns mean they are less likely to be distracted at work. Financial wellbeing makes a real difference to employees' ability to focus at work and helps create a more stress-free workplace.
Answer.
Our office is open 9 am to 5 pm Monday to Friday (closed on weekends and bank holidays).
Call: 0203 7517537 (standard UK landline rates apply).
Email: hello@workloan.co.uk.
Address: 14th Floor, 33 Cavendish Square, London, W1G 0PW
Answer.
If we accept a loan application, we will collect repayment by salary deductions (over three months). We will provide your workplace with a payroll number and the amount we have to collect from their salary.