According to the Money Advice Service, one in five adults say they are struggling in debt and money worries. Further, the average person with debt concerns losses 46 minutes of sleep a night and spends a further 59 minutes during the day worrying over their debt problems. More and more organisations are turning to us. Our employee benefits do much more than help improve staff retention and recruitment. Here are five reasons to choose WorkLoan for your workplace:
We believe knowledge has the power to make a difference - our training programme can help employees manage their finances better. This will help with their personal finances and be better prepared for unexpected events, and it will also help improve focus and productivity within your workplace. We also offer easy to use budgeting tools and guides, such as our free personalised FinFit (short for Financial Fitness) budget plan report.
We can also offer an ethical salary advance solution for your staff in the form of low-interest loans with short payback periods. There is no cost to your company or organisation. We do this because we know employees sometimes run into financial difficulties, increasing stress and absence from the workplace. Our wage loan is a more affordable alternative to high-cost short term loans, such as payday loans.
With WorkLoan, employees can get a fair and reasonable loan without falling into the trap of high interest rates, long repayment periods and high-risk debt. And we never lend to someone we know will not be able to afford repayments or who will be worse off with a loan.
Being FCA authorised and regulated, we must treat all consumers according to current regulation, which means we must protect and treat customers fairly. It also means any information we provide on our product and services to employees is accurate, clear and balanced.
When providing a salary-backed loan, it must be done responsibly by ensuring the product is suitable for the employees' situation and will not adversely affect them. To make sure we follow regulation at all times, we will provide all material and information about our products and services for your workplace. We will also provide training and guidance so you can be confident that all related activities are compliant.
We offer products and services that help build company loyalty. If you are struggling with recruitment, our employee benefits can make your business more attractive to potential job candidates. Here are some of the services we can offer at your workplace:
We have been in the loan industry since 2012. During this time, we received over 1 million loan applications for short term loans. It soon became apparent that we needed a more responsible way of lending to help adults in the UK. In 2020, we began working on a new, fairer way of lending - WorkLoan. WorkLoan is a cheaper alternative to high-cost short-term loans; it offers a wage advance with a three month repayment period collected from the employees' salary.
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.