Provider of employee financial wellness products wins Finovate award for excellence in the field of consumer lending
Salary Finance, the leading global provider of socially responsible financial products in the workplace, was recognised by Finovate as the Best Consumer Lending Solution, an award presented to the bank or financial institution that excels in the field of consumer lending by offering quality products and an exceptional digital experience. The program, which launched in 2018, recognizes the companies driving financial innovation forward and the individuals bringing new ideas to life.
Greg Palmer, Vice President of Strategy, Finovate, said: “The Finovate Awards were created to honor the very best in fintech, and Salary Finance exemplifies the spirit and excellence of what we want from our winner: a mission that puts people first and leverages technological innovation to offer affordable, inclusive financial products.”
Salary Finance’s flagship product is Borrow, a low-interest loan solution offered as a voluntary employee benefit, which helps employees avoid borrowing from their retirement account or taking out high-interest payday loans in the event of unexpected expenses. By utilizing employment data and taking repayment through payroll, Salary Finance is able to offer employees across the credit spectrum an affordable and responsible credit option.
Salary Finance loans have the lowest interest rates available from an employment-based lender – fixed from 5.9 to 19.9 Annual Percentage Rate (APR) for amounts up to $35,000*, and Salary Finance is able to approve more applicants than traditional lenders because it relies on employment history, not primarily credit scores, for its underwriting decisions.
The benefit program is available at no cost to employers and also includes an emergency savings product, a financial education platform, financial coaching, and more. The emergency savings product incentivises employees to save at least $500, with Salary Finance paying a $50 bonus to anyone who meets the bonus criteria in the first six months after opening their account.
“We are thrilled that Borrow has been recognised by Finovate as the best consumer lending solution,” Dan Macklin, CEO, Salary Finance, Inc. said. “Our mission is to help people move from debt to savings, and that all starts with Salary Finance’s inclusive lending solution that helps hard-working people avoid high-interest debt when life throws them a curveball.”
About Salary Finance
Salary Finance’s mission is to improve the financial health of working Americans by providing access to socially responsible financial products in the workplace. When employees can access affordable credit, reduce bad debt, and increase their savings, they’re happier and more productive at work, and more likely to achieve long-term financial stability. Employers benefit from improved retention and engagement, at no additional cost. Salary Finance’s award-winning technology platform enables it to offer better, inclusive financial products such as high-interest savings accounts, access to affordable credit, and personalized financial education. Salary Finance is a United Way Worldwide corporate partner and works with over 600 of the world’s leading employers. Salary Finance is a Founding Member of Conscious Capitalism’s Senior Leader Network, and a member of the American FinTech Council. Learn more here.
Salary Finance branded loan products are offered by Axos Bank®, Member FDIC. All loans offered are subject to eligibility, underwriting and approval. Terms and conditions apply. Salary Finance Inc NMLS #1750487.