FOR EMPLOYERS
There is no out-of-pocket expense for a business to offer the FinFit benefit1 to staff. We provide everything you need to implement and maintain FinFit in your workplace.
FinFit provides:
- All Funds (Paid Directly to Employees)
- Employee Brochures
- Customized Emails to Announce Benefits to Staff
- Customized Posters for Common Employee Areas
- Written Policy
- Intranet Content
- Utility Reports
All At No Cost To Your Company!
What it costs your employees to use FinFit services:
FinFit costs are less than what your employees will pay for alternative services and products, like Overdraft & NSF Bank Fees, Payday Loans, Credit Card Loans or Late Fees, etc. In addition, our services will not encourage employees to borrow or re-borrow themselves into a "cycle of debt" as these other products may. It is undoubtedly a better alternative to borrowing from retirement accounts, as the long term loss and tax penalties for early withdrawal or failure to repay are steep. In fact, FinFit charges less interest than the Commonwealth of Virginia charges state employees for a similar Employee Loan Program.
The Cost of Business WITHOUT FinFitLoans
What it costs your business when employees struggle with short-term cash flow needs:
An employee's cash shortage dilemma could lead to job performance-related issues, such as missed time, declining work attitude or ethic, low morale (denying an employee's cash loan request can strain the employer/employee relationship), misuse of company time and resources (spending work time on the internet or telephone trying to solve their personal cash crisis), higher risk of on-the-job fraud and theft, depression, and addictive behaviors. A simple search on the internet - "Employee Financial Stress" - will provided dozens of studies and surveys highlighting the costs of financial stress in the workplace to businesses.
What it costs a business to operate an Employee Loan Program internally:
Employers must research their state's wage and hour laws to determine their eligibility to offer an internal loan program, implement a policy, loan agreement and request procedure - all created in accordance with state and federal laws. They must market the program to staff, and administer and maintain the program using their current payroll personnel and systems. In addition, businesses offering their own programs must have available cash to cover the loans and assume 100% of the financial risk.
1The product provided by FinFit is a loan or line of credit, depending on employee's residence. See product disclosures for more details.
