WCUSA is a voluntary, self-service program that is truly innovative. (1) There are similar programs, but they are generally run internally, or in a public employment arena, like state or city governments. For example, the Commonwealth of Virginia offers a basic version of our program to state employees. It is so successful, the state’s governor published an editorial in the December 30, 2009 edition of the Wall Street Journal describing the high demand for this service among his employees and encouraging private companies to replicate the program for non-state businesses. This kind of employee financial health program is new to the market, so it’s understandable if you are unfamiliar with its benefits.

Companies offer employee benefits to keep their staff healthy and happy, as healthy, happy employees are generally the most productive. A solid package also helps businesses recruit and retain good workers. Most companies review their benefits packages annually, and savvy benefits/HR professionals are always on the look-out for new services and programs to offer to their valuable employees while increasing their company’s recruitment and retention leverage. WCUSA fits that bill, and has the added feature of costing NOTHING for a business to implement and maintain.

Absolutely. The program was designed to offer credit to employees who may not have affordable “cash-emergency” options elsewhere. Our experience has taught us some things about successful short-term loans:

I. Employees who turnover, or job-hop, may not be successful with this type of loan. Therefore, we offer this product only to your employees who have been with you in a full-time capacity for six months or longer.

II. Employees should not borrow more than HALF of their Gross Monthly Income (GMI). Requesting loans in higher amounts may injure their ability to repay comfortably, so we do not allow it.

III. Employees earning less than $10.00 per hour or $20,000 annually may not be able to reasonably afford a WCUSA loan, so we recommend not lending to employees earning less than those amounts.(2)

IV. Employees need payments to be low enough as to not affect their lifestyle, so we extend payments over 10 bi-weekly/semi-monthly checks, or 20 weekly checks, depending on the company’s pay cycle, to allow for comfortable payment amounts.

V. Employees who are being garnished do not qualify for a WCUSA loan. Lending to garnished employees may limit their already decreased cash-flow beyond what is reasonable.

These five criteria qualify the WCUSA program as a true employee benefit.

No. We never run credit checks on employees. As long as they meet our three eligibility requirements, they are guaranteed a loan.

Not necessarily. Employee eligibility guidelines are set by employers. The WorkersChoiceUSA program will work best for employees who are making at least $10 per hour ($20,000 per year), have been working for you in a full-time capacity for at least six months, and are not being garnished.

The requirements are customizable to your company. WCUSA recommends the following to ensure successful loans for your employees:

I. They must work full time and have been employed by your company for at least six months.

II. They must earn $10.00 per hour/$20,000 per year.

III. They must not have garnishments attached to wages for more than 25% of their gross monthly income.

There is no direct program cost or financial risk to the employer for this service. We provide all funds for loans directly to employees. (1)

There is no financial risk to your business. Our loans are issued directly to employees and they hold total responsibility for repayment. If we extend a loan to one of your employees and they leave employment before satisfying their loan, we will handle continued payments with the exiting employee directly – your business is not liable for unpaid loans.

No. Our Employee Support Team will contact your former employee directly and arrange a repayment schedule that works for their individual situation. We will never request funds from you that you have not withheld from the employee.

Yes. WorkersChoiceUSA employs legal, tax, human resources and payroll professionals; and works with all federal and state entities to ensure compliance with local, state and federal laws.

We offer loans from $500 to $5,000 (2) – employers can narrow that range at their discretion. Generally, the maximum loan amount equals half of an employee’s monthly gross income. This limit is set to create a successful, affordable repayment schedule.

Funds are generally received within one to two business days from the time a request is made and approved. Funds are delivered directly to the employee’s bank account.

The loan term is extended in order to keep payments low. Employees may pay off their loan at any time with no penalty. Depending on the employee’s pay schedule, payments will be made in ten to twenty consecutive pay periods through a payroll-deduct process.

There are two tasks that must be completed for a loan transaction, but they require very little time on the part of company staff. The first task is verifying employment & income, the second is entering the payroll deductions.

Both tasks are modified on a business-by-business basis. We will merge our invoice schedule with your pay cycle to make the tracking of funds and payment of invoices a simple process for your business. Invoices are sent nine days prior to payday, then again six days prior to payday as a reminder. Companies can view their current and past invoices online, 24/7.

WorkersChoiceUSA will track all loans and provide a utilization report and invoice to you via email every pay period. In addition, you can access your verification and invoice history online at any time.

Yes! We have full-time staff members with solid HR/PR backgrounds available to assist you with every step of the WorkersChoiceUSA program.

Have you been fielding requests for loans from your retirement plan? How about employees asking for salary advances?

To meet their short-term cash needs, American workers are borrowing from their retirement accounts in high volume, a risky practice that is dangerous to their long-term financial health. They are also getting payday loans from walk-in consumer lending businesses, cash advances on their credit cards, or funds from any number of other expensive sources. The cost for these services, however, can be devastating, and mismanaging payments to any one of these sources can have long-term negative effects on credit ratings, financial well-being, and work performance. Nevertheless, without alternatives employees still use these options.

By offering the WCUSA program to your staff, you eliminate their need to pay higher costs elsewhere, or to borrow from their 401(k) plan. You also bypass any risk from running an internal loan program, and you won’t have to deny advance or loan requests anymore – just send them to us!

WorkersChoiceUSA …our service is your solution.

We are glad you asked. Studies indicate the best way to improve employee financial health is through a three-pronged approach.

1. Provide employees with financial education. WCUSA is currently producing an online tutorial that gives employees information and downloads about personal budgets, checking account management, growing savings accounts from scratch, and credit-repair procedures. This program will be available free of charge to all employees of enrolled companies, as well as their family members. Release date: April 1, 2010.

2. Provide employees with financial advising services. If your company offers employees a retirement plan, chances are the company holding your plan will provide on-site or telephone advisors to discuss your employee’s individual situation with them. Employee Assistance Plans are also a good advisory resource. Depending on your plan, employees may receive referrals to certified planners, mortgage resources, and advisors to help manage debt or plan for future expenses (education, retirement, etc).

3. Provide employees with financial services. Provide employees with opportunities to get more by spending less. Group discounts to anything, online payroll-deduct buying programs for consumer goods, tuition reimbursement possibilities, assistance with HDHP costs, mortgage services, debt-counseling and of course, provide a source for short-term, low-cost employee loans.

(1) The product provided by WorkersChoiceUSA is a loan or line of credit, depending on employee’s residence.

(2) The actual amount of loans may vary based on employer specifications, employee’s income, employee’s residence, and other factors, and is never more than half of an employee’s monthly income.