ABOUT THE PROGRAM
FinFit is an
Employee Loan Program which allows employees to receive loans through a payroll-deduct process. The program has been designed to offer employees an avenue for cash loans that encourages
healthy borrowing practices and helps employees remain successful when choosing to request and receive loans.
Once a company enrolls with us, guaranteed loans are offered to employees who meet the following criteria:
- 1 ) Employed as regular, full-time for at least six months
- 2 ) Earn at least $10.00 per hour or $20,000 per year
- 3 ) Not currently being garnished.
No credit checks, ever. It's that simple.
Other features of the program are designed to eliminate costs and overhead to bring a competitive interest rate to employees when they receive a loan. Our systems are fully automated and secure. Whether employees call us to request a loan, or make their requests online, our system is programmed to notify all parties electronically. Fund delivery is also electronic, directly from FinFit to the requesting employee. There is no cost, fee or penalty for early repayment.
Payroll will receive an invoice every payroll period. New loans will need to be entered, and further payroll activity for that loan is generally not required. The invoice will list new loans, current loans, and loans that have been satisfied since the previous invoice. All invoices and invoice history are available online, 24/7.
Human Resources will receive an email every time a loan is requested asking them to login to the company's account and verify the requesting employee's identity, pay rate, hire date and garnishment status. Once they log in, it is a "One-Click" process - big green checkmark for "Accurate", a big red X for "Inaccurate". Loans may be verified individually as they come in, or verified once a day... whatever is easiest for the company. This is an exceptionally quick step.
Ideally, a company's payroll department will only make one entry in an employee's payroll file, per loan. HR and Payroll personnel will have 24/7 access to their online account and may log in at any time to view current employee activity and invoice history.
Whether a company has a history of incurring risk by making salary loans to employees experiencing a cash emergency, or of allowing employees to risk their financial future by borrowing from 401(k) accounts, our service is your solution! FinFit can assume those risks, for companies and their workers. There is no liability to an enrolled company, and no direct costs, ever. Should a company terminate an employee with an outstanding loan, we will contact that employee personally to arrange for repayment - companies never have an obligation to repay any FinFit loan, regardless of employee's hire status.
FinFit is a simple program, fully automated for administrative ease that will add value to any existing benefits package at no cost to companies. It's truly a win/win benefit for both companies and employees that provides financial piece of mind for life's cash emergencies. To request an information package with no obligation, click here.
