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Why it Works
Whether you are a small, medium or large company, choosing and managing benefits
for your employees can be a very expensive challenge. WorkersChoiceUSA
can help by providing a customized Employee Loan Program (1)
designed to compliment your existing benefits package, at no
direct cost to you. The program requires very little manpower
and no financial risk on the part of the employer, yet it gives
eligible employees a quick, convenient and confidential procedure
for receiving low-cost short-term loans that are repayable through
a payroll-deduct process. We believe our product is a better
alternative to employees borrowing from retirement accounts
or using high-cost, short-term loan sources with “cycle-of-debt”
business practices.
No Direct Costs:
There is no direct program cost to employers for this service.
We provide all materials and systems, and all funding directly
to employees.
Simple to Implement:
The WorkersChoiceUSA
program can be easily and quickly implemented any time of year,
regardless of benefits cycles. We provide all the tools and
written materials, and offer support by qualified agents every
step of the way. Companies can enroll and begin the program
in 24 hours.
Simple to Maintain:
Once a company enrolls with WorkersChoiceUSA,
they need to do very little. In fact, there are only two steps
necessary on an employer’s part - employment verification and
payroll deduction – both are quick and easy, and fully customizable
to current benefits/payroll systems and processes.
Custom Plans – Designed Just for Your Employees’ Needs:
The WorkersChoiceUSA
program is designed to fit your individual needs, from internal
marketing processes to employee eligibility guidelines, enrollment/verification
procedures to reporting and billing functions. We are committed
to making WorkersChoiceUSA
the most easily administered program in your benefits package.
Recruitment & Retention:
By offering WorkersChoiceUSA,
your company demonstrates its commitment to your employees’
financial well-being. Every HR professional can appreciate how
a robust benefits package will assist in recruiting and retaining
qualified staff.
Protect Retirement and Accounts:
Whether the current trend shows employees doing better or worse
at retirement savings, most will still consider borrowing from
their retirement fund when they have a cash emergency. Borrowing
from a group retirement plan requires paperwork, a spousal signature,
and 7 to 10 business days to process the request and receive
funds. Payments for retirement plan loans are deducted directly
from employee paychecks, just like they will be to repay a WorkersChoiceUSA
loan. The employee, however, who borrows from their retirement
plan must cease contributions to the plan until the loan is
repaid. In addition, they risk not repaying the loan and losing
a good deal of their savings to tax penalties. When at all possible,
experts recommend NEVER taking money OUT of a retirement account.
WCUSA
is a healthier alternative to financial emergencies than endangering
one’s future with a retirement fund/401(k) loan.
Employee Job Performance:
The negative effects of employees’ financial worries are colossal
for businesses. By offering WorkersChoiceUSA,
you provide staff with a fast, cost-effective method of receiving
needed cash that is quick and private.
(1)The product provided by WorkersChoiceUSA
is a loan or line of credit, depending on employee’s residence.
See product disclosures for more details. |
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About the Program