Payday loans are the most common type of personal credit among public servants. Now, professionals from private companies can also count on the benefit.
The surveys reveal alarming data on the indebtedness of employees of private companies, which can pose serious problems for these institutions, such as the loss of the productivity of their teams and the increase in financial risks.
Understand everything about the subject and how to help your employees to organize financially.
How does private payday loans work?
Private payday loans are offered by companies' financial partners. The payment of installments is automatic and charged directly to the employee's payroll. Even before receiving the payment, the installment of the loan will have already been discounted.
With the lowest rates in the market and longer terms, this type of loan is the perfect solution when it comes to reducing the risk of default and that is why companies can and should help their employees when purchasing it.
How can companies help?
In order for a company to be able to offer payroll-deductible loans, the bank will first analyze its profile to make the health insurance contract.
Once approved, to acquire the loan the employee must seek the Human Resources (HR) sector and understand with which financial institutions the company has an agreement.
Hiring specialized credit platform services that simplify the process, through online solutions and with all the necessary privacy, can be a good investment in obtaining better results.
These platforms are generally responsible for the following steps:
- contract management;
- monitoring of employees' credits;
- loan application
- consignable margin
This makes the process safer and less bureaucratic.
Other measures to help employees are the creation of a financial education program and the incorporation of the payday loan into the HR benefits policy.
Advantages for the employee
The main advantage for employees is being able to count on an organized and effective system when it comes to stabilizing their financial life. Receiving this type of help from specialized professionals who can guide you is a differentiator and helps motivate the work.
Advantages for the company
We already know that motivated teams and preferably with up-to-date accounts represent an increase in business productivity.
With the implementation of private payday loans, it becomes easier to monitor and maintain the financial security of the employee.
Because paycheck-deductible lines of credit have lower interest rates than other personal lines of credit, reducing the chances of employees' indebtedness.
Do you want to know more about private loan and the ways to apply it in your company? Register your company on our website and receive more information.