Provider of employee financial wellness products wins Finovate award for excellence in the field of consumer lending
Salary Finance, the leading global provider of socially responsible financial products in the workplace, was recognized by Finovate as the Best Consumer Lending Solution, an award presented to the bank or financial institution that excels in the field of consumer lending by offering quality products and an exceptional digital experience. The program, which launched in 2018, recognizes the companies driving financial innovation forward and the individuals bringing new ideas to life.
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“The Finovate Awards were created to honor the very best in fintech, and Salary Finance exemplifies the spirit and excellence of what we want from our winner: a mission that puts people first and leverages technological innovation to offer affordable, inclusive financial products,” Greg Palmer, Vice President of Strategy, Finovate, said.
Salary Finance’s flagship product is Borrow, a low-interest loan solution offered as a voluntary employee benefit, which helps employees avoid borrowing from their retirement account or taking out high-interest payday l**** in the event of unexpected expenses. By utilizing employment data and taking repayment through payroll, Salary Finance is able to offer employees across the credit spectrum an affordable and responsible credit option.
Salary Finance l**** have the lowest interest rates available from an employment-based lender – fixed from 5.9 to 19.9 Annual Percentage Rate (APR) for amounts up to $35,000*, and Salary Finance is able to approve more applicants than traditional lenders because it relies on employment history, not primarily credit scores, for its underwriting decisions.
The benefit program is available at no cost to employers and also includes an emergency savings product, a financial education platform, financial coaching, and more. The emergency savings product incentivizes employees to save at least $500, with Salary Finance paying a $50 bonus to anyone who meets the bonus criteria in the first six months after opening their account.
“We are thrilled that Borrow has been recognized by Finovate as the best consumer lending solution,” Dan Macklin, CEO, Salary Finance, Inc. said. “Our mission is to help people move from debt to savings, and that all starts with Salary Finance’s inclusive lending solution that helps hard-working people avoid high-interest debt when life throws them a curveball.”
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