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Asking your employer for a loan can be a stressful business. It’s always been that way. Back in decades gone, an employee’s financially-challenging wage packet or an unexpected mid-month expense would often instigate a ‘walk of dread’ to the Head Accountant’s office. A nervous knock on the door, a sheepish entrance to the office. A carefully worded petty cash loan request delivered, a monumentally important answer received…..followed by an overwhelming sense of relief or a worried despondency.
In the intervening years, things have changed dramatically. Petty cash reserves are, for the most part, a relic of the past. Indeed, short-term payday loans direct from your employer are also bordering on extinct in the modern era. So, where does all this leave the modern-day employee, on a tightly planned monthly financial plan, when they are faced with an unforeseen financial expense mid-month?
Well, for the vast majority, asking their employer for a loan just isn’t an option. Some could ask family members, but many would be reluctant to do so for a variety of reasons, and for many others, their family member’s budget will be as tight and restricted as their own. All that leaves these employees amidst a stressful quandary on how they are going to make ends meet until payday….and that is often where the problems really start.
It’s a fact that employees who find themselves in the previously described situation will often head down the potentially fraught and dangerous road of payday loans. Why fraught and dangerous? For a plethora of reasons: high interest rates, astronomical annual percentage interest rates of charge (APR), often hidden fees and charges, negative impact on the employee’s credit rating, the potential to fall into a spiral of debt if the employee defaults on payment. I don’t think I need to elaborate any more than that, I think it’s pretty evident that it’s not a path that any employer would want their employee to embark upon.
So, we have the archaic petty cash loans and the modern-day behemoth that is the payday loans arena. Is there a sensible, logical, ethical, modern alternative? The simple answer is yes. GettaSub’s financial employee benefit program that enables employees to access short-term finance (30-60 days) via salary advance loans. These are salary advance loans with a low fixed interest rate of 5% for the duration of the loan. Due to GettaSub’s commitment to being a responsible and ethical lender, these are salary advance loans max-capped at just 25% of an employee’s net monthly pay. These are salary advance loans where repayment is obtained directly from the employee’s salary, eliminating all risk of defaulted repayments. These are salary advance loans that have no negative impact on the credit score of either the company or employee. It’s also incredibly important to note that GettaSub’s services come at no risk and no cost for employers. Furthermore, once an employer has been onboarded with GettaSub, the employee would apply for their loans directly through GettaSub’s website or app, rendering “asking your employer for a loan” a scenario of the past.