Does salary Finance do a credit check?
Yes. To assess your loan application, we request your full credit report from Equifax, including your VantageScore, which is considered a hard credit inquiry. A hard credit inquiry may impact your credit score. For most people, one additional credit inquiry will take less than five points off their scores.
Is salary finance a payday loan?
How is salary finance different to payday loans? Salary finance allows people to draw down money early from their monthly wages. By comparison, payday loans allow people to borrow money before their payday and then pay back the loan and interest once they have been paid from work.
What is a salary finance scheme?
Salary Finance is a suite of voluntary benefits linked to your salary and tailored to your individual circumstances, allowing you to take control of your finances.
What companies use salary finance?
Founded with a desire “to do good”, Salary Finance helps employees to manage debt, build a savings habit and access earned pay - rather than resorting to expensive payday lenders. Customers include BT, EON, Virgin Active, Capgemini, Carlsberg, Dixons Carphone, L&G and NHS Trusts, councils and schools.
What happens to Salary Finance if I leave the company?
If you leave your employer, your interest rate and repayment schedule will not change. Your loan repayments will be withdrawn automatically and securely from your bank account on file, if you authorized Salary Finance to do so during the loan application process.
What does Salary Finance do?
A Salary Finance loan is an unsecured personal loan that should be used solely for personal, family, or household purposes. Most of our borrowers take out their loan to pay down existing, higher-cost debt, like credit cards, payday loans, or medical bills.
How do you call Salary Finance?
Phone on 0303 123 1113.
Can my employer help me financially?
There are a number of other ways employers can help support staff in times of trouble. “Employers can also offer online budget modellers, a debt counselling service, payroll advances and workplace lending schemes,” says Makings. “And not forgetting time off to sort out financial issues.”