$7.50 to Borrow $100. Workplace Scam? More Disruption in Small Dollar Loan Space?
Published: Tue, 05/06/14
loan/small dollar loan solutions for employees.
Opportunities for entrepreneurs are here - *NOW
"Workplace Advances" enable an employee to access up to
50% of their earned wages in anticipation of their paycheck at
SUBSTANTIALLY lower rates than those offered by payday loan
companies; we're talking $1.50 fee for $20 advances.
Prefer to read online? http://goo.gl/NTAWAM [Google URL shortner]
http://paydayloanindustryblog.com/7-50-to-borrow-100-workplace-scam-more-disruption-in-small-dollar-loan-space/
The "killer app" is the fact that neither the lender nor the
employer require a lending license [it is NOT a credit or a loan],
nor do they need a collections department, and these workplace
advances experience ZERO defaults.
How are small dollar advances offered to employees for $7.50 per
$100?
*) How's it work? Via patented software integrated with the
employer's time and attendance system, an employee can
immediately determine their earnings mid-pay cycle. [It's
Tuesday - they need some $$] An employee may access up to 50% of
their earned pay - NOW.
*) Employers, who choose to put their employees
financial health first, enroll in the program free.
*) An ATM style kiosk is placed at the sponsor employer's place of
business, and app may be downloaded by the employee to their phone
and a website is made available.
*) Anytime an employee needs some quick cash, wants to
transfer money to a loved one (domestic & international) or
chooses to pay a bill, they're immediately funded based on how
much they've earned so far from their employer. [50% maximum of
current net earnings.]
*) No licenses required. [The CFPB already evaluated this software technology.]
This service enables employees to avoid more expensive payday loan,
car title, installment and line-of-credit financial products.
*) Employee funds are credited to their bank account or to a pre-paid
debit card.
*Opportunities?
Kiosk machines are approx. $6,000. Each machine
requires $20K - $30K in cash to fund the kiosk "vault."
Not a franchise.
Employers having 300+ employees are desirable.
[Note: the phone app and the web portal enable employees in remote
locations to access these inexpensive, emergency funds as well.]
Are you an employer? Or, do you have the ability to introduce this
opportunity to large employers?
Again, this new service is free to employers.Your help is needed to
scale this "launch." Have an idea?
Click here: Workplace Money Service Ideas
https://trihouse.wufoo.com/forms/workplace-money-service-ideas-for-scaling-launch/
Google URL shortner: http://goo.gl/JAK7Ft
Here's an example of a similar service by Think Finance: Click
to review the PDF.
http://marketplace.fwdco.com/assets/elastic-1.factsheet.pdf
Here's a Wall Street Journal piece on "Workplace Advances:"
"The number of short-term and high-fee loans that are offered
to employees in their workplaces have increased, The Wall Street
Journal reported. For the past three years, at least six non-bank
lenders have begun to pitch loans to firms and payroll vendors."
"Citing estimates taken from various lenders, the report said
employer-based loan programs are now currently available to over
100,000 employees. Forecasts from company executives revealed that
the number could grow in the next few years to reach over 10
million workers." Read the entire piece here:
http://www.vcpost.com/articles/19823/20131216/report-more-workplaces-offering-loans-employees.htm
Google URL shortner: http://goo.gl/uYOPyF
Again, do you want to learn more? Submit your inquiry here:
Workplace Money Service Ideas http://goo.gl/JAK7Ft
https://trihouse.wufoo.com/forms/workplace-money-service-ideas-for-scaling-launch/
Jer@PaydayLoanIndustryBlog.com
702-208-6736