Frequently Asked Questions

New to the world of salary-linked loans? Find answers to the most commonly asked questions, and as always, please reach out to us if you need further assistance.

What Loan Amounts and Terms does Stately Offer?

All Stately loans are made in the amount of $1,000-$10,000, with an Annual Percentage Rate (“APR”) range of 11.90% – 35.9% and regularly recurring payments that are scheduled to fully amortize and pay off the loan in 6-24 months. Interest is accrued on a daily basis, but only on the outstanding principal.

How do I apply for a Loan?

To start your application, click Apply Now. You cannot submit an application over the phone, in person, or via email. If you have any questions regarding the application process, please Contact Us and our agents will assist you.

How long will it take for a decision on my loan?

We process loan applications within 48 hours. If approved, your funds will generally arrive within 2 business days

Why was my application denied?

If your application was denied, you will receive a Notice of Adverse Action with information regarding your denial. If you did not receive the Notice of Adverse Action, or have additional questions regarding your denial, please Contact Us

When can I reapply?

If you’ve been denied for a loan, we invite you to re-apply after 30 days. If and when you are eligible to re-apply, log in here to see if you are eligible to reapply.

What are the eligibility requirements to apply?

Be 18 years or older

Have a bank account (checking or savings account)

Reside in one of the states in which we currently operate

Have a regular source of income form of employment and receive a W-2.

What is APR?

APR stands for Annual Percentage Rate and is your true cost of credit stated on an annual basis.

It includes a loan’s interest rate and origination fees and takes into account factors such as repayment amounts and frequency.

Can I repay my loan early or make additional payments ?

Yes! We want to make things convenient for you. Stately Credit does not charge any prepayment fees. You can pay off your loan or make additional payments at any time. Simply log into your account to make a payment using your saved bank account (ACH) or a debit card, or send additional payments via … Extra payments help you repay your loan faster, reducing the amount of interest that you will pay.

What happens if I leave my company?

If you leave your company, please contact us so we can arrange a payment break and resume deductions at your new job

What is Payroll Allotment?

Payroll allotment is an agreement between you and your employer that allows Stately Credit to draw payments directly from your paycheck to satisfy your payment obligations for your Stately Credit loan. Stately Credit applies payments automatically to what you owe so that you can be confident you’re always paying on time.

How do I see my repayment details?

You’ll find the details on your confirmation page. This page will show you your Stately Credit account number, your routing number, and the total outstanding balance on your loan.

Once you finish setting up your allotment with your company’s payroll system, you should see a confirmation page that details your allotment information. You must submit a screenshot of this page to us to receive your loan.

I don’t see my government payroll?

Stately Credit is proud to provide underwriting for qualified employees of many government agencies. We’re also looking at adding new employers to our network.

Notable Federal payroll providers include: Employee Express (Department of Education, Department of the Interior, Department of State, Department of Transportation), myPay (Department of Defense), myEPP (Federal Employees of various Agencies), and PostalEase (U.S. Postal Service Employees).

Can I Apply over the Phone?

We do not currently accept applications by phone. However, our online application process is quick and easy—we promise!

Just click “Apply Now” at the top of this page to begin the application on your computer, smartphone, or tablet!

Can I change the loan amount in my application?

Within the application, you will see a Prequalified Offer page that shows you your options and allows you to adjust your loan amount, based on what you qualify for. If you completed the automated bank verification process and would like to talk about changing your loan amount, please Contact Us and our Advocates will assist you.

What Credit Score Do I need to apply for a Loan?

We don’t have a minimum FICO or Vantage score to qualify for our loan. Instead, we look at various factors from credit bureaus and your bank data to determine your eligibility along with your payroll information.

What is Stately Credit and what does it offer?

Stately Credit is a financial wellbeing provider that helps American employees reduce
financial stress in the workplace. We partner with companies and work with HR departments
to offer salary-linked personal loans. Our
services are designed to be an affordable alternative to borrowing from retirement plans,
expensive payday loans, and credit cards when faced with emergency expenses.

Why focus on financial stress and well-being?

Over 50% of Americans do not have $400 in savings to cover an emergency expense. Financial stress can negatively impact families and have a devastating impact on productivity in the workplace. We believe that everyone should have access to affordable finance, if and when they need it.

Why is financial wellbeing at work important?

Most employee benefit programs focus exclusively on health, exercise, and nutrition. However, managing personal finances can be very stressful and impact how you feel at work and at home. We have written reports that cover this very topic, which you can read here.

What are the fees?

First and foremost, offering your employees salary-linked loan products through Stately
Credit is a no-cost benefit to your company. In addition, we provide resources and support
so there’s very little administration to manage.

What is your underwriting criteria?

We conduct a soft a credit check which has no impact on your score. We do this to assign pricing and check your debt to income ratio which helps us ensure we don’t lend you more than you can afford to repay.

Are your rates fair and how do they compare to other lenders?

By collecting repayments in regular installments through payroll deductions, we are able to increase acceptance rates while lowering the cost to borrow. Our fees are significantly lower than other lenders and we plan to keep it that way.

How do my employees access Stately Credit?

After establishing a partnership with your business, employees may create an account through our website and begin applying for loans immediately. We process loan applications within 48 hours. If approved, loans are generally funded within 2 business days.

What is the setup and administration process like?

Our setup and process require minimal administration time. We slot in seamlessly with your payroll system to co-operate salary deductions.

What happens to employees who leave the business?

If an employee leaves, we will contact them to set up a direct debit to repay the loan.

Is there any risk or liability to my business?

Stately Credit is no risk for employers. We are fully regulated and are responsible for all loan processes. There is no liability to your company if an employee leaves without fully repaying a loan.