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.
For Employers
For Employees
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 and payroll advances as an employee benefit. 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.
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.
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.
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.
For your employees, we’re proud to offer competitive rates and low origination fees, including:
For your employees, we’re proud to offer competitive rates and low origination fees, including:
- No interest for our payroll advances. Instead, we offer up to $2,500 for a small origination fee of 5%.
- Personal loan rates are as low as 6% APR.
- Credit Builder Loan rates start at 11.9% APR.
We don’t pull credit or have a minimum score requirement for our payroll advance product.
For personal loans, we pull credit and analyse cash flow data to measure affordability instead of requiring a specific credit score to qualify.
For personal loans, we pull credit and analyse cash flow data to measure affordability instead of requiring a specific credit score to qualify.
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.
After establishing a partnership with your business, employees may create an account through our website and begin applying for loans immediately. We process and fund loans within 48 hours.
Our setup and process require minimal administration time. We slot in seamlessly with your payroll system to co-operate salary deductions.
If an employee leaves, we will transfer any outstanding loan repayments to direct debit.
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.