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.
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.
If you’re interested in our employee benefits, please contact us at info@statelycredit.com and our team will contact your employer with information regarding our salary-linked loan program.
Personal Loans offer affordable rates and are deducted from your paycheck. Your loan will be repaid automatically without fear of missing a payment.
Salary Advance Loans provide a safe and affordable alternative to traditional payday loans. Your loan will also be repaid through automatic paycheck deductions.
Credit Builder Loans are focused on helping repair and rebuild your credit. Repayments are automatically deducted from your paycheck.
Salary Advance Loans provide a safe and affordable alternative to traditional payday loans. Your loan will also be repaid through automatic paycheck deductions.
Credit Builder Loans are focused on helping repair and rebuild your credit. Repayments are automatically deducted from your paycheck.
Credit builder loans help people build credit, particularly those who have little to no credit history, or bad credit scores.
Because payment history comprises 35% of a total credit score, our Credit Builder Loans are designed to improve this portion of a person’s credit.
Here’s how it works:
– Apply for a loan ranging from $500 – $2,500: If you are approved, we deposit the money you borrow into a savings account that you cannot access until you have fully repaid the loan.
– Make payments on time: Every time you make a payment towards the loan, we report that payment to all three credit bureaus.
– Collect your loan proceeds: At the end of the loan term, you get the money (minus a small fee), and likely an improved credit score.
It’s a great way to start an emergency fund while building credit at the same time. If you were to deposit money every month into your own savings account, your credit score wouldn’t be positively impacted.
Because payment history comprises 35% of a total credit score, our Credit Builder Loans are designed to improve this portion of a person’s credit.
Here’s how it works:
– Apply for a loan ranging from $500 – $2,500: If you are approved, we deposit the money you borrow into a savings account that you cannot access until you have fully repaid the loan.
– Make payments on time: Every time you make a payment towards the loan, we report that payment to all three credit bureaus.
– Collect your loan proceeds: At the end of the loan term, you get the money (minus a small fee), and likely an improved credit score.
It’s a great way to start an emergency fund while building credit at the same time. If you were to deposit money every month into your own savings account, your credit score wouldn’t be positively impacted.
Personal Loans are available from $2,500 to $25,000.
Salary Advance Loans are available from $100 – $2,500.
Credit Builder Loans range from $500 to $2,500.
Salary Advance Loans are available from $100 – $2,500.
Credit Builder Loans range from $500 to $2,500.
Personal Loans interest rates range from 6% to 24.9% APR and are decided on a case-by-case basis.
Salary Advance Loans are interest free. The only charge for this loan is a 5% origination fee to process each advance.
Credit Builder Loans carry a fixed interest rate of 11.9% APR
Salary Advance Loans are interest free. The only charge for this loan is a 5% origination fee to process each advance.
Credit Builder Loans carry a fixed interest rate of 11.9% APR
Absolutely! You can easily log into your account and pay off your loan whenever you want. There are no fees for paying off your loan early.
Unlike other lenders, we do not charge additional or hidden fees
If you leave your company, we will automatically transfer your loan repayments to your debit card using autopay. There are no penalties for leaving your company and we offer forbearance for up to three months if needed.
We process and fund loans within 48 hours.
Because we process loans through payroll deductions, we are able to offer lower interest rates than other lenders. Our rates are fair and competitive.
We charge less interest and have higher acceptance rates than other lenders. We believe in offering affordable loans to help minimize financial stress. If you lose your job or have a financial emergency, we will work with you to reduce payments without charging additional interest.
Our loans offer an affordable and safe solution to borrowing from retirement plans, credit cards, and payday loan sharks. In addition, Stately Credit salary-linked loans are designed to help minimize financial stress and maximize productivity in the workplace.