Facilitating a Salary Loan For Employees Via Peer-to-Peer Online Platform
Having control over personal finances can lead to a more worry-free and satisfying existence. The working class usually equates quality life with dream vacations, a new car, new appliances purchased on installment, or simply more food on the family table. For them, taking out a salary loan may emerge as a suitable temporary measure.
A company’s top management, through its human resources personnel, can aid employees with their urgent financial needs. Of course, they can take the peer-to-peer funding route. That way, employees can veer away from loan sharks or very high-interest loans, such as credit card advances. A salary loan facilitated from a trustworthy P2P funding platform like Blend.ph can become certainly more convenient.
Facilitating a Salary Loan For Employees Via Peer-to-Peer Online Platform
A salary loan remains different from a personal loan, though. Both remain unsecured loans and anyone can use them for a broad range of purposes. However, individuals can take a personal loan from banks, lending firms, and peer-to-peer lending platforms. A personal loan application will also require an evaluation on the basis of primary criteria. This includes earnings level and credit history among others. On the other hand, a salary loan normally comes from a company to an employee on the basis of regular salary or other fixed compensation.
With Blend.ph, a credit line facilitated to employees of partner companies has a loanable amount equivalent to one month’s salary of the loan applicant.
The repayment would come from future cash flows. Like, the employee’s salary, where the loan is deducted monthly. A salary loan allows the applicant’s employer, specifically the Human Resources Department’s designated representative, to handle the processing. Thereafter, they will inform the employee of loan approval. Prior to, and during, the pandemic crisis, firms that have stayed afloat have granted salary loans to their employees.
The Importance of Being Money-Smart
Even before COVID-19 cases became widespread and the lockdowns enforced, lots of organizations’ human resources managers guide employees to improve not just mental but financial wellness. Most of these life-improving activities came from a voluntary basis, though. A certain organization spearheads outside of financial wellness seminars for its employee force. Individuals are left to help themselves take the savings path, and in some cases, get out of debt. Both a personal loan and salary loan can help cover unanticipated circumstances requiring cash. Nonetheless, it can help individuals a lot if they strive to get one month ahead on bills. And, use the funds they get from a loan for the intended purpose.
In the US, the working class struggles and faces stagnant wages, a rising cost of living. Aside from that, they also experience increasingly irregular schedules making them lose track of their finances. This also holds true for lots of people in Southeast Asian countries. Including, the Philippines.
The Rise of Fintech Tools
With the rise of financial technologies, including P2P funding platforms like Blend.ph, people who feel they don’t get the service they deserve from the existing financial system have gained a favorable alternative. When employees remain less troubled with the bills they have to pay and their future financial situation, they tend to be more focused on work and be more productive. So, in that sense, fintech tools and lending platforms also serve employers’ interests. Various companies have therefore teamed up with fintech service providers.
Not to be outdone, banks all over Asia, in the US, and other parts of the world have fast-tracked their digital transforming initiatives, in response to customer requirements. The pandemic has driven an even greater demand for digital services. As financial services executive, Todd Baker tweeted,
“Megabanks’ ability to develop, support and continuously update digital offerings secures their survival in the digital age.”
In the Philippines, many working professionals can be seen widely using mobile banking app and reaping the benefits of digital services, including online lending platforms.
Not all online platforms are created equal, though. It pays to do thorough research and partner only with those with a good track record. In any case, P2P lending, touted as part of the next big fintech phenomenon, has taken off in a significant way across the world. A salary loan is but one of an array of financial products offered.
Organizations need to partner first with Blend.ph before they can offer salary loan assistance via Blend.ph’s online platform.
Once approved, the Human Resources Department head of the partner organization will provide the link to their salary loan applicants. For the employees of partner companies, simply click the link from your HR to apply for a salary loan.
When the applicant has submitted all the required documents and the process has received its verification, Blend.ph’s partner lenders endorses the loan application. Thereafter, the loan becomes disbursed within a few days. A salary loan has an interest rate of three percent interest per month. And, repayment may be spread out up to six months.
Learn more about Blend.ph’s salary loan here. And, click on “Apply Now” on the website once you have carefully assessed and seen that you can handle the repayment.
A reliable P2P lending platform like Blend.ph remains happy to work with partner firms. Employers who care enough to help their employees attain financial health or get back on track with their finances with a salary loan.
