TrueConnect Loan "How It Works"
The patented TrueConnect Loan program was developed by Employee Loan Solutions, Inc. as a voluntary employee benefit to help employees access safe and ...
Payroll Deduction Loans For Bad Credit – Do I need a payday loan?
Payday loans are an accessible solution for those that have found themselves in a financial bind without access to other means to acquire cash quickly. If you’re in a position where you think you need a payday loan, answering the questions below could help you decide if this is the best decision for you.
How will I use the money?
Single pay loans should be used for emergency or required expenses. We recommend that customers aren’t using single pay loans to pay for expenses or items that are not urgent. Payday loans were created to help consumers out between paychecks, hence their name. This is another viable reason to use a payday loan; if you’re struggling to make it to your next paycheck and are concerned you will overdraft your account. You can get a payday loan to avoid the fee and pay it back once payday arrives.
For example, if your car breaks down and needs an urgent repair in order to run properly or you’ve had to make a sudden trip to the emergency room and can’t pay the fees out of pocket, these are both great reasons to utilize a single pay loan.
FAQs. Home FAQs. What is TrueConnect™? ... TrueConnect is a far less expensive option to borrow short-term credit vs. high-cost payday loans. What is it intended to do? ... What if my employment is terminated or I terminate the automatic payroll deduction before the loan is paid off?
Payroll Deduction Loans for Bad Credit. Some businesses that have struggled with cash flow in the past may have bad credit. If this is the case with your business, you may think that you will not quality for payroll deduction loans.
Some LGFCU loan payments made by payroll deduction are given a 1/2% lower interest rate. This is a great way to get the loan you need at the best rate, which saves you even more money. Check our rates for loans that qualify. Using payroll deduction is also a convenient way to start and maintain your savings goals.
Monthly payments are set up as automatic deposit or payroll deduction; A separate sub-savings account is required to open along with the loan. An automatic deposit from your payroll will be made into this savings account equal to the monthly payment on the Fresh Start Loan.
How Payroll Loans Work. Home How Payroll Loans Work. Offered as a voluntary employee benefit, TrueConnect revolutionizes the process of making small payroll loans to employees in cooperation with employers. ... small, secure automated payroll deductions over a full year. TrueConnect provides rapid assistance to employees in financial need,