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 With 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.
The standard loans offered are $1000, $1500, $2000, $2500, and $3000. The loan is repaid with small payroll deductions spread out over twelve months. For example*, an employee who borrows a $1,000 TrueConnect loan that is paid 24 times a year (twice a month) would pay approximately $47.58 per paycheck to repay the loan.
Advanced payroll services can be used to give you extra funding when you need it, and this is also well-suited for other businesses with similar business models. Payroll Deduction Loans for Bad Credit. Some businesses that have struggled with cash flow in the past may have bad credit.
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.
Payroll Loans. Qualify for payroll loans up to R100,000 ... Improve your credit rating and enjoy lower interest rates in future; ... Pay via Payroll Deduction so your loan will never be in arrears . Get a flexible loan repayment offer. Loan Terms from 3 to 60 months; Loan Amounts from R1 000 to R100 000 . Meet our requirements .