HOW IT WORKS
Once a business has made the decision to offer our service1, we will design a plan especially for their workforce. The following features are customizable to each company's needs:
- Dollar Range of Loan Amounts Employees May Request (ex: $500 to $5,000)2
- Required Length of Employment
- Employment Verification Procedure and Timeline
- Reporting/Billing Procedure and Schedule
Once the features have been selected, FinFit provides:
- All Loan Funds - Delivered Directly to Employees
- Employee Brochures - The Only Resource Employees Need to Access Their Benefit.
- Online/Phone Request Options for Employees - Quick and Convenient
- HR/Payroll Implementation Procedures
- Online Verification and Invoice History - Available 24/7
- On-Site Benefit Orientation for Benefit Launch (optional, by request)
- Dedicated, Available Support for Human Resources and Payroll personnel, and for Employees
Entering information into employee payroll accounts is generally a one-time event, depending on the payroll platform being utilized.
Once the program has been implemented, the company will receive a utilization report and invoice every pay period listing new loans, current loans, and completed loans. The invoice indicates how much to withhold from wages, and the dates on which wages need to be withheld for every employee receiving a loan. Entering a FinFit deduction is as easy as entering any benefit deduction. Most electronic payroll systems will only require a one-time entry into the employee's payroll account.
The payments withheld can be forwarded to FinFit by electronic debit, EFT, ACH or check, and businesses can access their verification and invoice history online at any time.
1 The product provided by FinFit is a loan or line of credit, depending on employee's residence. See product disclosures for more details.
2 The actual amount of loans may vary based on employer specifications, employee's income, employee's residence, and other factors, and is never more than half of an employee's monthly income.
