payroll benefit Moneyworks Walesis launching a new express loan to help staff cope with the cost of living crisis.
Accelerated loans are for those who face sudden costs and don’t have a savings reserve to fall back on.
Claire Savage of Moneyworks Wales said:
“Moneyworks Wales Express Loans offer quick access of up to £500, to help people spread the cost of sudden expenses.
“Repayments can be spread over up to 12 months and staff can save at the same time, so that when the small loan is paid off, they have a reserve of savings to meet future expenses.”
Moneyworks Wales, which has over 150 employer partners, is a salary benefit which allows staff to save or borrow, £100-15,000, directly from their salary. Free to employers, the scheme is offered by 10 of Wales’ leading not-for-profit financial co-operatives – credit unions – owned and managed by their members.
One of Moneyworks Wales’ newest employer partners, Archwood Group, has explained how the scheme has benefited staff at its Wrexham plant.
Jenna Bellis, Head of Human Resources for Archwood Group, said:
“We know that the impact of the pandemic followed so quickly by an unprecedented rise in the cost of living crisis will and will have impacted the financial resilience of staff.
“Financial stress impacts many areas such as mental health, personal relationships, work productivity and we want to ensure that our staff have the opportunity to access affordable loans and build a financial reserve directly from his salary within the framework of our financial policy. wellness package.
“Moneyworks Express Loans are there when staff need a little extra, with a provider who can help our employees through this difficult time and help them put in place better financial practices for the future.
Loans through Moneyworks Wales are provided by credit unions and can range from £100 to £15,000. Interest on loans is paid on the declining balance and there are no prepayment charges.