Salary Finance is a suite of voluntery employee benefits that help solve the root cause of financial stress: a lack of savings, caused by high-cost debt.
Salary Finance is available at no cost and no liability to your employer.
According to our 2022 survey of 3,000+ US workers, 45% are financially stressed, causing anxiety, depression, and sleepless nights.
This leads to less engaged and less productive employees who are less happy at work.
With Salary Finance's employee loan benefit, Borrow, you can afford unexpected expenses or pay down existing, high-cost debt with a lower-interest loan¹. Repayment is taken automatically through payroll deduction², so you don't have to worry about missing payments. Timely repayments are also reported to the credit bureaus so you may see your credit score improve as you pay off your loan.
With Save, you can save money in a more automated way, directly from your paycheck, and get rewarded for it. Earn up to a $50 bonus for the first $500 you save in the first six months³, plus 1.00% Annual Percentage Yield (APY) ongoing⁴.
The Salary Finance team also partners with your employer on communication to help make sure employees who need the benefit most are aware of it.
Other lenders have to pay for marketing, fraud, losses, and operations, so they charge higher interest and fees. Since we work directly with the employer, we spend less on those things and can pass that advantage on to employees through lower interest, no fees, and more savings.
We'll work directly with your employer to launch the Salary Finance benefit, which only takes a few weeks. It's integrated with your employer's payroll process, which allows repayments to be taken directly from salary.
"I was at a loss with a situation that I was having to deal with on my own. My company I worked for partnered with Salary Finance to offer relief to us in need. I applied hoping for the best. Got approved and payroll deduction. A win, win."
"I now have a chance to build my credit without all of the ridiculous interest and fees other services entail. I am super happy with Salary Finance."
If you'd like your employer to offer Salary Finance as a voluntary benefit, fill out the form at the top of this page and we'll reach out to your HR team.
¹ Salary Finance employee loans have a fixed Annual Percentage Rate of 5.9% to 19.9%, making them an affordable alternative to many other borrowing options.
² Employees who primarily work in DC, IN, NH, NJ, NY, PR, WV are not able to make repayments via salary deduction due to state law, and instead will be asked to choose an alternative repayment method.
³ Offer not available to Chime customers without a Salary Finance account.
Salary Finance will deposit a $10 bonus for every $100 balance increase in your Chime Savings Account, up to a total bonus of $50 for a $500 balance increase in your account, within the first six (6) months of opening your Chime Checking Account subject to the following terms and conditions. To receive the bonus:
1) Open a new Chime Checking Account through this offer from Salary Finance, which is subject to approval (or, for existing Chime customers, open a Salary Finance account);
2) Enable direct deposit of at least $200 from your employer or payroll provider into your Chime Checking Account within sixty (60) days of opening your Chime Checking Account (for existing Chime customers, within sixty (60) days of opening a Salary Finance account);
3) Open a Chime Savings Account and transfer funds to that account within six (6) months of opening your Chime Checking Account (for existing Chime customers, transfer funds within six (6) months of opening a Salary Finance account); and
4) Link your Chime accounts to Salary Finance by authorizing sharing of your Chime Checking Account and Savings Account data to Salary Finance within sixty (60) days of registering a Salary Finance account.
Bank ACH transfer, Chime Pay Friends transfer, verification or trial deposits from financial institutions, transfers from PayPal, Zelle, Venmo, Square, and cash loads do not qualify as employer or payroll provider direct deposits. Subject to the preceding eligibility requirements, Salary Finance will deposit your bonus into your Chime Checking Account within 45 days of you reaching the applicable account balance threshold(s). To receive a bonus, your Salary Finance and Chime accounts must not be closed or restricted at the time of payout. Bonus is considered interest and will be reported on IRS Form 1099-INT. Salary Finance reserves the right to cancel or modify the terms of this bonus offer at any time with or without prior notice.
⁴ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of July 13, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. A Chime checking account is required in order to open the high-yield savings account; the savings account is optional. See https://www.chime.com/savings-account/ to learn more.