Please go-through our most Frequently Asked Questions (FAQs) section to help guide you through the loan application process. We believe in simplicity and prefer to make things as simple as possible. Our FAQ’s will help clear up any queries or questions that you may have when it comes to applying with us.
In case, you are still unsure about how to use our online loans service or want to know more about what you can expect from us, you may contact through email at info@salarypayloan.com
What is SalaryPayLoan.com?
SalaryPayLoan.com is one of its kind digital financial service, where it partners with various companies to facilitate short-term credit needs to its employees in an efficient and transparent way. It simplifies access to finance to meet medical emergencies, school fees, unexpected payments etc.
Why SalaryPayLoan.com ?
Working employees deserve to work in a stress free environment specially when it comes to their emergency monetary need. Based on our survey, studies and interaction with many employees across India, we found that there was a dire need of an initiative which could meet the emergency financial needs of the working class. Working class opined that money worries impact their behaviour and overall performance in the work place.
This not only affects their personal life but it also impacts their professional life. Over half of UK employees said that money worries affect their behaviour and ability to perform in the workplace.
Is my company eligible for partnership?
We are currently getting into partnership agreement with various companies. You may check on the website to see if your company is in partnership with us or not. If not, you may write an email to us Mycompany@wecas.in and we would take necessary steps to connect with them.
Can All my Employees Apply?
Yes, once your company is in partnership with SalaryPayLoan.com, you must provide with the employee data whom you think can benefit from this service and they are eligible to apply for the loan. Henceforth, the employee will submit her/his requirement which would get routed to HR for approval, once approved employee gets credited to his bank account with the loan amount.
What are my risks (Employers Risk) by partnering with SalaryPayLoan?
As an employer, you don’t have any direct liability towards the loans given to your employees, however your company must deduct the loan amount first and pay the dues of the financial institution before crediting the salary to the employee on the Salary Disbursement Day.
How will my organisation gain by partnering with SalaryPayLoan?
1. Your company doesn’t have to worry/arrange cash to provide with for your employee
2. By facilitating employees to access cash within minutes, employees can be motivated, retained, and their time can be saved.
3. No hassles or worries for management about recovery of given advance to employees.
4. Your Cash flows are directed towards business purpose only, and not blocked into salary advances.
5. It’s a value-added service to your employees to meet their immediate cash requirement.
What do I have to do as an Employer?
1. Get into partnership and agreement with SalaryPayLoan and share employee data.
2. Encourage SalaryPayLoan to your employees for Salary Advance/Cash Emergencies
3. Provide a confirmation that the applicant works for you.
How can my employees access SalaryPayLoan and get privileged Corporate Access?
1. The Website will be hosted on cloud and will be made accessible to your private network so that access to your employee is easy and the company HR can immediately validate the customer’s details for loan disbursement. Alternatively, employees can download the SalaryPayLoan Mobile App from the App Store.
2. Complete the application form
3. Get instant approval on app for sanctioned Amount by HR
4. Verify details and complete formalities
5. Get funds transferred to bank account
How can I set up time for a SalaryPayLoan corporate presentation?
Please fill the form expressing the need for the service and we will contact you to fix the visit and presentation. Also, you may write mail to info@salarypayloan.com
Am I Eligible ?
The eligibility criteria for an individual is listed below. (any variance to these terms will be made available to you at the start of the application journey depending upon the terms and agreement we have with your employer).
- You are full-time employed
- You are aged 21 or over;
- You have had a permanent contract with your current employer for a minimum of 6 months; employment will be verified with your employer.
- You are a citizen of India
- You have a contact mobile number
- You aren’t currently serving your probation or notice period;
- You have not been registered as insolvent in the last 6 years;
- You are borrowing for your personal and emergency needs and not for business purposes, towards the purchase of a property or speculative investment;
Is SalaryPayLoan a good source for emergency and short-term loan ?
Of course, if understood properly. It allows ordinary employees to borrow money quickly to get themselves out of an emergency financial need without much hassle. Kindly note that this platform serves the purpose to meet short-term loan and not for the long-term loans.
How much can I borrow?
You can apply to borrow short-term loan which is proportionate to your net salary as per the agreement between your employer and SalaryPayLoan. The loan amount you are offered may differ from that which you applied for depending on your personal circumstances.
What if I and my job part ways?
The agreement covers what happens with the loan if you quit or are fired. If you’re dismissed or you leave, since the employer is aware of your sanctioned loan, the employer may simply deduct the remainder of the loan balance from that final settlement cheque which would be paid to you.
What's the interest rate?
You’ll be offered one of our fixed rates of 24% APR. The rate you are offered will depend on your personal circumstances and mutual agreement with your employer.
What's the interest rate?
You’ll be offered one of our fixed rates of 24% APR. The rate you are offered will depend on your personal circumstances and mutual agreement with your employer.
How do I get the loan money?
On approval, the loan is disbursed to your Bank account as given by you while applying for Loan. The disbursement is done online to your Bank account.
When do I have to pay the loan back?
Payments are made directly through payroll deductions. The demand sheet is shared with your employee on the day salary sheet is prepared. The employer deducts the demand money from your salary and initiates the payment towards the repayment against your loan.
Do you perform credit check?
We do not perform a credit check. We only verify that you have been employed longer than 3 months with the same employer. Moreover, we have our credit evaluating system which checks the various parameters before disbursement.
Do I need collateral in order to apply at SPL?
No collateral is required. Your employer has confidence in you, so we do as well.
Do I need to have a Bank Account?
Yes, the disbursement will happen to your Bank account only.
