Inside My Wallet is a series where we talk to Salary Finance members about their journey moving out of debt and into saving. Today we’re talking to Amanda, a Retail Manager working in Gadsden, Alabama. When Amanda and her family moved from Texas back to her home state of Alabama to be closer to family, bills started to pile up. She shares how taking out a low-interest Salary Finance employee loan helped her catch up on bills while her husband found a new job, reduce stress, and improve her overall wellbeing.
How did you feel when you heard that your employer was going to introduce Salary Finance?
When I moved back to Alabama and transferred to a retail location around here, one of my new coworkers told me about Salary Finance. I was looking to take out a loan already, and I was interested when I heard that through Salary Finance, my payments would come straight out of my paycheck.
What was the reason you were looking to take out a loan?
At the time we had just moved from Texas, and while I was able to transfer within my company, it took longer for my husband to find a job than we thought it would. While he was out of work, we missed some payments, so I decided to take out a loan so we could pay down our bills and get out of overdraft.
How were you feeling about your finances during that time?
I was feeling very stressed out, honestly. When we were in Texas, we were both working, and we were very comfortable. We didn’t expect it to take so long for him to find work, and while we were waiting for him to find something I just felt overwhelmed and I wasn’t sure what I was going to do. It was a very stressful time.
How has the Salary Finance employee loan helped you, and what is the biggest difference it has made for you personally?
I was able to get my bank account out of overdraft, and keep it out of overdraft because I now have a little extra money to pay my bills without having to overdraft my account. That’s the biggest thing – as well as relieving some of my stress.
Has Salary Finance helped you with any areas of your finances?
Yes, the repayment coming out of my paycheck helps with budgeting, and now that I have paid my bills and gotten out of overdraft, I’m able to divide each paycheck towards our bills and groceries.
Have you applied for loans previously? If so, how has your experience with Salary Finance compared?
I have, but it’s been about ten years since I’ve taken out a loan. My experience with Salary Finance was a lot easier, the application was quick, and it was a very simple process overall. It didn’t take long for me to get an answer – I got approved within one day, and I had the money in my bank account within three days.
How does having this benefit available through your employer impact how you feel about working for them?
It is an extra bonus – it’s great to know that they would care to offer a benefit that could provide low-cost loans and help employees when they need it.
Would you recommend Salary Finance to your friends or colleagues?
I would definitely recommend it. The thing that really stands apart for me is that you’re able to repay directly from your paycheck. It’s always been a struggle for me to keep track of exactly which day I need to make a payment, and now the late fees start that day. Knowing that I will never miss a payment is the best feeling.