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 Pamela, a Revenue Coordinator in a major healthcare system, who took out a Salary Finance employee loan to pay off high-interest debt. We spoke with Pamela about how paying down high-cost debt helped her improve her overall wellbeing, and focus on building emergency savings.
How did you feel when you heard that your employer was going to introduce Salary Finance?
At first I was a little skeptical about it, and thought that Salary Finance would be just like other lenders, but I heard from a friend at work who had a great experience. She said the process of applying for a loan was very fast, and that she got a great interest rate, so I decided to give it a try – she was right!
What was the reason you chose to take out a Salary Finance loan?
I was trying to pay off one particular personal loan that I had gotten previously with an interest rate almost twice as high as my Salary Finance loan. I felt more stress and pressure making the payments on my previous loan, and now with Salary Finance my payments are less than half of what they used to be.
How has the Salary Finance employee loan helped you, and what is the biggest difference it has made for you personally?
It helps knowing that the repayment comes right out of my paycheck, so I don’t need to worry about making another payment. It also gives me the confidence to know I’ll never miss a payment.
Have you applied for loans previously? If so, how has your experience with Salary Finance compared?
Yes, I have. I felt like this was easier and less complicated than other applications.
How does having this benefit available through your employer impact how you feel about working for them?
I really like that they offer this benefit. There are a lot of great benefits that they offer to employees – like student loan repayment options – and I feel like this is a great complement to that. It’s another reason that makes me want to stay as an employee.
Would you recommend Salary Finance to your friends or colleagues?
Oh yes, I already have. I have told my coworkers that it’s way easier and more beneficial than other lenders, and that it allows employees to ease stress around their finances. I know two of my coworkers are also Salary Finance members – one took out a loan for home improvements they were making, and another was able to pay down high-cost debt like me.
Has Salary Finance helped you with any areas of your finances?
Yes, it helps me keep track of my budget more easily because of the automatic repayment from my paycheck. I also have focused on building up my savings for emergencies, and I have been able to save $1,000 so far.