Looking for a Reasonable Small Loan? Find it Below
In my work, I spend a lot of time reading articles and information about credit, debt, and many different money management strategies. Many times what I read is frustrating and it feels like the average American is never going to get a break when it comes to dealing with payday loans, overdraft protection, and access to credit for emergency needs. However, one company has surprised me.
Their name is Emerge Workplace Solutions. I mentioned them a while ago in a Tweet and in a Facebook post, but even then I didn’t really understand what they do for people.
Emerge is an employee benefit company. Through employers, they offer financial counseling and access to small dollar loans for employees. But it doesn’t stop there. Unlike payday loans which do not help build credit, these loans do. In addition, these loans are at affordable interest rates – typically 9.99% to 19.99% – a far cry from the interest rates charged by traditional payday lenders and even some mainstream banks. Finally, these loans do not have to be paid back in full, on the next pay day. The loan applicant makes a small payment based on their loan amount and how often they are paid. This breaks what many people have come to call the payday loan cycle. In the payday loan cycle you pay off the loan, but immediately get a new one because you do not have enough income left to cover your expenses.
So there are four HUGE benefits of Emerge’s services:
- In addition to the loan, participants receive financial counseling and education
- These loans help build credit
- The interest rates are not predatory
- Loan repayment is fair – you do not have to pay it all back at once, and the payments are reasonable
So what is the down side to the services Emerge offers? In order to use their wonderful services, you have to be an employee of a business who has agreed to use Emerge as part of their employee benefit package.
Ask your Human Resources representative if Emerge is part of your package. You can also email Emerge and provide them with the name and contact number of your Human Resources representative. Emerge will then contact them about bringing this great service to your workplace.
As always, if you need help managing your finances or finding options to handle your debt, call American Financial Solutions. We can even help you evaluate whether a loan is your best option. Call now or, click on the Get Started button to speak to a certified credit counselor.
Published Nov 10, 2011.