Salary Finance - An Employee Guide (UK Only)

Introduction

This article is useful to members and clients in the United Kingdom. It talks about Salary Finance, the key things to know about the borrow and advance features, how to save, learn, and get started.

Overview

Your employer has partnered with Salary Finance, through Reward Gateway | Edenred, to give you access to a range of practical tools designed to help you manage your money more confidently. Everything is available through the Salary Finance app and linked directly to your salary, making it simpler and more affordable than going to a high street bank or lender.

Not all products might be made available to you via your employer, only those you have access to will feature on your benefits platform. You do not need to use all of the products available to you, choose what is right for you and your situation.

Borrow - Affordable Loans Linked to Your Pay

If you need to borrow money, a Salary Finance loan is designed to be a more affordable and straightforward option than a credit card, overdraft, or payday loan. Repayments are taken directly from your salary in simple installments, so there is nothing extra to remember or manage. 

Key Things To Know

• Interest rates start from 5.9% APR
• For loans up to £5,000, Salary Finance offers a price promise - if you find a better rate elsewhere, they will match it
• You will receive a fast response on your application, so you know where you stand quickly
• You can repay early at any time with no penalty - you will simply pay less interest overall
• If you leave your employer before your loan is repaid, repayments continue by Direct Debit at the same rate 

Eligibility

To apply you must be at least 18 years old, have worked for your employer for at least six months, have lived in the UK for at least three years, and have an income of at least £6,000 per year before tax. 

Your employer does not benefit financially from you taking a loan. All communications are directly between you and Salary Finance.

Advance - Access Your Pay Before Payday

Advance lets you access up to 50% of the pay you have already earned before your payday arrives. It is not a loan, it is simply early access to money you have already worked for, available when you need it most.

Key Things To Know

• Funds typically arrive in your bank account within minutes
• There is a single flat transaction fee - no interest and nothing hidden
• The amount you can access updates in the app as you work through the pay cycle
• The Advance amount and transaction fee are deducted automatically from your next payslip
• The exact percentage you can access (between 20% and 50%) depending on your employer's setup

Advance is not a regulated lending product. Your employer does not benefit from offering this service.

Save - Build Your Savings Without Thinking About It

Save automatically sets aside a portion of your salary before it reaches your bank account. As the money moves before you see it, you are less likely to spend it. Small, regular amounts can make a significant difference over time.

Key Things To Know

• You can start saving from as little as £1 per payday
• Your savings are held with Coventry Building Society, currently paying 2.00% AER / 1.98% gross per annum (variable)
• You can pause, adjust, or withdraw at any time with no fees and no notice period
• If you leave your employer, your Save account stays open and you can continue to manage it through the Salary Finance app

Learn - Understand and Improve Your Finances

Learn brings together financial education in one place, in plain English and without jargon. It is designed to help you manage your money, plan ahead, and make your pay go further - whatever your starting point. 

What Is Available

• Articles and guides on everyday money management
• Video box sets and live webinars
• A budget planner and other practical tools
• Boost - a tool to check which government benefits you may be entitled to and access impartial debt advice if you need it

Learn content is for guidance and education only. Salary Finance does not offer regulated financial advice. For advice specific to your personal circumstances, please seek independent financial advice.

How To Get Started

Visit your benefits platform to see which products are available to you. 

Salary Finance Limited and Salary Finance Loans Limited are authorized and regulated by the Financial Conduct Authority (firm reference numbers: 758053 and 734585) and are registered in England and Wales (company numbers: 09677777 and 07643748) at Scale Space, 58 Wood Lane, London, W12 7RZ.