Introduction
This article lists the most frequently asked questions regarding the different options provided by Salary Finance, including options such as borrow, advance, save, learn, and a few general questions. Read on to find the answers you need. This information is useful to employees in the United Kingdom only.
Borrow
What is a Salary Finance loan?
A Salary Finance loan is regulated personal loan available to employees whose employer is signed up to the Salary Finance platform through Reward Gateway | Edenred. If your application is successful, repayments are collected directly from your pay in equal installments.
Can I pay my loan back early?
Yes. You can repay some or all of your loan at any time with no early repayment fee. You will also pay less interest overall because you will have held the loan for a shorter period.
What happens to my loan if I leave my employer?
If you leave before your loan is fully repaid, repayments will continue by Direct Debit using the bank account details you provided during your application. The interest rate and repayment schedule remain the same, though Salary Finance can adjust these if your new payday falls on a different date. Please give at least one week's notice of any changes you would like to make.
Will applying affect my credit score?
Applying will not affect your credit score. At application, Salary Finance only carries out a quotation (soft) search, which is not visible to other lenders. A hard search - which is recorded on your credit file - is only carried out if you accept the loan. Making your repayments on time can help improve your credit score over time.
Am I eligible for a loan?
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. All applications are assessed individually for affordability.
Advance
Is Advance a loan?
No. Advance gives you early access to pay you have already earned. It is not a loan and does not affect your credit file.
How much can I access through Advance?
You can access between 20% and 50% of what you have already earned in the current pay cycle. The exact percentage depends on your employer's setup. The amount available to advance updates in the app as you work through the month.
How quickly does the money arrive?
Funds typically arrive in your nominated bank account within minutes of your request.
How is the Advance repaid?
The amount you advance, plus the flat transaction fee, is automatically deducted from your next payslip. There is nothing extra to arrange.
Save
Is there a minimum amount I have to save?
No. You can start saving from as little as £1 per payday.
Can I access my savings whenever I want?
Yes. You can pause, adjust, or withdraw your savings at any time with no fees and no notice period required.
What interest rate do I earn?
Your savings are held with Coventry Building Society and currently earn 2.00% AER / 1.98% gross per annum (variable). This rate can change.
What happens to my savings if I leave my employer?
Your Save account remains open. You will no longer be able to save directly from salary, but you can continue to manage your account and make withdrawals through the Salary Finance app.
Learn
Is the content in Learn financial advice?
No. Learn content is for guidance and educational purposes only. Salary Finance does not offer regulated financial advice. For advice specific to your personal circumstances, please seek independent financial advice.
What is Boost?
Boost is a tool within the Learn section that helps you check which government benefits you may be entitled to and access impartial debt advice if you need it.
General
Does my employer know which products I use?
Your employer does not receive information about individual employees' applications, usage, or balances - they will receive deduction requests for your active product. All communications are directly between you and Salary Finance.
How do I get started?
Download the Salary Finance app or visit your benefits platform to see what is available and sign up.
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