What is the Borrow benefit? 

2 out of 3 UK employees are refused loans from banks, giving them no choice but to turn to high-interest options such as credit cards and payday loans.

Through our partnership with Salary Finance, we’re able to offer clients an API integration between our Platforms to offer a Borrow benefit to give your people access to affordable loans when needed – avoiding high-interest debts and keeping employees in control of their finances before finding themselves in trouble.

Many people using Borrow take an extremely low-interest loan to consolidate existing debts, greatly reducing monthly outgoings and giving them more to spend on essentials each month or allowing them to start saving.

There are no platform fees for employers (Reward Gateway or Salary Finance), meaning clients never have to pay for employees who never use the product.

If employers are interested in this service, we follow the simple process below:

• Introduce Employer to our partner, Salary Finance. 
• Employer signs a contract and terms with Salary Finance
• Once the contract is signed, Reward Gateway and Salary Finance teams will work together to implement the solution. 

Affordable Loans can be introduced through the Reward Gateway Platform using Reward Gateway products:

• SmartPay or Smart Hub if you don’t currently have SmartPay with us.

The benefit of having Borrow/ Affordable Loans benefit through our SmartPay tool is that you can take advantage of our SmartPay tool and see and manage the applications and deductions for this benefit. 

We have included examples from our clients, Royal Mail and Morrisons, on how they have Borrow/ Affordable Loans included as part of their Employee Benefits offerings. 

• The Benefit is presented with all their benefits, using our SmartTile
• 
• Once the Employee has clicked on the Tile, they are redirected to a SmartPage explaining the Benefit
• 
• Employees start the application through Reward Gateway and are then redirected to the  Salary Finance portal to seamlessly complete their application.
• 
• On the Salary Finance portal, employees can select their loan amounts 
  • Application is approved 
  • Salary deductions are processed via our Smart Pay tool.
  • 

Useful links 

1. Financial wellbeing starts here
2. Link to a video explaining Borrow/ Affordable Loans.

Clients that already use Salary Finance integration with SmartPay product:

• Royal Mail 

• Morrisons