One of the most rewarding aspects of being an employer is meeting and building relationships with the wonderful people who choose our organization as their home. These connections are overwhelmingly positive and fun; however, I often hear stories about a topic that has bothered me for years.
Many of you have shared your very personal stories of being burdened by debt. Whether you are buried in student loans, paying medical bills, or carry high-interest credit cards – collectively, we are paying hundreds of thousands of dollars in interest each year.
Today, I am proud to announce that we are DECLARING WAR ON DEBT. We are launching an innovative, first-in-our-industry program aimed at reducing and eliminating our employees’ interest-bearing debt.
How does it work?
We are setting aside a significant portion of cash that will be available for pay advances of up to 25% of your typical paycheck. This interest-free loan will be used to make an extra payment on an account of your choice and will be repaid through automatic payroll deductions over a 90-day term. As soon as the advance is repaid, you will be eligible to apply for another pay advance on a new 90-day term.
How effective might this be?
Here are some actual examples from current employees who have confidentially shared their stories:
Employee A is paying off student loan debt of $38,000.00 with 14 years remaining on the current payment schedule. Our pay advance program will save $14,500.00 in interest and cut the repayment term in half.
Employee B is facing 12 more years of monthly payments on a student loan balance of $44,000.00. The pay advance program will erase $10,000.00 in interest and reduce the repayment term to six years.
Employee C is a relatively new professional who obtained a degree at a private college, resulting in student loan debt of $210,000.00. This program will erase $50,000.00 in interest while reducing the repayment term by an astonishing nine years.
If you’re interested in this program, stay tuned! We will send invitations to the program in the near future and plan to fund our first round of DEBT SHREDDER loans early in 2020!
I look forward to your thoughts and feedback.