Neyber, a provider of financial employee benefits, has launched its product range to UK employers.
The launch follows a year-long partnership with Police Mutual, the not-for-profit financial services provider to the police. Neyber lent £8m to serving police officers, civilian employees and their families in the past 12 months, on average, saving 20% on monthly debt repayments and gaining the equivalent of a 5% yearly pay rise.
Neyber plans to lend over £100m throughout the UK over the course of 2016. It enables employees to borrow in the workplace at more attractive rates of interest than those traditionally available from high street banks or alternative lenders. Neyber offers an employee benefit that is entirely free for participating employers with loan payments deducted directly from the employee’s salary.
Its technology seamlessly integrates with an employer’s payroll and claims that, with its credit assessment and salary deduction repayment model, applicants are far more likely to succeed in achieving approval for their loans through Neyber, in contrast to traditional lenders.
Employees who borrow from Neyber can choose from loans ranging from £500 – £25,000 to meet their personal needs. Savers will also enjoy better rates than those available from traditional providers with payroll deducted Neyber ISAs available over the course of 2016, the firm claimed.
Martin ljaha, co-founder and CEO, said: “It’s clear that the year ahead will be tough for many employees across the UK. Wages are likely to remain static, while key costs such as housing are likely to rise as a result of a potential rise in the bank base rate. People are also borrowing at levels not seen since 2008 at interest rates that cannot be supported by their earnings. This is simply not sustainable from either a national or personal economic standpoint.
“We’ve created Neyber to help address this problem and deliver sustainable financial solutions that will enable employees across the UK to get their finances back on track. We urge employers to consider the benefits of providing financial services in the workplace and the productivity benefits that they can reap from having a workforce that is less financially stressed, with greater financial wellbeing and more able to focus on their jobs.”
Neyber co-founder and chief strategy officer, Monica Kalia, added: “Our research showed that over half (53%) of workers would value access to affordable loans and savings from their employer. Financial wellbeing has been quickly gaining recognition amongst HR professionals and the interest for our proposition amongst employers has been immense.
“It is imperative that employers provide their employees with the solutions they need to help them improve their financial, physical and mental wellbeing.”
