What are pay day loans?
Payday cash loans help people to take care of his urgent or unexpected financial needs, such as emergency bills or medical expenses. They can be a vital lifeline – but there can also be issues of access and high interest payments.
Pay day loans through company payrolls
Many employees in low-income and lower-middle-income countriesdo not have a bank account or a credit history. This makes access to emergency cash or credit services very difficult – but we have a mobile payment solution that can help.
Our system connects with your company payroll and allows your staff to apply for loans instantly. The money plus the interest payment is deducted from their salary in their next payment. There are no hidden costs, no security is required and the payment is instantaneous.Most importantly, the interest rates are far more reasonable – comparable to those of high street banks rather than payday loan firms.
Benefits of our employee pay day loans
- Easy, instant access to credit for your staff
- No paperwork – completely automated through your existing payroll system
- Employee does not have to provide any security
- Pre-approved instant loans
- Employee can borrow larger amounts every time they clear their loans on time
- Affordable interest rates
- Flexible credit scoring model
- Compliant with Shariah Law
How do they work?
Once the system is integrated into your payroll, staff simply need to create a mobile wallet account. This will link with your payroll and they can request money as needed, and they money and interest will be deducted from their next salary payment.
Find out more
Contact us today to learn more about our pay day loan offering.
Give us a call on +44 7932 459922
Write to us at sales@mobihivelabs.com