One million UK employees can now clear their debts through their employer – SalaryFinance unveils new partnership

SalaryFinance has announced a new partnership with employee benefits provider Benefex, whose platform reaches employees at M&S, E.On, The AA and Centrica among many others. The service – which is free for employers to opt into – reduces interest costs on existing personal debt by enabling repayments to be collected from salary. Interest rate on loans reduces to a third market average irrespective of credit score. The scheme, the first of its kind, was successfully piloted last year and is now being rolled out across the UK.

Asesh Sarkar – who co-founded SalaryFinance along with Google UK’s former managing director Dan Cobley and entrepreneur Daniel Shakhani – said:

‘One in three employees say that money worries impact their productivity at work. SalaryFinance provides a cost-free way for employers to help their staff, particularly those on middle to low incomes, payoff their debt quicker and improve their financial health. We deliver the equivalent of a 3% pay rise to staff, for free.’

SalaryFinance offers employers a financial employee benefit that allows their staff to pay off their debts more quickly. The platform consolidates existing personal debts and repays them via a low interest, fixed-rate loan.