A cornerstone of Bayport Money Solutions – our financial wellness programme for employees – is payroll lending. This means that the instalments on your Bayport loan are deducted directly from your salary, in terms of an agreement between your employer and Bayport. Why is this a good idea? Let’s find out more.
How does a payroll loan work?
Payroll loans are only available to employees of companies that have an agreement with Bayport to implement the Money Solutions programme. The aim of this programme is to help over-indebted employees gain control over their debt, and to give all employees the tools and knowledge to manage their money better.
If you, as an employee, decide to take out a Bayport loan, either to consolidate your debt or to achieve another financial goal, you sign a loan agreement with Bayport.
Based on the terms of the agreement and the agreement Bayport has with your employer, Bayport submits all the necessary information to the company’s payroll department so that the instalment can be deducted from your salary and paid over to Bayport.
No money can be deducted from your salary without you agreeing to it in the contract you sign with Bayport. This is the difference between a payroll loan and a garnishee order.What are the benefits of a payroll loan?