Offer pay day loans as an worker advantage, this start-up says

For the year that is past a half, Doug Farry has met with town councils, chambers of business and business hr supervisors, telling a difficult truth: numerous workers reside paycheck to paycheck and often seek out payday lenders to have by.

He’s not wanting to shame companies into boosting wages. Instead, he’s wanting to persuade them to join up together with his company, Employee Loan Options, a north park start-up that actually works having a Minnesota bank to provide short-term loans – ones that carry an interest that is high but are nevertheless cheaper than typical pay day loans.

Some companies already fully know their employees will come up short and from time for you time provide advance or cash paychecks. But for other people, he said, it’s something they’ve never considered.

“There’s a misperception among some company leaders that this will be somehow an issue associated with the unemployed or homeless,” said Farry, certainly one of Employee Loan possibilities’ founders. Read more