Require that loan? Your investment part payday lender — your employer has you covered

Require that loan? Your investment part payday lender — your employer has you covered

Your manager might play a role in your retirement account or help pay money for medical health insurance. But can it allow you to set up an urgent situation investment? Or provide you with that loan of some thousand bucks if your transmission stops working?

In the event that you work with Comcast Corp., yes.

The telecom that is philadelphia-based entertainment giant is rolling down those as well as other advantages to its a lot more than 160,000 employees at NBC Universal along with other subsidiaries through an innovative new Comcast-backed advantages company. It’s the example that is latest of a large boss trying to include itself in workers’ monetary life by providing not only training extralend loans payday loans and counseling but real cash.

Established in 2010 by Comcast’s venture-capital arm, benefits firm Brightside announced final thirty days so it would provide loans through north park company Employee Loan possibilities. The loans of $1,000 to $2,000 are going to be open to most employees, don’t require a credit check and generally are repaid through payroll deductions.

The loans are more expensive than the typical credit card but are dramatically cheaper than other types of debt available to borrowers with bad credit or little credit history with an interest rate of 24.9. Payday advances in Ca, for instance, have yearly interest levels topping 400%.

“When unforeseen costs appear, we would like workers to own a far more affordable choice than using a pricey cash advance or even a difficulty withdrawal through the 401(k) plan,” said Shawn Leavitt, a Comcast professional whom oversees worker advantages.

Alleged economic health advantages have grown to be increasingly typical elements of business advantages packages but until recently had been concentrated mostly on educating older employees because they get ready for retirement — think seminars on 401(k) investment choices.继续阅读