2020 Employee Benefits Book | Page 12

Employee Loans A smart way to borrow. An easy way to save. The Salary Finance Employee Loan program can help you manage financial emergencies or consolidate and pay down high-cost debt. It offers employee loans that are often lower cost alternatives than payday loans or high-interest credit cards. With Salary Finance you can: • Apply for low-interest loans quickly and confidentially, with repayments collected through payroll deduction • Borrow up to 20% of your salary at affordable rates, with a cap of $35,000 • Terms of 12 to 36 months • Access budgeting tools and financial resources To be eligible to apply for a loan you must: • Be a full- or part-time employee • Be at least 18 years old • Have at least $10,000 annual salary before tax • Have worked at Renown for at least 6 months Salary Finance is confidential and takes just minutes to apply from your computer or mobile device. Log on to renown.salaryfinance.com. 10