To help workers get an affordable loan when they most need it-Spring Bank has created the Employee Opportunity Loan (EOL). BOOM! Health is one of Spring Bank’s employer partners. Boom!Health provides health and wellness services in the Bronx and Senior Vice President of human resources, Inez Segarra knows that financial stress effects job performance
Employees needing quick cash often raid their 401ks, incurring financial penalties, or they took out pay day loans with sky-high interest rates that plunged them further into debt. “It does affect performance because you’re constantly trying to make ends meet,” said Inez Segarra, senior vice president of human resources for BOOM!Health. “You’re living paycheck to paycheck.”
When A BOOM!Health employee needed money quickly to cover moving expenses-she didn’t want to ask her family for money, and she knew getting a typical bank loan be time consuming “It takes forever,” she said.
And that’s where Spring Bank and the Employee Opportunity loan came in-providing a loan of $2,500 with no minimum credit score to qualify.
With partner employers verifying that applicants are employed and how long they’ve been at that job, the turnaround for loans is quick.
And we are helping these employees build credit and savings so next time something unexpected comes up they won’t have to borrow.
To see more about Spring Bank, Boom!Health and the Employee Opportunity loan check out the piece on NY1