For The Employer

WHAT THE EMPLOYER SHOULD KNOW

Who is affected?

Approximately 26% of Australian consumers have some type of derogatory or adverse information on their credit record, ranging from a minor default to a bankruptcy. This means that 1 in 4 consumers are highly unlikely to gain access to credit from a bank or credit union until the derogatory information is removed from their credit record, normally after a 5 to 7 year period.

In addition, there are a significant number of consumers who have perfectly clean credit records but, for one reason or another, do not fit the rigid lending criteria of a traditional lender and are therefore denied access to credit from a bank or credit union.

Therefore a reasonable assumption is that 1 in 3 consumers do not have access to credit from a bank or credit union on any given day.

People who fall into any one of the above categories will normally apply to a non-bank credit provider such as ourselves, as we are usually seen as the alternative source of finance. Ultimately, the vast majority of Australian consumers need access to credit for a number of reasons, and your employees are no different to the general population. Your colleague sitting next to you could be using a non-bank credit provider, only you wouldn't know it.

A satisfied employee is a productive employee

Employees that are satisfied and content within themselves and their work environment are productive employees. Furthermore, research shows that financial anxiety is one of the main causes of personal dissonance, which has a strong correlation with performance at the workplace. Poor productivity is strongly correlated with personal dissonance. And personal dissonance is strongly correlated with financial debt. So when a person most needs the assistance of the traditional lenders that is when they are least likely to obtain credit from a bank or credit union. And that is where Quick and Easy Finance comes into the picture. We are quite often able to assist people who are denied access to credit from a bank or credit union.

Who uses us?

Typical users of our services include people who:

• Require finance in a hurry and do not want to wait for weeks to have their finance application approved and funds drawn down. We typically assess a loan application within a few hours of receiving it, and if approved, a client is normally paid within 24 - 36 hours of applying for their personal loan with us.
• For a number of reasons do not have access to bank or credit union credit. These individuals can range from;
• people who have perfectly clean credit records, but have an excessive number of enquiries on their credit record thus resulting in their application for a personal loan or credit card being declined by banks and credit unions,
• people with minor adverse information on their credit record because, for example, they did not receive their last telephone bill when they moved house and subsequently ended up with a default on their credit record which has impaired their ability to obtain a personal loan or credit card from a bank and credit union for a minimum of 5 years,
• people who have been discharged from bankruptcy and are in the process of rehabilitating their credit profile. We do not grant personal loans to people who are currently bankrupt.

The non-conforming market

People are generally reluctant to discuss their financial matters with their employer for fear of being judged or they may feel that their employer will be unwilling or unable to assist them. Either way, if a person does not qualify for credit from a bank or credit union, and they need money, they run the risk of paying exorbitant interest rates, or fees, or both if they are not careful.

It is not uncommon for people who use non-bank credit providers to pay annualised interest rates in excess of five hundred percent (500%). And someone who has never used or considered using a non-bank credit provider may find it difficult to comprehend that people are willing to pay such exorbitant interest rates, but that's reality! Generally speaking, these people do not have many choices! And unfortunately there are some companies that do prey on, and take advantage of, people who are denied access to credit from a bank or credit union.

One need only look at the proliferation in the last decade of pawn brokers and providers of non-bank credit, to realise that this a growing problem.

The benefits of using Quick and Easy Finance
Unlike some unscrupulous operators (who are regrettably willing to take advantage of a person's unfortunate financial circumstances), Quick and Easy Finance completely eliminates such risks for an employee who does not qualify for credit from a bank or credit union.

Therefore, for that large segment of the credit market that is categorised as 'non-conforming' by banks and credit unions and is therefore completely ignored by them, we provide a welcome, meaningful and easy to access service that ensures people are treated fairly and honestly.

How the Employer can help

By agreeing to facilitate the Payroll Deduction on behalf of employees, the employer is now able to assist employees who do not have access to credit from a bank or credit union to obtain credit from a reputable company that offers very competitive interest rates and affordable installments… Quick and Easy Finance! We invite you to compare our interest rates with those of our competitors to see for yourself, and we look forward to doing business with you.

Payroll Deduction effectively means the deduction of a fixed amount (installment) from an employee's wage or salary, over a fixed period. The deduction is made either weekly, fortnightly or monthly, depending on the employee's own pay cycle. And most, if not all, large companies and Government Departments offer Payroll Deduction as a standard feature of their payroll systems. In many cases the employee is required to set up the Payroll Deduction themselves, therefore there is no additional burden placed on a Pay Office's resources.