Article Features

A fast credit program that actually works

Users span the earnings gamut

As system grows, loans smaller, interest levels lower

Financial counseling is amongst the services that are many by Minnesota’s biggest nonprofit, Lutheran personal provider (LSS), so that the organization’s very very own recruiting (HR) personnel are often searching for techniques to help their particular workers’ monetary capacity. Once they found out about TrueConnect, an application allowing employers to supply immediate access to credit with their workers, a bulb proceeded.

“We understand from our monetary counseling operate in town that there’s this requirement for usage of credit. TrueConnect ended up being a method we’re able to begin to fill that space for the employees that are own” said Kristine Thell, accounting supervisor at LSS.

TrueConnect permits LSS workers to obtain loans of $1,000–$3,000 which have an APR 1 of 24.99 per cent and a repayment period of 12 months. The loans are funded by St. Paul-based Sunrise Banks plus don’t carry any risk that is financial the boss. Qualifying for the TrueConnect loan is easy. Credit rating needs, which is often an enormous barrier that is financial people who have less-than-stellar credit histories, aren’t used; alternatively, workers immediately qualify after employed by their boss for a certain period of the time. At LSS, the necessity is half a year.