FAQ's for salary advance
1) Is it GDPR compliant?
Yes, we are fully GDPR compliant in how we handle and store data.
2) How long does it take to implement?
Once we have all the necessary information about your employees and the software you use for Payroll and attendance, we will be able to go live within 2 weeks.
3) Is it really free for the employer?
Yes, though some employers may want to cover the 3% fee for their employees.
4) Are you FCA approved?
As this is not a consumer loan we do not need FCA approval and we promise never to chase an employee for payment.
5) Will it work with my attendance/shift software?
It will seamlessly link with nearly all attendance/shift software.
6) What if we do not have attendance software?
If your employees work the same amount of hours each week (or month) we use our Assumed Model. That means we assume the employee is working their standard hours unless you tell us otherwise, e.g. they have resigned.
7) How does it work with maternity leave?
You simply tell us when it starts for your employee, when it is due to finish and the new hourly rate if it is changing.
8) What happens when an employee leaves?
If you are on the Assumed Model, you can go into your Employer Portal and suspend the worker as part of your Employee leaving process. If we are synced with your attendance software, you do not need to do anything.
9) Does it affect my payroll system?
We integrate with your payroll system and provide the necessary information but your payroll system will not be affected.
10) How will the employee know how much they have taken through Mywagez?
Their statement will be available in their account in the app, and the advances and fees will appear as deductions on their wage slip.
11) Can an employee set their own % limit?
Yes, if they request a lower %, the employer can change the individual’s settings.
12) Who pays back the advance?
At the end of the pay cycle, we inform the employer which of their workers have taken an advance and how much they have taken. This is deducted along with our fee from the payroll.
FAQ's for Credit union loans
1) Why do I have to save why I borrow?
Our mission is to provide you with ethical financial products and help you save for the future to become more financially fit. Therefore there is a bundled savings element when you take out a loan (minimum £2 per week or £10 per month). We would encourage you to save more than the minimum and recommend a basic target of accumulating 2 weeks’ worth of wages or £1,000 by the time you repay the loan.
2) How much can I borrow and for how long?
You can borrow a maximum of £7,500 for a maximum period of 24 months. Actual figures vary from individual to individual based on years of service with the employer, affordability and other variables used in the underwriting risk models of the Credit Unions. You will have the option to check this amount once you select a product.
3) If I have poor credit scores – can I still apply?
Yes, anyone with over 12 months service with the employer and no current disciplinary warnings on file can apply for a loan. The Credit Union will assess your application and confirm whether or not you are successful.
4) How long does it take for the loan to be granted?
Once you apply for a loan, you should receive a response from Credit Union team within 1-2 working days. If the application is successful, disbursement is usually made in 1-2 working days.
5) How do I pay it back?
All payments are deducted automatically from your weekly/monthly wage.
6) Can I repay my loan early?
Yes, you can repay the loan balance earlier than the original term if you wish to do so, free of charge.
7) Can I borrow again?
Yes, once your loan is repaid in full, you are eligible to apply for a new loan. Although by then you will have a healthy savings pot to use and may not have to go back to borrowing!