FOR RELEASE ON March 16, 2020
Worker Profit Gives Emergency Money Loans to Employees
South Burlington – Workers affected by the COVID-19 outbreak might discover themselves strapped for money if they will’t work. Their monetary state of affairs can get even worse in the event that they flip to a predatory payday lender for an costly fast repair to their money move downside. Pay day loans are unlawful in Vermont, however available on-line.
However for 9,000 workers at almost 50 Vermont companies and organizations, a distinct sort of fast repair is accessible. These individuals have entry to reasonably priced earnings advance loans via their human useful resource departments, getting money loans of as much as $1,500 quick — sometimes throughout the identical day. The borrower repays the mortgage via payroll deduction over the course of six months. The one price related to this system is paid by the employer, sometimes lower than $500 per yr.
Folks within the Earnings Advance Program ought to test with their employer, or employers can contact NorthCountry Federal Credit score Union to enroll. This system could be arrange inside a number of days.
NorthCountry Federal Credit score Union’s Employer-Sponsored Earnings Advance Program is accessible to any employer in northern Vermont’s ten counties. This system is presently provided at a various group of producers, dwelling well being organizations, hospitals, non-profits, breweries, and retail institutions.
NorthCountry, a not-for-profit monetary cooperative, serves 60,000 members and has been acknowledged as a “Finest Locations to Work” by Vermont Enterprise Folks journal in 2020. It’s headquartered in South Burlington, Vermont. Accounts are insured to $250,000 by the Nationwide Credit score Union Administration.
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