Recently, an industry study determined which U.S. employers have the most employees accessing payday loans.
Living paycheck to paycheck is a reality for millions of American workers, more than one-third of the total U.S. workforce. All it takes is one unexpected emergency costing $400 to fall into debt.
For millions of people, the solution is a payday loan. The irony is that more than 80 percent are full-time workers.
It may be surprising, or maybe not, to see which companies made the list.
Retail dominates. More than 30 million people in the United States work in this sector. Then comes healthcare. Yes, healthcare. That’s our essential workers. Then comes education. These are our teachers.
Click here to see if you work for one of the U.S. companies that have the most payday loan recipients.
A payday loan is what employees must resort to, because they have no other options. Visit our blog for details.
That’s why we recommend a holistic approach toward financial wellness called Earned Wage Access (EWA) to offer your employees on-demand pay.
Payactiv, the pioneer of EWA, serves thousands of employers and empowers more than 2 million employees to access better solutions. Our app seamlessly integrates with all payroll, time and attendance, and HCM systems.
Payactiv is the only EWA provider with an approval order from the CFPB*. There’s no interest, recurring or late fees, forced bank accounts, credit reporting, installment payments or collections.
No employer wants their employees to experience undue hardship.
Take your first step toward empowering your greatest assets, your people.
* The CFPB Approval Order relates only to Payactiv’s Payroll Deduction EWA Programs and not to all Payactiv products or services. The Approval Order is a public document, and may be reviewed here.
In fact, a study found that only one in five (21%) employees would describe...
*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.