Jun. 1st, 2016

giandujakiss: (Default)
Bosses Turn to Loans to Help Employees
Pam Dimitro, the controller at JNET Communications LLC, realized employees were often turning to payday lenders or high-interest credit cards in a financial pinch.

So the Warren, N.J., employer of call-center workers and cable installers began offering employees a new benefit: low-interest loans to help pay for things such as car repairs and health expenses.

Worried about their financially strapped workforce, a handful of companies are stepping in to offer employees alternatives to payday loans and other expensive financial products.
It sounds benign, but it seems like a way of exploiting the already low-salaries - they leave employees strapped for cash, and then step in to earn interest payments from the employees' need for loans.

March 2017

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