The startup provides financial wellness services that enable employees to access affordable loans directly deducted from their salaries, facilitating better credit management without employer costs. By offering financial education resources, the company empowers employees to improve their credit profiles and make informed financial decisions.
Funding
$5.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees lack access to affordable credit and financial literacy resources, leading to poor credit management and increased financial stress. Traditional loan options often come with high costs and may not be accessible to all employees, particularly those with limited credit history. This can result in a cycle of debt and financial instability, impacting employee well-being and productivity.
Solution
Credit Works Online provides a financial wellness program that enables employees to access affordable personal loans and credit-building tools directly through their employers. The platform offers financial literacy training, credit monitoring, and reporting services, empowering employees to improve their credit profiles and make informed financial decisions. Loan repayments are conveniently deducted from employee paychecks, promoting responsible credit management. This voluntary benefit program is offered at no cost to employers, providing a valuable resource to support employee financial well-being and reduce financial stress.
Target Audience
The primary target audience includes employers seeking to enhance their employee benefits package with financial wellness resources, as well as employees who need access to affordable credit and financial literacy tools.
Features
- Access to affordable personal loans originated by Medallion Bank, member FDIC
- Automatic loan payments deducted directly from employee paychecks
- Credit-building and monitoring services to help employees improve their credit scores
- Financial literacy training through in-person and online workshops
- Referrals to resources such as free tax preparation and financial coaching
- No application fees or hidden costs
- Online portal for employees to manage their loans and access financial resources
- Loans available to benefits-eligible employees with at least one year of employment