Hollard staff will access payday advance through TymeBank
More than 2,000 Hollard Insurance employees can now access advance salaries through digital banking TymeBank.
The insurance company is the latest company to sign up for the bank’s TymeAdvance, a zero-interest solution that gives staff early access to their salaries.
TymeBank first announced payday advance products a year ago as the bank sought to diversify its customer base.
Payday advance products include the bank agreeing to give customers part or all of a future salary before the usual payday.
Yesterday the bank said the payday advance offer was only available to employees whose employers have registered with TymeBank.
“TymeAdvance has found favor with businesses of all sizes. The latest company to sign up is Hollard Insurance, which has over 2,000 employees who can now access TymeAdvance,” the bank explains.
With the offer, TymeBank will receive real-time payroll data from the employer to calculate the available advance for each employee.
Employees will then be invited by the employer to use TymeAdvance and can apply directly via the TymeBank app or via SMS (USSD)
TymeBank says the employee can then select the amount they need (up to R5,000 per transaction), once approved the money will be immediately deposited into the employee’s account.
The cost to the employee per transaction is fixed at R30.
TymeAdvance banknotes is not a loan, there is no interest rate, no credit check and it will not impact credit scores either.
“It is not uncommon for cash-strapped people to pay loan sharks interest rates that are 10 times higher than what they would pay at a bank. These disreputable lenders don’t hesitate to show up at the individual’s workplace to collect on their debt,” says TymeBank executive Jarred Deacon.
“With TymeAdvance, employees have quick access to their own hard-earned money, as well as tools that help them manage their finances and improve their financial well-being.
“Employers who have adopted TymeAdvance as a benefit are already reporting positive results, including improved productivity and reduced absenteeism. What we’re seeing is people choosing to use TymeAdvance over expensive credit options that penalize you with high interest rates.
TymeBank CEO Coen Jonker added: “Consumers are struggling to make ends meet, even those who are lucky enough to be employed. TymeAdvance makes it easy for employers to provide much-needed relief to cash-strapped employees.