“We can see that an improving employment picture, primarily with low-wage workers, is making FlexWage’s WageBank even more critical to an employer’s benefits package,” said Dennis Sullivan, Vice President. FlexWage’s WageBank has revolutionized the payroll card sector, adding access to accrued wages, which frees employees from using payday loans and paying check cashing fees.“We’re helping employees get out of, and stay out of, predatory debt,” Sullivan said.
FlexWage Solutions offers medium and large company payroll card services as well as its proprietary WageBank employee financial empowerment tools to access earned wages in advance of payday. The WageBank tools are available both on the web and with tailored mobile applications for Appleand Android devices. FlexWage Solutions’ products are available at FlexWage.com.
Founded by a number of longtime commercial payment and purchasing card executives, FlexWage Solutions was born out of the belief that “unbanked employees’ exploitation by payday loan and check cashing operators could be solved with technology more quickly than with legislation,”
According to the Pew Safe Small-Dollar Loans Research Project, 2012, payday loan borrowers pay fees of approximately $7.4 billion annually at 20,000 storefronts and hundreds of websites. Sixty-nine percent of borrowers use payday loans to cover ordinary living expenses as opposed to unexpected emergencies. Sixteen percent turn to these predatory products in emergencies, keeping them indebted for five months a year. The average payday borrower takes eight loans a year, spending up to $895 for a $325 loan, according to Pew.
More information on the Pew’s Small Dollar Loans Research is available at:
FlexWage Solutions is based in Mountainside, New Jersey. For more information on FlexWage Solutions, please visit FlexWage.com, find us on Facebook at Facebook.com/
FlexWage Solutions, LLC
Mountainside, New Jersey