Payroll perk Moneyworks Wales, is launching a new Express Loan to help staff deal with the cost-of-living crisis.

The fast-track loans are aimed at those facing sudden costs who don’t have a savings buffer to fall back on.

Claire Savage of Moneyworks Wales said:

“Moneyworks Wales Express Loans offer quick access to up to £500, to help people spread the cost of sudden expenses.

“Repayments can be spread over up to 12 months and staff can save at the same time, so that when the small loan is paid off, they have a savings buffer to help with future expenses.”

Moneyworks Wales, which has more than 150 employer partners, is a payroll perk that enables staff to save or borrow, from £100-£15,000, direct from their salary. Free to employers, the scheme is provided by 10 of Wales’ leading not-for-profit financial cooperatives – credit unions – owned by and run for their members.

One of Moneyworks Wales’ newest employer partners, Archwood Group, explained how the scheme was benefitting the staff at their Wrexham plant.

Jenna Bellis, head of HR for Archwood Group said:

“We know that the impact of the pandemic followed so quickly by unprecedented rises in the cost-of-living crisis will and have had an impact on staff financial resilience.

“Financial stress has a knock-on impact on many areas such mental health, personal relationships, work productivity and we want to ensure that our staff have the ability to access affordable loans and build a financial buffer direct from their salary as part of our financial wellbeing package.

“Moneyworks Express Loans are there when staff need that bit extra, with a provider that can help ease our employees through this tough time, and to help them build better financial practices for the future.”

Loans through Moneyworks Wales are provided by credit unions and can range from £100 to £15,000. Interest on the loans is paid on the decreasing balance and there are no fees for early repayment.