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Salary Advance


Employer Salary Access Schemes: Financial Friend or Foe?

Employer Salary Advance Schemes (ESAS) and loans provided with the security of 'first call' on wages are expanding. Whilst collecting repayments directly from pay helps reduce the cost of borrowing, there are concerns that the products could harm some customers. In this blog we urge providers to ensure advances and loans are affordable and for mechanisms to be put in place so financially distressed customers can easily request a suspension of payments. We also call for further research to be conducted into the impacts of the products.