Require that loan? Your investment part payday lender — your boss has you covered

Your boss might subscribe to your retirement account or help purchase medical health insurance. But can it allow you to set up an urgent situation investment? Or provide you with that loan of some thousand bucks if your transmission stops working?

In the event that you benefit Comcast Corp., yes.

The telecom that is philadelphia-based activity giant is rolling away those along with other advantages to its significantly more than 160,000 employees at NBC Universal along with other subsidiaries through an innovative new Comcast-backed advantages company. Oahu is the example that is latest of a big company seeking to involve it self in workers’ monetary everyday lives by providing not merely training and guidance but a real income.

Created in 2010 by Comcast’s arm that is venture-capital benefits firm Brightside announced final thirty days so it would provide loans through north park company Employee Loan Systems. The loans of $1,000 to $2,000 should be open to most workers, don’t require a credit check and they are reimbursed through payroll deductions.

The loans are more expensive than the typical credit card but are dramatically cheaper than other types of debt available to borrowers with bad credit or little credit history with an interest rate of 24.9. Payday advances in Ca, for instance, come with yearly interest levels topping 400%.

“When unanticipated expenses appear, we wish workers to own a far more affordable choice than using an expensive pay day loan or perhaps a difficulty withdrawal through the 401(k) plan,” said Shawn Leavitt, a Comcast executive whom oversees worker advantages.

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