a better way to financial health.
salarymate helps employees use salary deductions to consolidate debt at lower cost
Apply for a loan
salarymate helps employees use salary deductions to consolidate debt at lower cost
Apply for a loan
salarymate helps employees reduce debt by consolidating personal loan and credit card debt into a single, lower cost loan with repayments made automatically from salary deductions.
We organise everything for you with your employer once you are approved for a loan. You simply authorise us to make the arrangements on your behalf.
You can monitor your progress on our dashboard and pay your way to financial well-being!
salarymate provides employers with a simple and cost-free way of helping employees to reduce their personal debt. Reducing financial stress for employees provides clear productivity benefits for employers and fulfills a positive social purpose.
Participating employees authorise salarymate to organise payroll deductions each pay period. We send payroll deduction instructions to you via your payroll system's interface.
You simply deduct amounts owed each pay cycle from employee salary payments until their loan is paid off or refinanced.
Financial stress affects some 2.86 million Australian workers which is 24% of the workforce.
Based on average hourly pay of $38.76 per hour, the cost to the national economy is $47.2 billion dollars per year in lost revenue.
"Bad" debt is of greatest concern to employees when it comes to issues causing financial stress, along with repaying the home loan, retirement, supporting the family and budgeting.
salarymate's debt consolidation addresses "bad" debt which is the first step on the way to financial well-being.
salarymate works by consolidating higher cost personal loan and credit card debt into a single low cost loan, and ensuring that loan repayments are prioritised via automatic salary deductions from payroll.
By repaying debt first, employees improve their financial well-being by reducing "bad" debt. Greater financial well-being leads to improved performance at work, which benefits the employer's bottom line as well as improving the employee's financial situation.
salarymate simplifies the entire process, from facilitating a lower cost loan, to administering the payroll deduction and reporting progress to the employee.
The combination of assurred payments and administered repayments allows debt to be consolidated at lower cost for the lender.
Employers can participate in salarymate at no cost, risk or obligation. You simply deduct and pay the amounts owed at each payroll period based on the payroll instructions we send you.
It's easy to apply and get started with salarymate. Consolidate your existing debt into our competitively priced loan. We setup automatic repayments from your salary with your employer on your behalf.
By automating loan repayments from salary deductions, you'll steadily improve your creditworthiness as your regular repayments are reported to credit bureaus. As your financial position improves, you'll also be able to access a greater selection of financial products and services and do so on better terms.
salarymate helps employees improve their financial well-being by using salary deductions to repay the interest on a simple, low-cost loan used to consolidate other personal debt obligations.
With debt having risen almost 4% faster than income since 1990 to being 16% of an average household income, we saw an opportunity for salarymate to become a powerful tool for employees to manage and reduce their debt.
By helping to ease employee's financial stress, we knew that we would also help employers' bottom line and serve a positive social purpose.
