General:

Why should we consider Workplace lending?

Ends do not always meet, and we often have a need for short term finance, however, many people don’t pay back their loans which is costly to the lender. That cost is carried by the people who do pay back their loans. So to put it simple, Good Payers pay high fees and interest to make up for the Bad Payers. We believe there is a win-win solution. A secure payment means we can lower the cost of credit, and that benefit is shared with the borrowers by significantly reducing interest and fees on Workplace lending loans.

How does Workplace Lending work?

We set up an agreement with the employer for an easy and convenient payroll deduction of staff advance loan repayments. Preferential rates is agreed, and staff loans can be provided at much more affordable rates and fees.

What will this cost our company and our employees?

As an employer, there is zero cost involved. For the Employee, taking out a secured payment option in the form of a Voluntary Salary Deduction, we are able to significantly reduce the charges for your loan agreement, making your access to short term finance much more affordable.

What is Financial Wellbeing?

Financial Wellbeing means having control over your day-to-day, month-to-month income and expenses with the capacity to absorb a financial shock or deal with a financial emergency. Being financially well means you have the financial freedom to make the choices that allow you to enjoy life.

Will you do bureau checks?

Yes, we do. Zoop is a registered Credit Provider and by law, has to do proper affordability checks which does require a bureau check to ensure we take all current loan agreements into account. Due to a more secure payment through the payroll deduction, we can be a bit more lenient when it comes to past credit behaviour. Together we can assist people to get back on their feet and not repeat
mistakes of the past in terms of credit behaviour.

Employers:

Why Payroll loans and payroll deductions?

A large portion of the South African working population are denied credit for a variety of reasons. This is mostly due to their credit bureau records either having limited information or previous poor credit history. A payroll deduction lowers the risk and subsequent cost to serve credit and we don’t have to charge high rates and fees to make up for the subsequent losses due to non-payment. This allows us to transfer some of that benefit to your employees and provide access to credit and promote financial wellness.

What will this service cost?

This is a free service to you the employer. Having a more secured repayment method in the form of direct payroll deductions lowers our cost to serve credit and we share the benefit with your employees by lowering the cost to borrow money.

What is our responsibilities and will there be system integration requirements?

We only require execution of the payroll instalments and ask to be informed when staff resign. Assistance with staff verification is also an immense help to prevent fraud. No payroll system integration is required. We provide custom payroll export data files securely for your payroll systems that makes execution of the payroll deductions an effortless process.

How will you support my employees when they have questions?

We assign a team of dedicated agents that are reachable through WhatsApp or a call and ready to assist every step of the way. We also have the option to provide digital access to the company’s staff portfolio to view balances and monitor progress should this be a requirement. You will also have a dedicated Key Account Manager to assist with any company requirements on the staff loan
portfolio.

What happens if a staff member resigns or Absconds?

Zoop takes the risk on the loan portfolio. Your only responsibility is to execute on the payroll instalment instruction where salary or wages is payable to the employee. It is Zoop’s responsibility to devise a credit granting strategy that minimises risk of default and grant credit responsibly.

Is this legal and is Zoop registered credit providers?

Yes, Zoop is a registered credit provider with the National Credit Regulator and grant loans strictly according to the regulations in the National Credit Act. By law, payroll deductions are governed, and we make sure that instalments do not exceed the maximum % allowance of any persons salary. We also ensure that we only grant loans to people who can afford it and are legally allowed to enter into a
credit agreement.

Employees:

How do I get my company to do Staff Advances through Zoop?

We will gladly set up time with your HR or Finance department. Simply contact anyone on our Contacts page and we can arrange for a Demo.

What will my interest rate and fees be for a Staff Loan with Zoop?

When we engage with your employer, we determine preferential rates for the company. To see what specific fees and interest is charged on your Stagg Loan, simply go to the web-app, use your unique employer code, and fill in the amount and term you prefer. We will supply a loan quote instantly for you to consider before applying for the Staff Loan.

How do I apply for a salary advance?

Once your employer is signed up, you will receive a company access code which ensures you enjoy the agreed preferential rates for your advance. All you must do is call the Zoop agent who will assist you.

How long does it take for my application to get finalised?

Loan applications typically get verified and completed under 2 hours from the time the application is completed. There will be dedicated agents to support you with any questions you might have during the application upload process. Our agents are a phone call away, and most people prefer just communicating via WhatsApp.

How is my loan paid out to me?

We can do a direct payment to your nominated bank account. Note that it may take up to 24 hours for the banks to process our request. Alternatively, we can pay out your loan via eWallet which you can withdraw at any FNB ATM. eWallet pay outs are quick and will be available within minutes from the time we pay out the loan.

Can I pay my loan off quicker?

Yes, you can make direct payments directly to our main account. Please use your loan number as reference. Bank account details can be found on this website on the Employees page under STAFF LOANS INFORMATION – else, just send a WhatsApp to your agent for quick assistance or give our office a call.

Frequently Asked Questions

General:

Employers:

Employees:

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