It is a scenario we have become all too familiar with: employees work hard for 8 hours a day, get their salary, pay their bills and necessities, and do the cycle again. Then something comes up unexpectedly requiring extra funds, causing worry and stress.
The hard truth is that 71% of Filipinos do not have extra money saved for a rainy day. This scenario naturally leads to financial stress which heavily impacts the way a person works. In fact, it was found that financial stress accounts for up to 14% of salary costs. For a company that has a workforce of 1,000, this amounts to a deficit of roughly P24,000,000 a year.
But employers need not deal with such loss with the help of Cebuana Lhuillier Advance, a product offered from a strategic partnership between Cebuana Lhuillier and Advance. This new offering of Cebuana Lhuillier helps employers manage their employees’ stress and helps them cope with sudden financial difficulties. Designed for emergencies and daily needs, Cebuana Lhuillier Advance allows employees to access a portion of their salaries as a revolving line of credit, whenever they need it. In a nutshell, all they need to do is initiate an advance and receive the funds. By enrolling in the facility, company or business owners will save their employees the hassle of borrowing from banks, which usually takes days to approve or loan sharks who charge exorbitant interest fees.
Another upside is that employers need not tap or use their own funds because Cebuana Lhuillier Advance shoulders and provides the credit line for employees which are automatically replenished upon repayment. It also promotes responsible use of credit and ensures that an employee does not take out a loan more than what he or she can pay back.
"Our goal has always been to provide Filipinos with excellent products that address their financial needs. Cebuana Lhuillier Advance is a great product that benefits both employers and employees in their journey towards financial wellness," Cebuana Lhuillier President and CEO Jean Henri Lhuillier said.
Jaime de los Angeles, Advance CEO and co-founder, also expressed his excitement. "By partnering with Cebuana Lhuillier, the undisputed leader in the microfinance industry, we believe more companies and more employees will benefit. We believe this new collaboration will help narrow the national credit gap."
Cebuana Lhuillier Advance program is what every employer needs for their employees who need ready access to cash when an emergency scenario happens. With this innovative loan facility, employers help address the financial burden of their employees, boosting their morale and allowing for greater productivity in the workplace.