Innovative financial wellness approach allows access to emergency funds and builds credit
Sept. 13, 2011— FEI Behavioral Health, a national EAP, wellness and crisis management company based in Milwaukee, has partnered with Emerge Workplace Solutions to offer an exclusive new financial wellness program aimed at strengthening workers’ financial resiliency.
In today’s economy, more than 50% of Americans live paycheck to paycheck, where one unexpected bill can lead to long-term cycles of debt and financial stress. Unfortunately, the all too-common solution is to rely on predatory “payday” loans and other high interest schemes. Last year alone, Americans took out 20 million “payday” loans at interest rates of 400% APR or more, and spent $100 billion dollars on the repayments.
FEI and Emerge have a better solution — a new model that combines socially responsible lending with expert financial education to help employees build credit, gain access to conventional banking products and start saving for the future. This enables employers to offer a unique, low cost wellness benefit that creates a tremendous and enriching impact for employees and the workplace in total.
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