FORT WORTH, Texas--(BUSINESS WIRE)--
Think Finance, a leading developer of online financial products that bridge the gap between payday loans and credit cards, today announced that its new emergency line of credit product for employees – elastic – is in the process of completing integrations with 35 payroll providers and four payroll software platforms. The product will soon be accessible to seven million employees across the country.
Elastic is designed to give employees access to cash when they need it, with flexible and affordable repayment options, including the option to have payments made through their paychecks. The product is priced significantly lower than payday loans, bank deposit advances, bank overdraft charges and other forms of emergency credit, providing a more affordable way to manage employees’ financial concerns.
“We are excited that elastic is gaining traction with payroll providers and software platforms, which are critical to making this important credit alternative available to employees,” said Ken Rees, CEO of Think Finance. “Elastic is a truly innovative solution that helps employees deal with the financial difficulties that can lead to loss of productivity and a general sense of anxiety that comes with financial hardship. We look forward to building further momentum as we integrate elastic with additional payroll providers around the country.”
Elastic seamlessly integrates with company payroll systems, with no additional costs or administrative responsibilities for the employer. The product also offers tools to increase employee financial literacy and gives users the opportunity to improve their credit scores by reporting payments to a major credit bureau.
About Think Finance
Think Finance develops online financial products that bridge the gap between payday loans and credit cards. Using our technology and analytics platform, Think Finance and the lenders we work with have provided over $3.5 billion in credit to 1.5 million consumers in the U.S. and abroad and have saved customers over $1 billion compared to payday loans. Think Finance is privately held and is backed by some of Silicon Valley's most respected venture capital firms including Sequoia Capital and Technology Crossover Ventures. The company was recently named No. 2 on Forbes' America's Most Promising Companies list. Learn more at www.ThinkFinance.com
- credit cards
- payday loans