Neyber, the leading provider of salary deducted loans, has been chosen by the employee benefit platform provider Staffcare to provide loans across its UK employee customer base.

Neyber provides financial employee benefits that enable employees to reduce borrowing costs with access to affordable loans integrated with payroll - all at no cost to the employer. The disruptive consumer lending platform enables employers to offer loans at more affordable rates than are accessible on the High Street – 4.9% APR. Loan repayments are taken through a unique salary deduction technology that integrates directly with employer payroll systems.

Neyber’s affordable rates, have delivered an effective 5% pay rise to the majority of its existing borrowers, by enabling them to consolidate their debts, saving them up to 20% on monthly debt repayments.

Staffcare provides benefits administration and communication software including solutions for pension auto-enrolment to private and public sector employers. With over three million people already on its platform and most of the UK’s benefit consultants licensing or promoting its software, Staffcare has a significant footprint in the workplace, giving Neyber an immediate addressable market equal to 10% of the UK workforce.

Neyber was chosen by Staffcare because of its focus on improving financial education and wellbeing in the workplace in an era where 70% of UK employees admit to having financial worries and at least 17.5M¹ working hours are being lost annually due to employees taking time off work as a consequence of financial stress.    

Commenting on the partnership, Staffcare Founder and CEO, Phil Hollingdale said: “Neyber offers the most compelling new employee benefit that we've seen and that’s why we’re happy to conclude this agreement and recommend Neyber to our clients and partners. The combination of Neyber’s attractive loan product and Staffcare’s cutting edge technology will help to revolutionise the provision of financial employee benefits in the UK.”

Neyber co-founder and Chief Strategy Officer, Monica Kalia, said: “I’m delighted that Staffcare has chosen to partner with Neyber. As a financial technology business with over 12 years’ experience and trusted strategic relationships with the UK’s leading benefit consultancies Staffcare will be able to boost Neyber’s presence across the entire UK employment market.” 

To find out more about Neyber, please visit the website: www.neyber.co.uk