TrueConnect and EvoShare Give Employees a New Way to Weather Financial Emergencies
EvoShare and TrueConnect are announcing their partnership to bring a revolutionary new solution to employees in financial need - emergency funds powered by cash-back from daily spending. This partnership provides employees access to an affordable loan to cover financial emergencies, while empowering employees to build an emergency savings fund with cash-back from a network of 10,000+ merchants and 700,000+ hotels worldwide.
BERKELEY, Calif., Nov. 18, 2020 /PRNewswire-PRWeb/ -- EvoShare, a microsavings oriented FinTech startup, and TrueConnect, an employee loan benefit program, are announcing their partnership to bring a revolutionary new solution to employees in financial need.
Most employees live paycheck to paycheck and would struggle to pay an unexpected expense of $1000 or more. A growing number of employers are providing financial education or coaching programs, but it can be very difficult for an employee to switch from being spender/borrowers to become saver/investors. This partnership between EvoShare and TrueConnect provides employees access to an affordable loan to cover financial emergencies, while empowering employees to build an emergency savings fund with cash-back from the merchants they already frequent.
EvoShare's proprietary system turns a percentage of every dollar spent at over 10,000 partnered local and online stores, plus 700,000+ hotels, into additional contributions for financial goals such as an Emergency Savings Account or emergency loan repayment. TrueConnect allows qualified employees to apply for short-term loans up to $5,000 without using an employee's credit score, which can be repaid through automated payroll deduction
"We all know we should have emergency savings, but there's little left of our paychecks at the end of the month. EvoShare lets people add to their financial goals with cash-back offers from merchants. Harnessing this new financial resource will let TrueConnect further their mission of helping even more employees facing hardships.," said Eugeny Prudchyenko, CEO of EvoShare.
"We've been helping employees access affordable credit for years through TrueConnect," said Doug Farry, VP Partnerships at TrueConnect. "Now we can help them build savings so they may not need a loan the next time a crisis happens. We want to help employees make the journey to financial health and independence."
This partnership creates the environment for employees to automatically improve their financial resiliency simply by shopping. Every dollar spent can be another step toward being able to weather a financial crisis. Together, EvoShare and TrueConnect are giving employees a benefit they've never had before - extra funds for their emergency needs.
About EvoShare:
EvoShare is the premiere cash-back savings program that is giving employees a new, automated way to save for their financial future. EvoShare provides employers with a "set it and forget it" experience where employees can spend as usual at over 10,000 participating businesses and 700,000+ hotels worldwide and receive up to 20% cash back toward a financial account such as a 401(k) or 403(b) plan, IRA, HSA, student loan, 529 plan or emergency savings account. EvoShare has been featured in Forbes, Inc., Entrepreneur, and The Huffington Post. It won the 2019 DC Genie Award from 401(k) TV for "Best Financial Technology" and was a finalist for KNect365's 2019 Finovate Award for "Top Emerging Tech Company."
Find more at http://www.evoshare.com
About TrueConnect:
TrueConnect is free for employers to offer and requires very little administration. Qualified employees get access to small dollar loans (from $1000 - $5000) that are repaid through automatic payroll deductions. Employees do not need a credit history, but can only borrow what they can pay back with 8% of their paycheck to help insure a successful loan repayment. On-time payments are reported to credit bureaus so borrowers can build up their credit scores. TrueConnect's patented program was the recipient of the Wells Fargo NEXT Award for Innovation in Financial Services in 2015, and is available to over 1000 employers across the US.
Learn more about TrueConnect at http://www.trueconnectloan.com
Media Contact
Chris Miller, EvoShare, 818-299-0087, [email protected]
SOURCE EvoShare
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