Income Advance is a tool that employers like you are using to boost financial wellness for employees experiencing financial instability. Some groups refer to Income Advance as Employer Sponsored Small Dollar Loan Programs or Employee Opportunity Loans. For the purpose of this guide we are using the term “Income Advance.” Income Advance provides employees with easy access to an emergency loan when they encounter unexpected difficulties. Income Advance helps them build credit and encourages saving for the long-term. 

For employers, Income Advance provides a turnkey solution to a real and practical employee need, and supports productivity and retention of your greatest asset: your employees. Income Advance can also strengthen employee engagement. When paired with other benefits at your organization, it can enhance your culture and management practices.  

Income Advance is a quick solution for your employees and a win for your business. Once you find the right financial partner, it’s easy and inexpensive to set up.

This guide will take you through the basics of implementing the program and provide opportunities to dive deeper when it’s relevant to your business. Watch the video below for an overview of Income Advance and consider these questions as you begin this experience.  

  • What are your company’s goals for building employee financial wellness? 
  • How do you think Income Advance will support those goals?
  • In what ways do you think this program could improve your employer/employee relationships?

Still need some convincing? Learn more about Income Advance at www.incomeadvance.org.

Course curriculum

  • 1
    Introduction to Income Advance
    • Introduction to Income Advance
    • Where This Guide Will Take You
    • Section 1: Introducing Income Advance
    • Section 2: The Process at a High Level
    • Section 3: A Special Note Before you Start: the Process of Partnering with a Financial Institution
    • Section 4: Who Made this Experience and Why
    • Section 5: Conclusion and Next Up
  • 2
    Phase 1 — Engaging Your Stakeholders: Leadership and the Big Picture
    • Where This Phase Will Take You
    • Section 1: Meeting Real Needs Exemplifies Leadership
    • Section 2: By the Numbers: Financial Insecurity is Hurting Your Employees and Your Business
    • Section 3: Promoting Wellness Through Benefits
    • Section 4: Pitching the Problem and Solution
    • Section 5: Customizing the Pitch to Your Organization
    • Section 6: Conclusion and Next Up
  • 3
    Phase 1 — Engaging Your Stakeholders: Employees
    • Where This Phase Will Take You
    • Section 1: Customizing Income Advance Begins with Employee Needs
    • Section 2: It Takes Listening to Uncover An Employee’s Real Needs
    • Section 3: How Does Your Organization Listen to Employees?
    • Section 4: Diving Below the Waterline — Go Listen
    • Section 5: What Did You Learn?
    • Section 6: Conclusion and Next Up
  • 4
    Phase 1 — Engaging Your Stakeholders: Financial Institutions
    • Where This Phase Will Take You
    • Section 1: Partnering with a Financial Institution is Critical to Success
    • Section 2: How Do I Form a Financial Institution Partnership?
    • Section 3: How to Pitch Income Advance to a New Financial Institution
    • Section 4: Setting Up Your Financial Institution Relationship
    • Section 5: Conclusion and Next Up
  • 5
    Phase 2 — Assembling Your Program
    • Where This Phase Will Take You
    • Section 1: Setting Up Income Advance Is Easy
    • Section 2: From Start to Finish — The Employee Loan Life Cycle
    • Section 3: Step 1 — First Contact With An Employee Need
    • Section 4: Step 2 - Human Resources Intake — Employee Eligibility Review and Application
    • Section 5: Steps 3-5 — Human Resources and Financial Institution Coordination
    • Section 6: Steps 6 and 7 — Repayment and Continued Savings
    • Section 7: Conclusion and Next Up
  • 6
    Phase 3 — Rollout, Improve, Expand
    • Where This Phase Will Take You
    • Section 1: The Upside-Down Benefits Rollout
    • Section 2: Defining Success and Improving Your Program
    • Section 3: Iterating on Your Income Advance Program
    • Section 4: Expanding the Reach of Your Program
    • Section 5: Conclusion and Next Up
  • 7
    Going Beyond
    • Where This Phase Will Take You
    • Section 1: Comprehensive Financial Wellness: Spend, Save, Borrow, Plan
    • Section 2: Creating a Culture of Holistic Wellness
    • Section 3: Conclusion and Wrap Up