Jem saves Lasec employees R45k per year on loan fees and interest.
R45K
Annual savings on loan interest for employees
100%
Reduction in loan requests
Client
Lasec Group
Industry
Manufacturing
Employees
+400
Products
Earned Wage Access
Payroll System
SAGE 300
Company Overview
Lasec is a Southern African supplier of scientific & laboratory equipment. Before they started using Jem Earned Wage Access, their HR department was struggling with employee loan request volumes. Lasec implemented Jem shortly after Covid, when their employees were going through a particularly financially stressful period.
Challenges
- Lasec’s company policy prohibited them from processing employee loans. Employees resorted to using expensive loan sharks within their community. These loan sharks were charging employees as much as 35% per month in interest.
Results
- Since implementing Jem, they no longer receive any loan requests from their employees.
- As Jem offers early access to their earned-but-unpaid earnings at a once-off, low transaction fee, Lasec has helped their employees save roughly R45,000 in interest.
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