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Neyber is an award-winning financial wellbeing provider that helps UK employees be better with their money. We work with employers to support financial wellbeing in the workplace with access to affordable, salary-deducted loans, a range of savings and investment products and access to financial education.
To find out more about our story click here.
We care about financial wellbeing because we believe hard-working people deserve to be stress-free when it comes to money. Based on our research around two thirds of UK employees currently experience money worries. This not only affects their personal life but it also impacts their professional life. Over half of UK employees said that money worries affect their behaviour and ability to perform in the workplace.
We're backed by investors who believe in the importance of a financial wellbeing solution for employees. Our lead investor, Police Mutual, is the largest affinity association in the UK.
Neyber is no risk for employers. Neyber are regulated by the FCA and are fully responsible for all loan processes.
Traditional forms of wellness focus on things like exercise and nutrition. However, managing your finances can be stressful, take time and require support which can all have an impact on how you feel at work.
We have published a number of reports about the importance of wellbeing in the workplace, which you can read here.
To offer one of our loans, we'll need your employees to meet the eligibility criteria below.
- You are aged 21 or over;
- Your annual gross income is greater than the minimum wage (£13,500);
- You have had a permanent contract with your current employer for a minimum of 6 months;
- You aren't currently serving your probation or notice period;
- You have not been registered as insolvent in the last 6 years;
- You have not entered into an Individual Voluntary Agreement (IVA) / or a debt management programme within the last 6 years;
- You are borrowing for your personal needs and not for business purposes, towards the purchase of a property or speculative investment;
Our rates have been designed to be an attractive alternative to the rates offered by traditional lenders. Because repayments are secured by salary, the risk of an employee defaulting is reduced and in turn we can offer our customer better rates.
If an employee leaves, we will transfer any outstanding loan repayments onto direct debit. We may charge a £12 administrative fee at this time.
Yes. Credit unions have long been offering loans which are repaid using salary-deduction. There are over 500,000 credit union members in the UK who have access to more affordable finance. We launched with our first client in February 2015, making us the first organisation in the UK to offer salary lending to employees. The introduction of Neyber has seen a higher take-up than the standard take-up for the Cycle to Work scheme.
No. Over half of our existing customers turn to Neyber for debt consolidation and are benefiting from a 20% reduction in monthly debt repayments; equivalent to a 5% increase in salary (February 2017). Our focus on affordability means employees don\'t take on more than they can reasonably afford.
Our solution is designed to be very 'light touch' for employers. We slot in seamlessly with your payroll system to co-operate salary deductions.