HoneyBee is a service that allows employers to provide employees access to an extra week’s pay interest-free, as well as financial coaching.
Over 100 million Americans are living paycheck to paycheck and are falling through the cracks in our traditional banking system. Unexpected expenses can have an outsized impact on employee financial health.
HoneyBee is a Certified B Corporation and the only company that allows employees to get an extra week’s pay anytime to help manage unplanned expenses, build credit, and pay down debt. The app:
- Allows all employees, regardless of credit, to access up to $2,500 at a small 5% fee (capped at $50).
- Uses an employee’s salary, employment tenure, and accrued PTO as their credit.
- Secures the loans with PTO, making them unique in this market.
- Provides the financial counseling that employees need in order to get on a healthy financial path.
- Has provided an average cash flow increase of 10.74% to its borrowers, per HoneyBee’s 2018 Social Impact Report.
FINANCIAL HEALTH FOCUS
78% of employees with high financial stress say it impacts them at work. HoneyBee believes that employers can be part of the solution by offering benefits that fit diverse employee needs.