2 minute read

Inside My Wallet: Meet Jorge M.

Inside My Wallet is a series where we talk to Salary Finance members about their journey moving out of debt and into saving. Today we’re talking to Jorge, a Senior Technician from El Paso, Texas, who took out a Salary Finance employee loan to pay down high-interest credit cards and improve his credit score before refinancing his mortgage. 

How did you feel when you heard that your employer was going to introduce Salary Finance?

My first thought was that’s cool, and then my second thought was I wonder if I should use that? 

Why did you choose this employee benefit to pay down your debt over other loan products?

Well, I was planning on paying my bills directly and hadn’t considered getting a loan to pay off my credit cards. I had just considered paying down my credit cards directly, which probably would have taken forever. I thought whatever interest rate a lender could offer me is probably not going to be that much better than my credit cards, and boy was I wrong!

How has the Salary Finance employee loan helped you, and what is the biggest difference it has made for you personally? 

I actually had four different credit cards – some with small amounts, some with big amounts. I was able to pay off all of my credit cards with my loan. My Salary Finance rate was 9.9%, and the cards were between 24.99-29% – so that was a huge help. It was exactly three business days from the time I applied, to when money was in my bank, which was super fast, and allowed me to pay off my credit cards quickly, with the ease of knowing repayments will be coming directly from my paycheck.


Not only that, but my banking app has my credit report, and within seven days of sending my first payment my score went up 18 points. We are also planning on refinancing our mortgage in a few months so the bump in my credit score will definitely help with that too.  

How would you describe the application process?

The best way I could describe the overall process is that it was simple and I felt like you clearly respected my time. It took me less than five minutes to apply, and less than five minutes to sign the paperwork because it was so easy to read and fill out. It’s quick, and to the point – I love that. 

Would you recommend Salary Finance to your friends or colleagues? 

I already did. We have posters in our breakroom, and whenever I bump into people they’re like, “Oh, I wonder if that benefit is any good,” and I’m like “Yeah, I already got a loan from them and it was super fast, and my rate was really low, so you should definitely apply.” And I think some people already did. 

How has paying off your credit cards with your Salary Finance loan changed your thoughts or actions when it comes to your personal finances?

It definitely boosted my confidence – a lot. It made me feel like instead of being trapped forever by credit card debt I now have a path forward, where as long as I budget myself, it’s all going to go away in two years versus however many decades it would have taken me to get rid of all my credit card debt without it. 

What are your financial goals for the future?

My main goal is to refinance my mortgage, and that’s pretty much it. My car’s paid off, my credit cards are paid off because I have my Salary Finance loan, so now I just want to pay that off, and not rely on credit. And if I do ever need another loan, I’m getting it from Salary Finance.