About WellFi

WellFi is a financial wellness benefit that strives to improve the life of employees and minimize the burden on companies. Our services are easily implemented and offered to employers at no financial cost.

All WellFi loans are underwritten by Cognition Lending, using the product and underwriting expertise of Cognition Financial. Cognition Financial has over two and a half decades of experience designing unsecured loan programs.

Three factors make WellFi’s simple, low-rate1 loans possible:

  1. Traditionally late and missed payments create expensive loans for everyone. Since WellFi loan payments2 can be facilitated through payroll, payments are more likely to be made on time.
  2. By offering the WellFi loan as a benefit through employers instead of marketing them directly to consumers, our costs are greatly reduced. We pass our savings onto your employees by offering lower interest rates.1
  3. Last but not least, our customers are more than just a number to us. Because income and employment are verified and the loan may be paid back through payroll deduction, we don't need to rely solely on FICO scores. This allows us to offer low interest rates on a WellFi loan.1

FAQs

  • What is the loan interest rate and how much can employees borrow?

    Interests rates range from 4% to 10% APR based on employee’s credit history and income. Employees can borrower from $2,0002 up to the lesser of (a) $30,000, (b) 20% of the employee's gross annual salary, or (c) 20% of the employee's prior 12 months of gross pay.3

  • What determines an employee’s eligibility for a WellFi loan?

    Benefits-eligible employees with at least 12 months of continuous service are for their current company are eligible to apply. Some state restrictions may apply. Scroll to the bottom of this page for details.

  • How long do employees have to pay back their loan?

    Every employee has 36 months to repay their loan.

  • What is payroll deduction?

    If employees are enrolled in payroll deduction, loan payments will be deducted from the employee's paycheck automatically.4

  • Are loan balances transportable if the employee leaves the company?

    Yes, unlike 401(k) loans, employees don't need to pay the balance in full or any taxes upon leaving a job, or penalties if they aren't able to repay the loan in full. Payments can be made via any other approved method, such as by setting up ACH deductions3 from a chosen bank account. It's really that simple.

  • How is WellFi implemented through an employer?

    We send the employer an authorization form that employees sign with their loan documents. This allows employers allowing an employer or its payroll partner to automatically deduct payments.

  • What happens if an employee misses a payment?

    With payroll deduction, employees don't need to worry about missing a payment. If employees are not making payments via payroll deduction, they will need to manage payments just like any other bill.4 A late or missed payment may negatively impact their credit score.