Employee benefits provider Neyber launches product range for UK employers

18th January 2016


Following a year-long partnership with the not-for-profit financial services provider to the police family, employee benefits group Neyber has launched a new product range for UK employers

The loan specialist lent £8m to serving police officers, civilian employees and their families in the past 12 months, via Police Mutual, on average saving 20% on monthly debt repayments and gaining the equivalent of a 5% yearly pay rise.

The group is now gearing up to lend more than £100m throughout the UK over the course of 2016.

Founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia, along with financial technology expert Ezechi Britton, Neyber aims to enables employees to borrow in the workplace at more attractive rates of interest than those traditionally available from high street banks or alternative lenders.

It is entirely free for participating employers with loan payments deducted directly from the employee’s salary.

Employees who borrow from Neyber can choose from loans ranging from £500 – £25,000, at a rate of some 4.9% APR.

Similar to employees across the Police Service, others too can save, on average 20% of their monthly outgoings, equating to a 5% yearly pay rise, during a period of continuing wage rise restraint.

The firms said that savers will also enjoy significantly better rates than those available from traditional providers, with payroll deducted Neyber ISAs available over the course of 2016.

Research from Neyber found that 9% of employees do not have any savings, with the same number paying more than half their income on debt repayments and a further 9% have defaulted on a loan in the past two years. Overall more than half, at 56%, of employees would be worried if they had an emergency expenditure of over £1,000.

Co-founder and CEO Martin ljaha, said: “It’s clear that the year ahead will be tough for many employees across the UK. Wages are likely to remain static, while key costs such as housing are likely to rise as a result of a potential rise in the bank base rate.

“People are also borrowing at levels not seen since 2008 at interest rates that cannot be supported by their earnings. This is simply not sustainable from either a national or personal economic standpoint.

“We’ve created Neyber to help address this problem and deliver sustainable financial solutions that will enable employees across the UK to get their finances back on track.”

Commenting on the partnership with Neyber Police Mutual finance director Ian Cordwell, added: “We are constantly reviewing and updating our products and services to meet the needs of our members.

“We were pleased to partner with Neyber in 2015 and, following this successful product introduction, we will continue to offer these loans as part of our commitment to helping improve the lives of our members.

“It is a useful addition to our core offering which includes regular savings plans and general insurance.”

1 thought on “Employee benefits provider Neyber launches product range for UK employers”

  1. Jive Bunny says:

    The Vampire squid spreads it’s tentacles ever further. Be careful about borrowing from these ex Goldman Sachs spivs.

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