The Concept

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Due to high risk, overhead cost and competition geared toward convenience rather than price , payday loans are among the most expensive ways to borrow money.  Many times these are the only options for borrowers in need of emergency funds.

GeePAL was founded to give employees a lower cost alternative.  GeePAL’s PayUback loan is offered only through employers with loans repaid by payroll deduction minimizing our risk.  Employees are preapproved though the employer so there are no underwriting questions to delay loans which we can deliver to employees’ accounts within two hours of a request.  All transaction may be completed online (computer or smart phone) eliminating the usual overhead costs.  And our unique loyalty program incorporates a savings component which rewards employees often well beyond their current employment.  How does this work?

  • The employee agrees to pay us back the amount borrowed and commits an additional 15% to his or her short-term and long-term savings plans.
  • Whether the employee borrows once or many times, by simply maintaining his/her long-term savings account, it will collect contributions and interest.
  • How employees use their short-term or contingency savings accounts is entirely at their discretion.  But we encourage them to think of it as seed money and to use the tools and recommendations referenced on this site to nurture and grow their financial plans.

Returning every dollar we collect and paying interest on money while in the savings accounts may not seem like a great business plan, until you realize our income comes from perhaps the most tested principle in American banking.  Banking was founded on the idea that one could cover operating expense by investing or loaning the money held in savings accounts.  The efficiencies of the internet and related technologies have now made it feasible to apply this principle to small short term loans.