EBL stands for Employer Benefit Loan. These loans are available exclusively to employees of Employer Partners that have signed up with Aski.
You can borrow any amount up to 50% of your bi-weekly net pay.
You can pay back funds from 5 pay periods to 8 pay periods, depending on your personal needs and what day your pay falls on.
Money is paid to you via Direct Deposit to your bank account.
Direct Depot can take 24 to 48 hours, depending on your financial institution.
The EBL is far less expensive than other alternative loan providers, and our repayment terms are far friendlier. For example, Aski can provide a single loan for $1000.00 termed over 86 days or approximately six pay periods for a total fee of about $72.00.
If you have poor or no credit, it will not affect the approval of your EBL.
We do not perform a credit check. We only verify that you have been employed longer than three months with the same employer.
The EBL Agreement is a legal contract that complies with all applicable provincial and federal requirements. It completely outlines the terms for the EBL, including the transaction fees and the interest rate.
You will pay your loan back through payroll deduction, that is, your loan payment will deducted from your paycheque for the term of the loan.
- Two pieces of identification, one with a photo. Examples include Birth Certificate, Health Card, Status Card, Drivers License, Passport
- Your most recent pay stub, or written verification from your employer and a signing authority
- Banking Information (ie. void cheque or direct deposit form)
We will not contact your references unless you fail to repay your EBL and we are unable to contact you.
You will need a fax or scanner to apply for your EBL, and to receive and return your signed EBL Agreement.
Your employer simply has to sign the EBL Agreement, and provide its payroll administrator with the instructions for repaying the loan. Any questions regarding loans should be directed to Aski.
It costs employers nothing to be a part of the Aski EBL Program.
You will need a signing authority to sign your Agreement so they can deduct the funds from your paycheque to repay the loan. The EBL Agreement must be signed by your employer before Aski can disburse your funds to your bank account.
Your job and your paycheque are your collateral.