1. HoneyBee Program
Q1: Who is eligible for a loan from HoneyBee?
All full-time employees with a minimum of 6 months job history with current employer.
Q2: I have poor credit. Can I still get a HoneyBee loan?
Yes, HoneyBee loans are available to all employees regardless of credit history.
Q3: Do I need a bank account to access a HoneyBee loan?
Yes, borrowers must have a valid U.S. bank account where they are currently receiving direct paycheck deposit from their company.
Q4: What is the cost of getting a HoneyBee loan?
There is no monthly interest charged on the HoneyBee loan. We simply charge a 4% service fee to process your application. For example, if your loan is $200, we will deduct a service fee of $8 (you will receive a net amount of $192).
Q5: Can I use any of the paid time off that I’ll earn later on?
No, only accrued and available paid time off or vacation hours can be used for the HoneyBee loan program.
Q6: Can I use any of my sick days for a loan?
Personal days and sick days cannot be used for the HoneyBee program.
Q7: Can I have multiple loans at the same time?
Borrowers can take multiple loans during the year but are only allowed one loan outstanding at a time.
2. Loan Repayment
Q1: How does repayment work?
Repayment is done via automatic deductions from your bank account on your payroll dates. All HoneyBee loans are repayable in 5 bi-weekly or semi-monthly payments, depending on your company’s payroll schedule. For more information, your loan repayment details can be found in the current loan tab of your HoneyBee portal.
Q2: Can I pay back my loan before the end of the loan term?
Yes, you can contact our customer service team at any time to make early repayments without any penalty.
Q3: What if I am changing my bank account?
You can simply call or email us to notify our team of the account changes before your upcoming payment. Failure to do so may result in a missed payment and the payment return fee of $10.
Q4: What happens if I am terminated or quit my job?
At termination, your loan is due immediately and the outstanding loan balance will be deducted from your non-work leave pay on your final pay date.
3. Late Fees And Penalties