St. Paul, Minn.-based Sunrise Banks plans to take on payday lenders with an innovative new product that provides loans as an employee benefit. The “TrueConnect Employee Benefit Program” is offered through employers as a loan against future salary and is offered in amounts from $1,000 to $3,000, depending on the employer and how much the employee makes. The loan is retired through pay deductions over the course of a year, with a maximum interest rate of 25 percent. Sunrise developed the program in consultation with the OCC, CFPB and several consumer groups. "It’s a consumer installment loan at the end of the day,” Reiling said. “But it’s a much better deal than a payday loan. And it must be paid off by the end of the year. It’s also fair and transparent.”