Employee’s application for a cash loan

Legal issues related to employment are regulated under Polish legislation – the Labor Code. It is this legal act whose regulation covers only issues related to the establishment of an employment relationship, remuneration, working time and, in general, legal protection of the position of both the employee and the employer.

The Labor Code does not apply in any way to, for example, legal relationships or any legal events arising from the conclusion of a specific work contract or mandate contract. According to the content of art. 22 par 1 of the Labor Code, “by entering into an employment relationship, the employee undertakes to perform work of a specific type for the employer and under his leadership, and at the place and time designated by the employer, and the employer – to employ an employee for remuneration.

Employee’s application for a cash loan

” The above legal provision is the statutory definition of an employment relationship. The employment relationship is based on the employment contract between the employee and the employer. Remuneration issues always remain the most important issues.

First of all, it should be pointed out that an employee holding a valid employment contract based on the Code enjoys legal protection. The employee receives remuneration for work rendered, is subject to social insurance. If an employee decides to apply to a bank or possibly a non-bank institution for a cash loan, it is necessary for him to meet the legal requirements. What are we talking about?

Presentation of a certificate of earnings from the workplace

Presentation of a certificate of earnings from the workplace

When an employee applies for a cash loan directly to the bank, it usually requires the submission of an appropriate certificate of earnings from the workplace in which the employee is employed (provides work). Then, at the employee’s request (oral or written), the employer prepares (immediately) an appropriate certificate.

In such a document, the following should primarily be presented: employee identification data, workplace identification data (the tax identification number number or number assigned in the national court register must be obligatory), under which contract the employee is employed in the workplace (permanent contract) , a fixed-term contract or a trial contract), from when the employee is employed, in what time (shift work, full-time or part-time work), the amount of remuneration (gross or net, from for example, backwards for the last three months).

The above should also be stamped with the company stamp, marked with the date and signature of the employer (or a person authorized by the employer, for example, the chief accountant, specialist in human resources and payroll). Then such a certificate is a document that the employee can submit to the bank.

Credits and scams: watch out for scams!

Whether it is unsolicited emails or visible messages on social networks, scams of private credit of the “scams” ‚Äč‚Äčtype are very present on the internet. How to recognize and protect them? We offer an analysis of a scam received recently.

What is a scam?

What is a scam?

It is a widely used English term (like the word “spam”) which designates a scam or scam. The principle is then to send e-mails to individuals in order to extort money from them. A scam linked to consumer credit then designates a message promising the granting of a loan at a particularly advantageous rate and for any amount. In the end, the person who replies to the email will be asked to pay fees (file fees, account opening fees, or any other example), and will never receive any money. If scams generally circulate by e-mail, many copies are also present on social networks.

How to recognize a scam?

Generally, this type of scam is fairly easy to recognize. In particular, the following signs do not mislead:

  • Spelling: if the message contains many spelling mistakes, it is certainly a scam.
  • Address of the sender: if the sender of the message seems to be an individual (and not a company) with a private e-mail address, and it is not possible to link it to a known company it is also probably a scam.
  • Services offered: if the offer seems “too good to be true”, there is certainly eel under the rocks. In Switzerland, private credit is highly regulated. Thus, loans in the event of lawsuits are not possible. In terms of conditions, rates below 4% do not exist.
  • Contact only by e-mail: if the message does not indicate any address or contact telephone number, the offer is all the more suspect.

An example of scam

An example of scam

For the example, we will take a scam received recently in the form of an e-mail with the following content (spelling mistakes included, which we have put in red here):

Hello, I turn to all individuals in need for their announces that I grant loans of money from $ 3000 to $ 9.500.000 to all people able to repay it with an interest rate of 2% year and a time of 1 to 15 years, depending on the amount requested. I do it in the following areas: – Financial Loan – Real Estate Loan – Investment Loan – Car Loan – Consolidation Debt – Credit Repurchase – Personal Loan – You are on file If you are really in need, please write to me for more information. Please contact me by email: xxxxxxxxxx@gmail.com

If we observe the message and take up the criteria set out above:

  • Spelling: the message contains many spelling and punctuation errors, capital letters – capital letters inappropriate.
  • Sender address: this is an @ gmail.com address, which can be created by anyone. So this clearly does not refer to any company.
  • Services offered: in addition to the rate at 2%, the person also offers a loan to people on file, which is very vague. The duration of 1 to 15 years is also unrealistic.
  • Contact: only an address at Gmail is offered here. No real address or telephone number is offered.
  • Other clues: here, the person offers a loan in dollars ($) and not in USD. The turn of the phrase is in a very unusual style and the message uses terms that are little used in Switzerland. Thus, in Switzerland, we are not talking about consolidation debt but rather about credit repurchase.

How to ensure the seriousness of an offer?

How to ensure the seriousness of an offer?

If you receive advertising or come across such messages on social networks, the best way to ensure the seriousness of the offer is to check the existence of a company attached to the offer: check the existence a website in Switzerland, with contact address and telephone number. Finally, if you receive this message from one of your relatives (by e-mail or via a social network), also beware: their account could have been hacked and used to spread this type of scams. In general, this kind of scam is fairly easy to spot. In any case, it is best to ignore the message.

How Much Can You Really Save With a Credit Buyout?

Many companies boast savings of -40% or even -60% thanks to the repurchase of credit. Does this solution which consists in grouping its commitments really allow such savings on its monthly invoices? How much can we really hope to save? Our explanations and advice.

 

The promise

credit loan

On the internet, there are many websites that boast substantial savings thanks to this solution. Thus, HiMax Credit promises savings up to -60% with the repurchase of credit, while other sites such as Superfund Credit advance a reduction of -40% of the monthly payments with this same method.

 

How much can we really save?

piggy bank

Everything will depend on the initial situation of the borrower, and the contract offered to him. Indeed, the potential for monthly savings depends on several factors: amount to be grouped, new rates proposed, and new proposed repayment duration. If the borrowers mainly focus on the rate, it is really the fact of being able to reschedule their loan over a longer period which allows the main savings in terms of monthly cost. By playing over time, it is very easy to make considerable monthly savings, and figures of -40% or -60% are quite realistic.

 

An example of savings: -65% on monthly payments

savings loan

A borrower took a loan of 20,000 dollars over 2 years with a rate of 8.9%. He still has around 10,000 dollars to reimburse for 1 year, with a monthly payment of 872 dollars. He wishes to reduce the latter and therefore requests an offer to buy back credit from a specialized agency.

The agency offered him a new contract with a rate cut to 6.9% instead of 8.9%, and a repayment duration re-spread over 36 months instead of 12. The monthly payment then dropped to 307 dollars! more than almost 65%! By increasing the repayment term to 48 months or more, it would even be possible to further reduce the monthly payment! The savings potential is therefore real.

 

Which address?

credit save

In terms of procedures, requesting a loan repurchase is similar to applying for “normal” private credit. It is therefore better to avoid making too many requests and to focus on a single specialized service provider. The latter will be able to advise you and negotiate for you the best possible offer. If necessary, Superfund Credit offers redemption / grouping credits and can take charge of any request intended to redeem or group commitments such as a private loan, a leasing or the unpaid balance of a Visa / Mastercard card.