Each of us can experience an emergency situation, such as a pipe bursting and flooding the room, which requires expensive renovation.
The question then is – where is the best fund raised? In a bank with a high interest rate, can it opt for another solution? In this article we will present you the offer of loans granted by workplaces – enjoy reading!
A loan from a workplace – what can you do to get it?
The requirements to get a loan from a workplace are usually simple. The most important thing that decides whether to grant a loan is seniority. In such a situation, the employer imposes a minimum period of employment for the person who can apply for a loan. Usually it is 6 months.
A special application must be submitted to receive it. It is usually dealt with quickly. The largest amount we can receive depends on factors such as the company’s financial resources and the number of people working in it.
Repayment installments are deducted from the remuneration received, but usually employers allow independent selection of the number of installments, which allows you to choose the most advantageous solution.
What can the loans from the workplace be used for?
The loan from the workplace can only be granted for housing purposes, such as:
- buying a house or a flat,
- building a house,
- extension or extension of a residential premises,
- renovation or modernization of a residential building,
- purchase of a residential premises,
- adaptation of the building to the needs of the disabled person,
- reconstruction of the selected room for residential purposes,
Advantages of a workplace loan
Nowadays, loan companies present us with many offers. So why instead of taking a loan from a bank, should we ask the employer about the loan? First of all, the terms of the contract are much more convenient then. Employee loans are free of interest or are really low.
The contract is valid for a long time, which allows you to pay your debt in more frequent and lower installments. In addition, when the employee’s financial situation is severe, there is an option to extend the repayment period. It is also worth remembering that if the loan is granted for housing purposes as repayable assistance, it is not included in income and is not taxable (unless part of it is written off).