Loans to employees: who can apply for them?

Did you know that there are employee loan offers? They are specifically created for this type of worker. If you are interested but don’t know where to start, here is some information that could be useful!

What are employee loans?

What are employee loans?

Today the credit market is very vast and offers increasingly customized and tailored solutions. In fact, there are loans created specifically for each product you want to buy or by income category, such as loans to employees. What exactly do they consist of? Is the loan paid out by the employer? Let’s see it right away.

Salary-backed loan

Among the loans to employees with permanent contracts there is the salary-backed loan. In fact, among these it is the most popular product, and often the most comfortable.

This is a particular form of financing which, unlike traditional loans, provides for the repayment of the sum requested through a monthly deduction on the salary (or in fact this type of financing also exists for pensioners), which cannot be higher to 20%, therefore to a fifth of its total.

If you need more money there is still the possibility of delegation, which will allow you to commit another loan, reaching a maximum of 40%.

You will not have to think about repaying the loan, but you will then receive a salary that is already net of the deduction.

It should?

The Transfer is often chosen by those who have difficulty accessing other forms of financing (even the so-called bad payers) since it is a rather “safe” form of credit for banks and financial companies, which lowers the risk of insolvency.

But contrary to what happened until some time ago, it no longer represents a sort of “last resort”, rather a valid alternative to personal loans. In fact, due to its security and characteristics, lenders tend to practice good conditions.

Is it a discreet solution?

Many do not want to choose the loan with assignment simply because the employer’s collaboration is required, and they do not like to know about their debts in the workplace. But is it actually so? Will everyone know about it in your company? At the.

Only the human resources office will be aware of this, personnel already accustomed to treating sensitive data with discretion and not to disclose personal information.

Requirements for loans granted to employees

Requirements for loans granted to employees

Once you understand how employee loans work you are wondering who they are accessible to? To all types of employees and contracts?

Well, both to private employees, who work at companies with more than 15 employees, and to public employees.

For both loans to state employees and loans to private employees, the following requirements must be met:

  • be hired on permanent contracts
  • have residence
  • age generally between 18 and 63 years old

It is also necessary to sign a policy that covers the risk of loss of employment.

However, these loans are not accessible to employees of sole proprietorships.

The same applies to loans to employees with a fixed-term contract: generally the duration of the contract is less than the duration of the loan, and therefore it is impossible to know, for the lending institution, the current repayment capacity of the loan once the contract has expired. .

Where to find the best employee loans?

Where to find the best employee loans?

If you are interested in an employee loan, the fundamental thing is to find the one that best suits you and the lender able to offer you the best conditions.

Remember first of all to evaluate the APR of the transfer of the fifth that you are analyzing, and compare it to the other transfers that may be proposed to you and the other forms of financing. It is a simple and practical way to predict how much this loan will really cost you.

How to compare the various solutions quickly and easily? With our company, of course!