On Collected.Reviews, there are several professionals from different industries that answer questions related to their industry. However, one question that is asked in all industries is how to get the best financing options available as an employee.
Read further to see the types of loans that you can get from your company as an employee.
1. Salary Loan:
This kind of loan can be utilized for anything, depending on the borrower. You can use it to do whatever – fund a couples’ weekend to the Bahamas with your significant other, throw up a party in the most luxurious events center, buy a particular device or household furniture, etc. The company is not obliged to ask for the reason for the loan unless you decide to tell them because this loan is usually a percentage of your salary so it will be deducted at the end of the month when the salary is paid. However, you can request larger amounts that will be deducted from your salary every month, if the company policy allows it. That way, you will need someone from the company and outside the company to stand as a guarantor for you.
2. Education Loans:
These kinds of loans have shared benefits for both the employee and the company in the sense that the company gets an improved service in return which will bring about an improvement in the organization because you will have more value to offer. Education loans are also a way that companies contribute to the personal growth of their staff. This kind of loan is most common in the banking sector and that is why most workers in this sector usually take up industry-related certificate courses to add to their portfolio or other unrelated courses that can earn them money in the long run. In a bid to support these certificate courses, some companies give special preferences to job seekers with the certificate and give existing employees promotion and a salary raise.
3. Vehicle Loan:
Vehicle loan is part of an organization’s effort to ease the stress of having to catch a bus every morning, for their workers. Sometimes, the company requests loans from financial institutions on behalf of the staff, and then the company can draw up a payment plan for the employees. Once fully paid, the full ownership of the car will be transferred to the employee and if you want another car, you can then apply for another loan. Note that if in five years, if you are sacked or you resign from the company, you will have to pay for the car in full if you desire to leave with the car.
4. Emergency Loan:
During characteristic disasters like tempests, tremors, or even affliction, the company shows its help by making emergency loans accessible. Organizations have a limit for this kind of loan for each worker and each loan ought not to overrun.
5. Item Loan:
This kind of loan can be found in companies that produce items whether edible or not. They urge their representatives to purchase their items and value their reward for so much hard work, so they give this sort of loan with a flexible method of paying installments. Items, even though they are procured by loans also come at a reduced price.
You can always reach your company whenever you need money to foot any bill and know what the company has to offer before approaching loan institutions.