Should You Take A Loan From Your Employer?

It is no big secret that hard times can come quick. And, they usually come when you least expected it. In an economy like the current one it might even be safe to assume that you have already tapped into some line of credit. Maybe you already took out a loan from the bank to make an unexpected repair on the car. Now, you are looking at a leaking roof. Where are you going to turn? Well, many individuals always have the option of borrowing money from their employers when faced with harsh realities or unexpected emergencies, but is this really a good ideal? Of course, the whole situation comes with some pros and cons and that is what you are going to learn about below.

Building Loyalty And Trust

Fostering a good relationship with your employers is key to a happy and stress free work life. Well, it should be well known that taking out a loan from your employer and paying it back in a timely manner will not only show that you are responsible, but it will build trust. In addition to this, employers that lend out money to employees know that these employees are probably going to stick around longer and try to do a better job, because the feel committed. Just remember that if your current employer doesn’t offer loans, you always have the option of seeking online assistance at https://kulutusluottoa24.fi/.

More Focused On Work

A financial burden hanging over you head can be a huge setback and employers know this. If you have a family member that needs medical treatment or you have a big hole in your roof that needs repaired, how are you going to solely focus on your work and do your job to the fullest? Employers understand this and that is why many of them are willing to lend money to their employers. Not only could this improve your focus at work, but it could increase your productivity as well. This could be the motivation that you need to work harder.

Paying Back The Loan Can Be More Stressful

Borrowing money from an employer is almost like borrowing money from a neighbor or family member. These are individuals that you know on a personal level and interact with on a daily basis. If you are already struggling to make ends meet there is a good chance that another monthly payment is just going to make matters worse. In fact, your best option might be to seek some sort of financial assistance or counseling from Iltasanomat.

Getting Turned Down Might Hurt Your Work Relationship

While there are tons of employers out there that offer loans to employers, there are certain types of criteria that you may be required to meet. If you are turned down for a loan by your employer this could create harsh feeling of resentment, which could make it even harder to come to work every day. And, the days that you are at work, you might not feel like doing your job to the fullest.

 

Budget & Invest News

Join our mailing list to get the latest news from Budget & Invest.

Powered by ConvertKit

One thought on “Should You Take A Loan From Your Employer?

  1. Jorma J Tontti August 12, 2018 / 7:41 am

    I would take a loan from my employer only, if all other sources don`t work.
    Why? Because employer can see me as a person, who cannot manage my personal finances. There is also a risk, what something happens and I cannot pay it back in due time.
    Everybody knows, that it is so easy to get a loan from many sources, so why would I ask from my employer? It would not be a common way.

Leave a Reply

Your email address will not be published. Required fields are marked *