Company Loans to Employees - Should You Offer Them? And If So, How Do You Manage them?

Posted in : Seamus Says - Employment Law Discussion on 21 November 2022
Seamus McGranaghan
O'Reilly Stewart Solicitors
Issues covered: Company Loans to Employees

Christine:  And with a company loan, you've mentioned that a couple of times, how would you go about managing that? You're going to need paperwork to back this up. It's going to be a deduction from wages in reality, isn't it?

Seamus:  It is, yeah. Look, some employers, some of those large companies, certainly banks and financial institutions, will automatically offer employees loans, and there can be good benefit for it.

What we're looking at really here, though, is in relation to employees coming to say, "Look, my car is broken down", or, "I need to fix the heating in the house. Can I get a loan?" I think in those circumstances, it's always best to look at ratios in relation to

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This article is correct at 21/11/2022
Disclaimer:

The information in this article is provided as part of Legal-Island's Employment Law Hub. We regret we are not able to respond to requests for specific legal or HR queries and recommend that professional advice is obtained before relying on information supplied anywhere within this article.

Seamus McGranaghan
O'Reilly Stewart Solicitors

The main content of this article was provided by Seamus McGranaghan. Contact telephone number is 028 9032 1000 or email seamus.mcgranaghan@oreillystewart.com

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