Without, borrowing is difficult. The instant loan without salary from Switzerland belongs to the realm of fiction and is promised by credit intermediaries to rip off the credit seekers with fees for hopeless mediation attempts. The Swiss loan will only be given to people with guaranteed incomes, who probably will not have any problems with a Schufa inquiry. In addition to foreign credit and personal loan, employer loans are an alternative that can run without participation.
More than a salary advance
The counselor who deals in detail with Schufa-free loans, informs about the difference between a salary advance and a real employer credit. The salary advance is based on employment contract regulations. A salary is paid at the beginning of the month instead of at the end of the month, or the salary will be advanced so that two salaries are paid at a time. Wage tax and social security contributions continue to run normally, so they are calculated on the basis of the new gross amount. An employer’s loan, on the other hand, is granted on the basis of a loan agreement. That’s why it’s usually only available to companies that otherwise deal with loans, especially banks and insurance companies.
Cheaper interest rates than the installment loan
If an employer grants loans to employees, he must observe the principle of equal treatment, but therefore does not comply with every loan request. The service suitability can be a criterion. To some extent, the granting of credit is an honor for many years of loyalty to the company. If a wage garnishment is already running, an employer’s loan is probably excluded. The main advantage of the employer loan is the lower interest rate. However, a credit comparison does not hurt, because despite estate other providers can be cheaper. This is especially true when interest rates have to be taxed.
Tax liability depending on the industry
If the employer pays interest on an employee, this is a pecuniary benefit that is taxed like wages. The same applies if the employer himself grants the loan and calculates interest below the market level. This is based on the effective interest rate published in the Bundesbank statistics, which may, however, be reduced by a valuation discount of four percentage points. For financial companies, the calculation looks a little different: Instead of the effective interest rate for normal customers is the basis of calculation of the pecuniary benefit, again less four percentage points.