If you apply for a loan, you don’t just have to worry about whether you can pay it. The question of conditions must also be clarified in advance. This information is sometimes accompanied by the question: is the credit reported to the employer? In such a case, the customer can breathe a sigh of relief, because a loan without asking the employer is rather the exception. After all, borrowing is a very sensitive issue and everyone wants a loan anonymously as far as is feasible. But there is the loan without asking the employer.
Of course, a credit where everything is right, where the credit rating is right, Credit Bureau is clean and the customer has provided truthful information in his or her own information, will be given a loan without asking the employer. However, there are special moments when the exception confirms the rule. Whenever there is a suspicion that the proof of income has been manipulated or if other false information is noticeable, it may well be that the bank makes an inquiry to the employer.
The rule, however, is that a loan is given to the employer without asking. The customer should know that the data provided on a loan are subject to data protection. Information about this to others is only permitted in strictly regulated exceptional cases.
The bank cannot ask this question on its own, the customer must give his consent. It is also important that the employer is not allowed to know any details about the loan. If the loan seeker dutifully provides information such as address, company name and telephone number, he has by no means given the bank the right to consult the employer.
When a loan application is filled in, the required loan amount must be entered. So that the bank can see whether the customer can pay the loan, they require a proof of salary. If that is not enough, for example if the salary statement does not indicate a possible time limit, the bank can request a copy of the employment contract. In many cases, if the amount of the loan is high, the employer will need a certificate stating that the employment relationship has not been terminated. The loan seeker must submit this formality to the bank. There is no question from the bank,
There are cases where banks call an employer and then want to speak to the applicant. However, this is not yet a question. It may well happen that the bank has a special question for the applicant, which the applicant could then answer on the phone.
In almost all cases, the bank issues a loan to the employer without asking, even if the right can be confirmed in the loan application. If this comment had to be deleted in the credit agreement, at the instigation of the customer, the bank could assume that the customer did not provide the correct information and the loan will then be rejected without asking the employer.
However, the newer loan agreements are structured differently, so this note is no longer included. This way, borrowers can inform their employer themselves, for example if a loan with a large loan amount has been taken out.
When can the bank ask the employer?
A worker consultation can also be important. Just as mentioned before when there is a large building loan or a real estate loan. However, the employer is given the opportunity to inform the employer himself. This can even be a good thing, because many larger companies in Germany offer their employees loans that are particularly good for real estate financing, especially for them.
There are also employers who agree with the employment contract that the employee should not borrow from other banks. This happens when the employee himself works at a bank. For example, the Volksbank will not be very happy if its employee takes out a loan from the Sparkasse. Employees who do not adhere to this should ensure that a loan is made without asking the employer.
Banks can of course ask the employer if there is a suspicion that credit documents have been falsified or manipulated. If this is confirmed, the bank will not pay out a loan. In the worst case, the customer can receive a credit fraud report.
The loan from the employer
An employer is not entirely uninvolved when his employee is in financial trouble. Many employers agree to provide a loan to their employees. The conditions are usually better than at a bank. The loan is often granted without interest. Especially the employee who wants a loan without asking the employer is such a loan the solution There are no additional costs that make a loan more expensive.
However, some preliminary work is required before a loan can be approved without asking the employer. In principle, a loan from the employer is voluntary. In addition, there must be a general law on equal treatment. This means that an employer cannot indiscriminately consider an employee and others remain. However, if the employee is already heavily in debt, an employer will probably no longer grant a loan.
As with all other loan agreements, the loan should be recorded in writing without asking the employer that the employer grants. The loan amount, the term and possibly the interest rate must be specified. It is better if the works council is involved in this process.
Even if the employer grants his employee a loan, the employment relationship can be terminated. To ensure that the employer does not remain on the credit of his previous employee, all repayment agreements should be written down properly and in writing. If no repayment has been agreed, the employer can fully reclaim the loan within three months.
The loan from abroad
If the customer has a bad credit rating and does not get a loan from a Cream bank and the employer does not provide any credit either, the Credit Bureau free credit remains for the loan seeker. The funds come from abroad and do not appear in the Credit Bureau, so the bank does not learn about the loan without asking the employer and the employer.
But with this form of credit there are strict requirements. The income must have an attachable portion and the permanent employment must have existed for at least 12 months. If the customer can meet the conditions, he will receive a small loan of 3,500 USD and, depending on the creditworthiness, 5,000 USD. The loans should be paid on time, as foreign banks immediately file the garnishment in the event of default. So the employer would still learn about a loan.