Current Events > So, I signed the 10k work loan contract.

(+) Yeah! (+)

If you weren't around last week, the gist is that my company offers personal loans up to 10k, interest free. Turns out lots of people in my company have taken them before for car purchases, gaming computers, house deposits, etc.

But I suspect I'm the first person to take one out for the sole purpose of sticking it in a high-interest savings account, lol.

It's a 4-year repayment plan deducted from my paycheck, additional payments can be made any time, if I leave the company I have to pay back whatever is owed. I think money arrives tomorrow.

Yay?

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Only downside really is I now owe my company money, which may make them feel like they have some leverage. That and I have to ignore the money.

What's the benefit for them except seeming like cool bros?

Ranting__Nord posted...

What's the benefit for them except seeming like cool bros?

Golden handcuffs. It's a small enough amount of money that it barely touches the sides for them, but it locks me in to staying for 4 years.

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According to the terms I could pay it off pretty much straight away if I wanted to. So it's a pretty good offer all round.

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All in all with current interest rates holding relatively steady I should earn maybe 2.5k in interest by the time it's paid off.

So that's pretty neat, since a loan like that would probably cost 2k in interest normally.