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Triple Advanced Finance is a registered Credit Provider that facilitates staff loans for employees. Employer-employee loan agreements usually provide for nominal interest to be paid by an employee to the employer on the principal debt over a specified period of time, thereby:
- deferring the payment of the loan; and
- levying interest on the deferred payment.
The following are examples of the most common types of employer-employee loan agreements entered into:
- Salary advances;
- Traditional loans; and
- Employee share ownership schemes.
The NCA will automatically become applicable to the employer-employee loan transaction where a charge, fee or interest has been levied, and subsequently, an employer will be required to:
- register as a credit provider with the NCR; and
- comply with various onerous provisions of the NCA, such as:
- conducting credit assessments (in order to avoid extending reckless credit); and
- providing pre-agreement disclosures (this sets out all relevant information
- pertaining to the transaction to enable the employee as credit consumer to make an informed decision in respect of accepting the loan).
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