Writing the loan application may be as simple as drafting a polite and respectful letter explaining exactly why a loan is needed, and when it will be repaid. However, people who ask for loans from bosses may suffer from disappointment and hurt feelings if their loan requests are denied. In general, employers are under no obligation to provide loans (or pay advances) to the people they hire. In some cases, asking for a loan from a boss may cause awkwardness, and have a detrimental effect on an employee's career. Therefore, it's important to establish whether or not a loan is really needed, and whether or not it might be better to get the loan from sources outside of the workplace such as a;
- credit union
When writing a letter to your boss, explain in short, clear paragraphs, precisely why a loan is needed. Illness, family problems, or unexpected expenses should be outlined; a repayment schedule should also be included, along with any other information that relates to the loan request. The letter should be printed out, and then signed in ink pen. The letter should be dated, and addressed to a specific person (first and last name), rather than to a company. If you expect your application to remain confidential, you must specify that on the letter.