Lenders Want Ex-Employees to Give Back Their Bonuses Due to Bad Mortgage Market

Re:Lenders Want Ex-Employees to Give Back Their Bonuses Due ... by crzyman on Monday October 30, 2023 @12:11AM (#38065587)

I've heard of needing to stay for X years after Company pays for tuition. I've heard of signing bonuses of $1-10k that only pay out if you stay for X years (dumb name, that's a "thank you for staying for 2 years" bonus, not a signing bonus). I've heard of vesting schedules where the company helps you fund a 401k and annually increases the percentage you could take if you quit up to 100% after X years.

I have never heard of something as predatory as immediately approving your employees for a $100k loan at 0% APR that's only forgiven if they stay for 2 years.

I don't care how pretty the bow on the box is, it's still a box of poop.

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Re:Lenders Want Ex-Employees to Give Back Their Bonuses Due ... by rrrrrrrrrrrryan on Monday October 30, 2023 @01:14AM (#38065941)

> if they stay for 2 years

If it were "if you decide to stay for 2 years" bonus, I don't think there'd be an issue

The issue is that it's really a "if we decide to keep you longer than 2 years" bonus, improperly named a "signing bonus."

It is paired with a real "bonus" or perk of sorts, but it's just a weird 2 year 0% APR loan that must be repaid in full at the end of the term, which works out to maybe $10k in risk free returns.

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