Loans without Fifth Salary: How to Get It

 

Applying for a loan today is increasingly necessary. Credit institutions and financial companies have opened up to this new social situation, as shown by the spread of loans without a fifth of a salary.

Loans without assignment of the fifth: personal loans

Loans without assignment of the fifth: personal loans

Loans without a fifth salary include options such as personal loans. What is it about? Of non-finalized access to credit formulas, which means that the amount financed is not intended for the purchase of a specific asset.

Personal loans can also be requested online and require the application of a fixed rate for the duration of the loan.

Loans changed : that’s what it is

Loans changed : that

The crisis, as already mentioned, has led many credit institutions to open up to customer requests, which present very different types of needs.

This has led to a new popularity of loans changed, credit access formulas that allow you to quickly and flexibly manage the amount financed.

What is it about? Loans without a fifth of salary which are based on the repayment of bills by a certain expiry date (bills are executive securities).

The customer who receives a promised loan has the option to convert the promissory note into cash or to choose whether to continue to claim a credit from the bank that issued it.

Loans without a fifth of a salary: what to know if you intend to apply for a loan

Loans without a fifth of a salary: what to know if you intend to apply for a loan

Loans changed are loans without a fifth of salary that are growing in popularity. For this reason it is necessary to have clear ideas on the guarantees necessary to request them. Which ones are they? In the case of dependent work, it is necessary to bind the severance pay, if instead a freelance activity is carried out, it is essential to have held a life insurance policy for at least two years.

In the case of recent hiring as an employee, the presentation of a guarantor is mandatory.

Loans with guarantor: how do they work?

Loans with guarantor: how do they work?

Speaking of loans without a fifth of salary means considering the option of the loan with guarantor, the presentation of which is necessary in the event that the applicant is unable to present sufficient guarantees of an income or real estate nature.

The loan with guarantor must meet specific rules, the first of which concerns the need to present a reliable person from a financial point of view (the credit reality always carries out checks on this).

Another aspect to remember is that the guarantor’s intervention is of an extraordinary nature (it cannot replace the beneficiary of the loan in the payment of the installments).

Last but still relevant point to underline is this: no credit institution is obliged to grant a loan to a protested, a bad payer or a person without a paycheck – the lack of a paycheck makes it necessary to refer to a model in the case of freelancers – even if it has a financially reliable guarantor.

Published New Rules For Loans Transfer Of Fifth Of The Pension

Social Security has disclosed the outline of the new agreement governing the granting of loans on the assignment of one fifth of the pension granted by credit institutions affiliated with the Institute in favor of Social Security pensioners.

The new scheme was published with the Social Security message 1671/2018. message to which the presidential resolution no. 78 of April 14, 2018, this will be valid until the end of 2018.

Credit institutions interested in the agreement with Social Security can join the new text starting from April 18, 2018. By signing the agreement it will be possible for banks and financial companies to grant loans to Social Security pensioners, based on the criteria and modalities contemplated by the scheme.

What changes with the new scheme

What changes with the new scheme

The new Social Security formal act scheme complies with the new rules established by the decree issued on March 27, 2018 by the Ministry of Economy and Finance. The decree modified the classes of the relevant amounts for the purposes of financing operations against the assignment of a fifth of the pension or salary.

Following this change, Social Security had chosen in the past few days to exercise the right of withdrawal against the affiliated credit institutions. In this way, banks and financial institutions have been forced to again agree with the Institute to continue to grant loans on the sale of a fifth of the pension or salary.

The new rates

The new rates

Until a few months ago, the interest rate applicable to loans on assignment of one-fifth granted by banks and financial institutions affiliated with Social Security varied according to whether the amount of the check was higher or lower than 5 thousand USD.

Not only. In addition to the amount of the check, the age of the pensioner also influenced the definition of the interest rate. There were in fact three age groups : up to 59 years old, between 60 and 69 years old and between 70 and 79 years old.

With the entry into force of the aforementioned decree, however, the classes were remodeled. These vary depending on whether the amount of the check is higher or lower than 15 thousand USD.

Specifically, the maximum applicable APR was drawn up by Social Security on the basis of the values ​​of the Average Global Effective Rates on an annual basis which were recorded on a quarterly basis by the Bank of Italy.

The maximum APR foreseen by Social Security

The following are the new rates (Taeg) set by Social Security for the loan amount classes and age groups of the pensioner.

  • For pensioners up to 59 years the Taeg threshold is 8.6% for checks up to 15 thousand USD and 7.71% for checks over 15 thousand USD.
  • For pensioners aged between 60 and 64 the threshold rate is set at 9.4% for checks up to $ 15 thousand and 8.51% for checks above this threshold.
  • For pensioners between 65 and 69 years the threshold rate is 10.2% in the case of checks up to $ 15 thousand and 9.31% for higher checks.
  • For pensioners between 70 and 74 years the threshold rate is 10.9% and 10.01% respectively for checks up to 15 thousand USD and over 15 thousand USD.
  • For pensioners aged between 75 and 79 the threshold rate is set at 11.7% for checks up to $ 15 thousand and 10.81% for checks above this threshold.

Expenses for partner banks

Expenses for partner banks

As part of the new agreement scheme, the charges due by banks and financial institutions for the service provided were confirmed until 31 December 2018 according to the parameters that have already been quantified in the previous agreement.

As of January 1, 2018, the updated parameters will instead be applied. In both cases, these charges will be collected by Social Security by reducing the monthly payment flows.

The new charges

In other words, the charges borne by the credit institutions that choose to join the new agreement will be calculated on the basis of each contract for the transfer of the fifth of the pension in the amount of 1.61 USD (VAT exempt) until the end of the year. From January until the end of 2018, however, the charges are equal to 1.84 USD for each draw of the pension accrual.

The charges applied will be much higher for banks and financial institutions that will not adhere to the agreement, but will therefore choose to operate under accreditation.