If you are looking for information on the sale of the fifth, you probably need to get some money on loan. Not sure how to offer guarantees to the bank? Do you want to apply for a loan obtaining favorable rates and following a simple process? You can get it right with the salary transfer salary !
This is a way to get a loan and get money by offering your salary as collateral . With this guide of ours today we will see together how to get a loan through the sale of the fifth.
What is the fifth assignment?
This formula is reserved for both employees and retirees. It takes this name because the monthly installment to be repaid is equal to one fifth of the pension or net salary. The monthly payment to be repaid cannot go beyond the fifth of salary or pension.
To repay monthly fee you follow a very simple procedure: the installment is charged on the pay slip or on the pension slip if the person is retired. You will not have to worry about anything, the employer or the pension institution will directly manage the monthly repayment of the amount.
Difference between a personal loan and salary-backed loan
A personal loan and salary-backed loans are different in the first place for the method of payment of monthly installments. The personal loan must be repaid monthly through a bulletin or by direct debit.
The salary assignment, on the other hand, will be paid each month directly from the salary or pension so the applicant will not have to deal directly with the payment.
Who can get this type of loan?
This form of financing is accessible to workers with permanent contracts who have a residence in Italy and an age between 18 and 63 years.
Pensioners who are not over 85 years of age (years completed on repayment of the loan) and with a pension that is greater than € 501.89, can request it. Self-employed workers cannot apply for a loan with a fifth assignment.
How to apply for a loan with the sale of the fifth
What are the necessary documents to obtain a loan of this type? Here’s the list:
- valid identity document;
- last paycheck or pension slip;
- fiscal Code;
- Unique certification for employees;
With this formula, there is no need to request the collaboration of a guarantor. The guarantee is the salary itself or the pension. In many cases the fifth assignment gives the possibility to request a loan even if the applicant has had previous problems with payments.
In fact the transfer is generally a very solid guarantee, but we cannot give the certainty that consents to the loan request with the sale of the fifth, especially if there have been problems with the payments previously. The request must be checked and only then will the organization decide whether to approve.
The installments of the salary assignment
An additional advantage granted by the sale of the fifth is that the installments to be repaid monthly are at a fixed rate. The subject may decide to choose the amount to be paid and the time for repayment of the amount at the time of signing the contract.
We need only that the installment does not exceed one fifth, then 20%, of the pension or salary at the net value. The charge is directed to the paycheck or pension every month.
The repayment of the sum with salary-backed salary has a maximum duration that can reach up to a maximum of 10 years. The loan can be paid in advance without penalties.
How do you request it?
To request it you have to go to an office and ask a person in charge. You can make an appointment with a representative on the site online, by calling the institution or by asking directly in an office.
Making an appointment with a representative does not in any way bind the request for a loan.
To apply for a loan in an office, the appointee will take care of telling the applicant how long the loan can take. The times for the request can change from case to case.
Depending on the amount requested and the financial situation of the applicant, there will be more or less time to obtain a loan .
Interest for the loan with the sale of the fifth
Personal loans of this type mostly have lower interest rates than other types of loans.
The interest rate, the APR is the synthetic total cost of the loan and also includes all the commissions to be paid.
Before applying for the loan with the sale of the fifth we recommend doing a little research between the various loans and the various interest rates. A little check often helps save money and not waste it on interest.
To find out what the monthly costs and the interest rates you are going to deal with you can make a quote, which is free and non-binding and allows you to get an idea about payments.
Interest and installments may vary from the estimate. You can be sure of how much you will pay with the monthly installment and with the rates only once the contract is formulated.