The salary- backed loan is a particular non-finalized fixed-rate loan repaid in monthly installments withheld directly from the net payroll by the employer. It is the employer who pays the installments to the credit institution that provided the transfer, until the loan is repaid. The fifth salary assignment can never exceed 20% net of the pay slip, that is one fifth of the salary itself and can have a maximum duration of 10 years.
Who can apply for a salary-backed loan?
The fifth salary assignment can be requested by all public, state and employees of private companies with a permanent employment contract of at least 18 years of age. Even employees with a fixed-term contract can apply for a fifth of salary assignment but in this case the duration of the loan must not exceed the term of the contract.
Even those who have recently been hired with a permanent contract can apply for the Assignment of the Fifth, as long as the requested amount is not high and the company is medium to large.
Who can’t apply for salary-backed loans?
The salary grant is reserved only for employees, so self-employed workers and the unemployed cannot apply for it . Retirees cannot even access me but can apply for a Fifth Pension Assignment.
What is the maximum amount that can be financed with the salary-backed loan?
The maximum financed is not the same for all but is determined by the accrued settlement (TFR) and by the net salary received monthly.
What is the maximum duration of the fifth salary assignment?
The fifth salary assignment has a minimum duration of 24 months up to a maximum of 10 years .
Can anyone who is protested or reported to a risk center or database request a salary-backed loan?
One of the advantages of the fifth salary transfer is precisely that of being able to be requested even in case of negative reports to the end-to-end knowledge company or protests. It is therefore the ideal solution for all those who are unable to obtain other loans because they are reported to the central credit registers or databases.
Do we need to present guarantees to apply for a salary-backed loan?
The salary-backed loan is a single-signature loan. This means that to request it there is no need for guarantors , sureties or mortgages, because the severance pay and salary act as a guarantee. Furthermore, an insurance policy is included in the signing of the Cession of the Fifth, which guarantees reimbursement even in the event of unpleasant unexpected events such as illness or loss of work.
Is the early termination of the Fifth Pension Transfer possible?
It is possible to extinguish the fifth salary assignment in advance or. Details on how to extinguish it in advance are defined in the contract signed at the time of the request. It is therefore good to always read all the clauses before accepting and signing the contract.
Assignment of the fifth of the pension and debt consolidation: is it possible?
If there are several loans in progress, with the Fifth Salary Transfer it is possible to carry out a debt consolidation , ie the monthly installments of all current loans are unified into a single installment in which it is possible to agree on the monthly amount and the duration of the Assignment, thus making the monthly payment lower than the total amount of the previous ones.
What documents need to be submitted to apply for a salary-backed loan?
To request the Salary Fifth Transfer, a copy of an identity document, health card, CUD and last paycheck is required .
Is it possible to renew the salary-backed loan?
The fifth salary assignment is renewable from the moment at least 2/5 of the established repayment period have elapsed.
If, on the other hand, the Fifth Assignment is less than 5 years, it is possible to renew it even before but only if the applicant enters into a new assignment for a period of 10 years.
What is the difference between a traditional loan and a salary-backed loan?
The traditional loan can be requested by all those in possession of a demonstrable income, the installment is paid monthly by the loan contractor directly to the Credit Institution and the applicant cannot access the loan if he has been reported as a bad payer or protested.
The salary-backed loan can only be requested by public, state and private employees, the monthly payment is retained by the employer directly from the contractor’s pay slip to pay the installment to the lending institution on a monthly basis, the interest rates are lower, the amounts that can be requested can be higher than traditional loans and can also be requested by all those reported as bad payers or protesters.