Do you need a loan and don’t know how to get it? Do you need to request money and get advantageous rates without too many problems? What should be done?
Getting the money this way is possible by giving the post office as a guarantee your salary or your pension. Let’s see together in this our detailed guide, what needs to be done to get a loan through the sale of the fifth.
What is the fifth assignment?
The salary assignment is a special loan for employees and can also be requested by pensioners. It is called this way because the monthly payment is equal to one fifth of the net salary or is equal to one fifth of the pension. The monthly payment cannot exceed one fifth of the salary.
The repayment of the monthly fee must be charged on the pay slip or on the pension slip. Repaying the monthly installment with the fifth assignment means that the payment of the installment is managed directly by the employer or the pension institution.
Difference between a personal loan and salary-backed loan
The method of repayment of installments is the main difference. If you decide to request a simple personal loan , the installment must be paid through a bulletin or through a direct debit to the account while if you decide to opt for a loan through the assignment of the fifth, you will pay the installment directly from the salary or pension .
The employer or the pension institution will be in charge of the monthly payment of the installment. The loan with salary assignment can be obtained if you are a worker with a permanent contract , residing in Italy and between the ages of 18 and 63.
Even pensioners who do not exceed 85 years of age until the day the loan is repaid and who have a pension that exceeds € 501.89, can apply for a loan by assignment of a fifth. Self-employed workers cannot obtain a loan in this way, since they do not have a salary.
How to request this formula
What documents must I submit to request a loan through the sale of the fifth? Here’s the list:
- Fiscal Code;
- Valid identity document;
- Last paycheck or pension slip;
- Unique certification for employees.
It is not necessary to request the assistance of a guarantor for a loan by the sale of the fifth. The guarantee for the loan is just the salary or pension. In general, this formula allows you to request the loan even to those who previously had problems with payment of installments.
The assignment of the fifth is an added guarantee, but it is not certain that the Italian Post Office will accept the request, the practice will still be subjected to careful checking and evaluation.
Payment by installments, how does it work?
The installments to be paid for the loan through the sale of the fifth are always fixed. The customer can directly choose the amount to be paid monthly and the time for repayment on the day of the stipulation of the contract. The installment must not exceed the fifth, then 20% (net value) of the salary or pension.
The reimbursement of the requested amount is carried out with a charge on the pay slip or on the pension. For the repayment of the loan with the assignment of the fifth the maximum duration can be up to 10 years. The loan can easily be paid off in advance and at any time.
A loan from the fifth assignment can be requested at any post office. Simply request an appointment or go to an office asking for a representative.
Times to get the loan with a sale of the fifth
The request for a loan at a branch allows you to find out about the time to obtain it through the person in charge. The person in charge will inform the customer after how many days he can get the loan on the account. Times may vary from request to request. To obtain a loan with a salary-backed loan from Poste Italiane, it is not necessary to have an account with the Post Office.
Even if it is the Italian Post Office, there are still interests to pay. Personal loans with salary-backed loans have lower interest rates than other loans. Check the TAN e the APR also saves money.
The TAN is the interest rate associated with the loan, while the APR is the summary total cost of the loan. In the APR there are all the commissions to pay for the loan with Poste Italiane.
We recommend checking out the various loans and also the various possibilities online before applying for a loan. Spending a few hours for research also allows you to find the most suitable loan for your requests. By doing a search you can make comparisons between the TAN and the APR and choose the lowest and the most convenient for your needs.
To understand how much you will spend on a monthly basis, you can make a quote. The quote is in no way binding on the loan request and can be done online. Making an estimate allows you to get an idea about costs, installments and interest rates.
The interest and installment shown on the quote may change from the value shown on the quote. The Italian postal commissioner will evaluate the various cases and decide what the conditions will be.
If you have doubts about the loan through the sale of the fifth with Poste Italiane, we advise you to ask for help from a person in charge before choosing the loan.
The loan can also be requested without having a current account.
The monthly installment to be paid is withheld from salary or pension.