One of the advantages concerns the high possibility of obtaining the requested amount. Compared to other forms of financing, the salary-backed loan for employees does not need any special guarantees: basic it is necessary to be of age and the amount of severance pay accrued at the time of the request is considered.
With the sale of the fifth it is possible to have:
- loan repayments up to 120 months;
- a secure loan because protected by an insurance policy in the event of death or involuntary loss of employment;
- the simplicity of the single signature and the rapidity in the loan disbursement;
- the possibility of renewing in advance;
- ease in providing the loan, even in the presence of other loans or misunderstandings;
- the possibility of early repayment and recovery of unpaid interest;
Contact us for more information on the characteristics of the loan.
Who can request a fifth assignment?
The workers who can apply for a loan with a fifth assignment are:
- State employees
- Private permanent employees
- Fixed-term private employees
The sale of the fifth is a loan dedicated mainly to permanent employees and on permanent contracts. Temporary employees can also request it as long as the recovery plan does not exceed the term of the work contract. Each month, one fifth of the salary will be retained by the employer who will pay it to the bank with which the employee has signed the loan. Self-employed workers are excluded from this type of loan.
How is the fifth sale given?
The loan is credited by check or bank transfer. The repayment of the loan can be extended in 24, 36, 48, 60, 72, 84, 96, 108 and 120 months, with deduction of the monthly payment (not exceeding one fifth of the salary) from the salary.
The maximum payable through a loan with salary assignment is linked to the amount of salary, TFR and accrued seniority. As these three variables increase, the chances of receiving higher sums will also increase. The loan with fifth assignment is compulsorily assisted by law by insurance coverage to guarantee the customer's life and employment risk pursuant to Article 54 of the D.P.R. 180/1950.
How much does the fifth sale cost? Taeg, tan and ancillary costs
Before signing a loan agreement with salary assignment, it is important to evaluate the various expense items that determine the amount of the installment:
Preliminary charges. The costs related to the evaluation and management of the demand that the bank supports in the initial phase of loan disbursement
TAN, Nominal Annual Rate. Represents the interest rate applied to the gross amount of the loan and expressed as a percentage value and on an annual basis. The TAN does not include ancillary charges such as, for example, the costs of practical investigation.
APR, Effective Global Annual Rate. It is the interest rate that represents the total cost of the loan to be paid by the customer and which takes into account, in addition to the calculated interest, the other charges such as the cost of the preliminary investigation.