Private employees with permanent contracts have the opportunity to access various financing solutions, among which one of the most attractive options is the salary loan.
This type of loan allows you to obtain liquidity by paying the installments withheld on salary, with payment made by the employer.
This withdrawal must not exceed one fifth of the salary and has a fixed duration, from 24 to 120 months.
The salary loan for private employees
The salary loan falls under the types of personal loan and is regulated by the rule of article 1260 of the Civil Code, by the DPR number 180 of 5 January 1950 and by the implementing regulation DPR number 895 of 28 July 1950. Subsequently, the laws 311/2005 and 80/2005 have integrated the discipline on the matter, extending the right to loan to employees of private companies.
The advantages of the salary loan
The salary loan is a formula accessible to all employees with an ongoing employment relationship.
The loan is obtained with a single signature, without the need for guarantors and is generally granted even if there are other ongoing loans, or if previously financial problems have occurred.
The salary loan has the following advantages:
- simplicity of the bureaucratic procedure: it is not necessary to justify the request for financing and the repayment is made directly to the bp by the employer;
- security: the loan has fixed installments for the entire duration and predetermined at the time of subscription; in addition, the loan is supported by insurance coverage, already included in the monthly installments.
The necessary requirements for financing to private employees
As for all the other loans, also in the case of the salary loan, it is necessary to respect some essential characteristics:
- Minimum age 18 years
- Permanent employment
The necessary documents are:
- A valid identity document
- The tax code
- The last paycheck
- The Single Certification (ex CUD)
- The Salary Certificate or Service Certificate
What guarantees requires the salary loan
The salary loan does not require any particular guarantees, net of salary.
It is therefore a very interesting loan even for those who do not have an impeccable credit history behind them.
Usually the requested amounts are paid by bank transfer to a bank account in the name of the customer or by non-transferable bank drafts in the name of the customer.
The contract provides for Life and Employment insurance guarantees. The insurance coverage in case of premorience allows you to fully settle the residual debt to the bank, without recourse to family members. If, on the other hand, the employment relationship ends without being relocated to another company, the insurance company settles the bank, maintaining the right of recourse on the customer, who remains the principal debtor. Each company is assigned an insurance coefficient (also called TFR / riser ratio): it determines the assumption of the case and the maximum riser that can be requested.
Contract of loan for private individuals
Private employees, like other employees, can access the salary loan by contacting banks and financial companies that provide this service. All contracts include a series of information, aimed at guaranteeing the transparency of the loans and allowing the consumer to be protected in his choice. Among these we find:
- the interest rate applied;
- any other prices and conditions applied, including higher charges in the event of late payment;
- the amount and methods of financing;
- the number, amounts and due dates of the individual installments;
- the annual percentage rate of charge (APR);
Early repayment in loans to individuals
The relevant legislation provides that the loan can be paid off in advance, possibly with the application of a penalty which, however, cannot exceed 1%. It is useful to know that, if a contract is closed before expiration, the preliminary and stamp duty costs are lost.