If you urgently need liquidity and are looking for the best solution that guarantees you fast times, personal loans and salary-backed loans are the most common forms of credit to individuals currently provided by financial institutions: both allow you to quickly obtain liquidity to be repaid through comfortable monthly installments. Both loans have advantages, but it is clear that those who request one of these forms of loan, make the necessary considerations and choose the one that best suits their needs, in order to procure liquidity at the best conditions, sustainable installments and short time frames.
But what are the differences between salary-backed loans and personal loans?
There are obviously differences between these two forms of financing, let’s see the main ones together:
– Types of applicants : personal loans can be requested by anyone with an income, for example, pensioners, employees, self-employed workers, while salary loans are available for those who are retired and those who are public, state or private employees. The motivation is quite clear as the fifth assignment is reimbursed through a monthly deduction on the payroll or pension, and therefore can be granted only to those who receive salary or pension every month. Self-employed workers obviously have no payroll so they can only orientate themselves towards personal loans.
Financing by salary or pension transfer is guaranteed by law for every employee or pensioner who receives salaries from various pension institutions such as INPS (formerly INPDAP), ENPALS, ENASARCO.
Read all the advantages on the sale of the fifth to pensioners and those related to the financing dedicated to state and public employees in the NoiPA agreement
– Protested subjects or bad payers : a great advantage of the assignment of the fifth with respect to the personal loan is that, by weighing on the salary or on the pension, it can also be granted to protested and bad payers. Furthermore, people over the age of 70 cannot apply for a personal loan as opposed to the fifth loan, which can also be requested by those who are older.
The sale of the fifth therefore offers a great advantage for those who have difficulty in accessing other forms of financing for foreclosures, protests, reports to the CRIF (Central Risk Management Department) or advanced age
– Obtainable figures : normally the salary assignment, based on the amount of salary or pension, allows the obtaining of higher figures with respect to the personal loan and lower interest rates; this happens because the financial company that grants the loan has lower risks because the granted capital is guaranteed precisely by the salary or pension. The sale of the fifth is therefore ideal to request higher amounts
– Reimbursement methodology : the personal loan is repayable by payment made by the holder by means of a postal slip or by debiting the current account; in the sale of the fifth the amount is instead deducted from the salary or pension directly from the employer or from the pension institution, up to a maximum amount of 20% (it is called cession of the fifth because it amounts to 1/5, or 20%, salary or pension)
– Timing : for both loans, once the documentation is acquired, the most reactive agencies take a few days to inform the customer of the positive or negative outcome. Subsequently, the contract is signed and the desired sum is credited. But what are the timing of the two loans? Certainly in personal loans, as a loan is generally disbursed for non-high amounts, disbursement times are of a few days, while for the sale of the fifth it is necessary to have a longer preliminary investigation, since amounts of up to 75,000 euro can be obtained. and consequently the financing institution must carry out more in-depth checks.
Benefits of the sale of the fifth
Being a secured loan, the fifth assignment offers the lender a lot of flexibility in assessing the requests. Once the eligibility has been verified, obtaining the loan has a very high probability.
The guarantees and the mechanism of payments by the employer or pension institution, ensure that the operation is extremely protected for those who cover the role of financier, which for this reason can easily grant loans even to those who have a credit history. good and that would have had accessibility with difficulty to different methods of financing, such as a personal loan.
Another benefit is that the maximum sum of the loan is linked to the share of remuneration and the seniority of those who request it, and this, in some cases, allows the financing of large amounts.
– both the interest rate and the installment remain fixed
– duration up to 10 years (120 installments)
– there is no need to state the reason why the loan is requested
– absence of mortgages or other real guarantees
– renewal or request of the transfer also with other loans in progress
– the debt can be paid off in advance
– insurance against premature death and job loss risk included
– immediate deposit