How to have a loan without an indefinite contract
Is it possible to obtain amounts of money on loan despite not having a permanent contract ? Loans with a fixed-term contract are a reality and it is good to deepen their characteristics if you want to access credit without problems.
In fact, due to the economic crisis, fewer and fewer Italians can count on an open-ended employment contract. This situation has led banks and financial companies to introduce loan solutions in their offer that are also accessible to those who are employed on a fixed-term basis and to the so-called atypical workers.
Loans exchanged for forward contracts
There are several loans with fixed-term contracts and among these it is possible to include the loans changed.
How exactly do they work? First of all, remember that, unlike traditional loans, they are based on the repayment of bills of exchange, executive securities that can be converted into money at the customer’s discretion.
The loan changed is considered in many cases the last alternative to access credit, not surprisingly it is accessible even without the presentation of a paycheck.
It is a particular form of personal loan which provides for the repayment of the installments by means of pre-paid bills. Debt securities which therefore represent the payment method.
And it is precisely by virtue of the use of bills of exchange that credit institutions are willing to grant credit even to those who have a job position that is not exactly stable. This is because bills of exchange represent a guarantee for the bank or financial institution that grants the loan.
In case of non-payment, the credit institution can request the attachment of the debtor’s assets. Operation that, thanks to the execution of the bills, takes place in a very short time. In fact, it is not necessary to wait for the technical times that would be envisaged for a traditional personal loan.
Guarantees for those with a fixed-term contract
Those who want to inquire about loans with a fixed-term contract and learn more about the peculiarities of the promissory notes in particular must dwell on the guarantees.
For what reason? Because it is good to overshadow the idea that guarantees are not necessary to access a loan.
This is not true at all, in fact, employees must bind TFR, which cannot be touched for the duration of the amortization plan. Freelancers, for their part, must have held an active life insurance policy for at least two years.
The last case to consider when it comes to promised loans concerns newly hired employees, who must present a third party guarantor. In fact, banks and financial institutions are usually unwilling to grant loans to employees who cannot count on a good working seniority.
Reason why those who started working recently must use a guarantor. Person who must commit to repay the loan installments in case of default by the beneficiary.
It is necessary to specify however that the intervention of the co-obliged is in fact provided only if the debtor is in difficulty. Furthermore, the guarantor cannot permanently replace the borrower.
Therefore, for access to credit, it is essential that the income received by the applicant is sufficient to guarantee the regular payment of the amortization installments. This is regardless of the resources available to the guarantor.
The assignment of the fifth and the fixed-term contract
When it comes to loans with a fixed-term contract, it is inevitable to refer to loans on assignment of the fifth. It is in fact a very common form of loan in our country that requires the presence of an employee contract. Unlike what many think, however, the transfer of the fifth is also accessible to those with a fixed-term contract.
In this case, of course, it will be possible to obtain loans with relatively low amounts. Loans must also be extinguishable within the validity period of the employment contract.
As the name suggests, loans on assignment of the fifth involve installments deducted directly from the payee’s paycheck. In addition, the monthly installment cannot exceed the fifth part (20%) of the monthly net salary. The interest rate is fixed and the repayment plan can extend for a maximum of 120 months.
As regards guarantees, given its particular structure, the transfer of the fifth requires the presence of a fixed income. However, the paycheck is not the only guarantee required.
In fact, these loans find a further form of guarantee in the TFR accrued by the worker. In case of non-payment of the installments, in fact, the credit institution can refer to the severance indemnity, which remains bound for the whole repayment.
Although the transfer of the fifth is also accessible with a fixed-term contract, those who have recently been hired could be rejected if the severance indemnity accrued is too low.
Remaining on the subject of guarantees, current legislation provides for the subscription of an insurance policy to protect the loan. The coverage must cover both life and employment risks.
The policy is granted by an insurance company which reserves the right to evaluate the applicant’s job position. In some cases, the company may also choose to assess the financial situation of the company where the worker is hired.
Obviously in the event that the company decides not to grant the policy, the bank will not provide the loan. In any case, we remind you that the insurance only covers if the worker dies or loses his job, leaving a debt higher than the severance indemnity.
Those who do not feel like asking banks and financial companies for sums of money and are looking for a valid alternative regarding fixed-term loans can refer to the lien credit.
In this case, the only guarantee is a valuable movable asset that is evaluated by an expert professional. On the basis of the outcome, the loan is disbursed. The good, obviously, remains committed until the end of the refund.
Once the payment of the installments has been completed, the customer can withdraw the asset by presenting a policy to the bearer.
The financeable sum is defined only after the evaluation of the property. The interest rate is fixed, but usually not very competitive. As far as the repayment duration is concerned, the pledged loans usually do not last longer than 12 months.