How to get a loan, what are the requirements for most loans? How do they change according to the credit line examined? Here’s how to navigate the loan market.
Personal loans, finalized and assignment of the fifth: what changes
There are many purposes related to the request for funding, from home renovation, one of the most appreciated uses by the Italian public, to liquidity, for the management of many small and large expenses.
One of the first aspects to consider is which financing method to use. Targeted loans are credit lines related to the purchase of a particular asset or to the use of a service.
The personal loan is instead a non-finalized solution, the applicant is therefore not called to specify which use is made of the credit granted. A fixed rate associated with a repayment plan with constant installments is applied.
Another form of financing that is frequently requested is the assignment of the fifth. In this case we have an installment withheld directly from the paycheck or pension. The installment cannot exceed 1/5 of the net monthly credit.
Also through credit cards it is possible to obtain money to make purchases, a proposal dedicated to the consumer credit segment.
Requirements for receiving a loan
How to get a loan: the requirements. These change according to the characteristics of the financing object of the request. However, there are some common elements underlying most credit lines:
- the applicant must be of age and not more than 70/75 years old;
- the applicant must be able to count on a demonstrable income;
- the beneficiary of the financing must reside in Italy;
- current account ownership is required.
The lender will then conduct an evaluation of the customer defining the risk of insolvency. It is useful, if not fundamental, that the installment does not exceed 30% of the applicant ‘s salary or pension.
Furthermore, the applicant must not appear on the list of bad payers, which means that he must not have had any refund problems. In these cases how to get a loan? Those on the end-to-end knowledge company lists will have to think of ad hoc loans. Among these, in addition to the transfer of the fifth, we find the so-called loans for bad payers.
Guarantor and insurance
If the bank deems it appropriate, it can demand other guarantees from the applicant. Usually these are subjects who will intervene if the beneficiary of the loan encounters difficulties in repayment. Insurance coverage is also included in the reimbursement guarantees.