The personal loan family is large and also includes the assignment of the fifth. This, like other non-finalized loans, has the advantage of not needing to give explanations or justifications to the lending bank to obtain the requested sum. But how does it differ from all other personal loans?
- the income installment ratio: this is established by law, without the possibility of derogations, from one fifth of the salary or pension;
- the categories of subjects who can request it: public / private employees and pensioners;
- the possibility of access also to protestors and bad payers.
What is the amount that can be obtained more easily?
If you are looking for a small loan (understood as a small amount) you are aware that the requested sum will not necessarily be granted, but that it will still be easier to obtain than higher amounts. It is no coincidence that some banks segment the offer of their loans into various tranches based on the amounts to be requested: an example is Cream Bank with the Small loan up to $ 10,000 and Large from 10 thousand to 30 thousand USD.
For the assignment of the fifth, there is no such kind of “prudence” precisely because the installment ratio will act as a ‘reference’ which, as already mentioned, is fixed by law and is equal to 20% of the salary or net pension monthly. So if we think we can more easily obtain a transfer of the fifth 10,000 USD compared to a larger one, we are on the wrong track.
In summary, in fact, the total amount with this type of financing will be conditioned:
- from the income installment ratio: the amount of the monthly commitment cannot exceed 20% of the net income received;
- from the chosen duration.
Precisely for this reason, even in the case of the transfer of the fifth, it is necessary to pay attention to the interest rates applied. Indeed, given that generally one assignment of the fifth can also be repaid in 120 installments (without prejudice to personal data limits), the impact of interest expense could be high.
How to get online quotes
Online loans allow you to take advantage of the installment calculators, or calculation tools through which you can find the most convenient or sustainable installment to be repaid, and then go directly to the display of the quote: all this does not require registration or filling in forms with own data.
With the transfer of the fifth, however, this aspect is lost. Even in the case of online financial notes such as Good Finance, we immediately realize that the use of the installment calculator is not possible and that you will have to go directly to the request for the non-binding estimate. Let’s take a practical example:
- Suppose we need to request a transfer of the fifth for 10,000 USD with Good Finance.
- Selecting the button that sends us to the request for a quote we will find ourselves in front of this page:
- Going forward you will have to fill in the various pages, with the required data such as personal data, work, etc. It is good to note, however, that it is specified that this is a non-binding quote request;
- At this point the estimate is obtained directly
This practice is common to many other financials or banks although there may be differences. For example with Unicredit it is necessary to make an appointment at the branch while with Best Bank you will be called back by a consultant on the number entered in the request phase of the quote itself.
Who to ask for quotes?
It is clear that as regards a transfer of the fifth of the salary or transfer of the fifth of the pension, the procedure through consultant is considered a cornerstone by any possible bank, financial or brokerage company. The only small annoyance is therefore that of having to turn to various ‘consultants’ before being able to choose the proposal that seems most convenient.
This difficulty can be overcome by taking advantage of some specialized marketplaces, or sites where it is possible to leave your main data to allow the various ‘adhering’ consultants to make more estimates with a single request. In this respect, the Capital Lender service may be interesting. Let’s see how it works:
- To use the market place, just register and enter the main data (obtainable from the image below).
- Once this is done, you will have to wait for the arrival of the various estimates (maximum 5) and then evaluate every single proposal from the various consultants and choose the one you prefer. At this point it is possible to proceed with the proposal deemed best, having already communicated the fundamental data and avoiding both the proposer and the potential customer to waste precious time.