Private employees (ie employees who work in private companies ) who want to apply for a loan have a preferential lane: that of the Cession of the Fifth. This type of consumer credit is designed specifically for all those who can boast the fixed and regular entry into paychecks.
It is a comfortable and flexible loan, easy to manage and able to provide the liquidity necessary to support small or large personal or family expenses for the daily or to realize the dreams and desires that can no longer wait.
Loan with Salary Assignment for private employees: the 3 advantages
For those who hear about Salary Assignment for the first time, we recommend reading this in-depth study. Here we want to highlight some of the most advantageous aspects of this type of non-finalized loan:
- A discrete loan – To obtain the assignment of the Fifth no finality must be declared, they leave the use of the sums obtained at the complete discretion of the applicant and without restrictions.
- The loan that makes you forget the installments and deadlines – The repayment installment of the loan with Salary Assignment is automatically withheld from the salary. In this way, one should not think about the expiry of the next installment or be afraid of default interest for non-payment.
- In the event of insolvency, the loan is not levied on the heirs – An advantageous feature of the assignment of the fifth is the coverage of the insurance policy, which intervenes in the event of insolvency without burdening the heirs of the applicant.
How the loan works
Private employees can request the assignment of the Fifth by submitting minimal documentation. The loan is paid in full and made available to the applicant.
As mentioned above, the repayment of the installment (which can not exceed one fifth of the net salary) is deducted directly from the paycheck.
To get an idea of the maximum rate that can be faced by requesting this loan, read the study “How to calculate the fifth salary”.
To learn more about the other features of this loan also dedicated to employees of private companies, here are the answers to the most frequently asked questions:
How long can the Cession of the Fifth last?
The amortization time of the loan can be deferred up to 120 months. The extinction must occur within the 85th year of the applicant.
Are mandatory insurance required?
It is mandatory to take out insurance against life risk and the risk of loss of employment.
Is it possible to renew the Cession of the Fifth?
It is possible to extinguish in advance and renew the loan by recovering the interest not accrued. It can be renewed only after payment of 2/5 of the installments.
Can “bad payers” get this loan?
The grant of the Cession of the Fifth is not influenced by the status of “bad payer”.
The assignment of the fifth: the loan to be requested if you are a private employee
Private employees who are looking for a simple and flexible management loan, will find, in the Assignment of the Fifth of the salary, the ideal product to obtain the necessary financing for the realization of their dreams or for the satisfaction of their needs.
To find out more about this loan, the operators of ESL Bank and our branches are at your disposal to provide all the necessary information.