Do you need a loan to carry out a project, or a dream? There are various ways of obtaining it. The main ones are personal loans and assignment of the fifth, which differ significantly from each other, can coexist and both have advantages and uniqueness. Let’s see what are the main differences between a personal loan and salary assignment and for which type of customers they are ideal.
The personal loan: what is it about?
A personal loan is a classic form of consumer credit. It can be finalized, for example, if you have to buy a car or an appliance, or free from constraints. The sum can be paid into your current account or directly to the seller. If everything is in order to obtain a personal loan, just go to a finance company with an income document and a personal one, and, having made the necessary checks, the loan proceeds can be disbursed in a very short time and you can carry out the procedure completely online.
To grant the personal loan, you need to check the maximum exposure you can have, which is nothing more than the maximum share of your income that can be committed to financing. This is done to prevent you from being over-indebted and no longer able to pay the installments. There is a possibility that you have had a payment problem, that is, that you have missed an installment, in this case, you will be reported in the databases as a bad payer.
The assignment of the fifth: what is it?
Even if you are reported as a bad payer in the risk center, or your overall exposure exceeds the maximum percentage allowed, there is an easy and convenient way with which you can access a loan: the assignment of the fifth of your salary and pension. Unlike the personal loan, which is also accessible to freelancers, to access the assignment of the fifth you must have a paycheck or a pension slip. Once this condition is met, however, you will be able to access the assignment even if you are a bad payer, even if you have foreclosures in progress, or if you are over-indebted.
The difference between a personal loan and an assignment of the fifth lies in the maximum transferable portion of your net salary, which in the case of the assignment of the fifth is precisely one-fifth. So if you have a net paycheck of 1000 euros you can face a maximum of 200 euros in monthly installments. With a maximum duration of 120 months.
How to request the assignment for the fifth?
For public employees or pensioners, the procedure for accessing the assignment of the fifth is extremely simple. Just go to the financial institution or bank with your paycheck or slip: thanks to the agreements in place, the issuer will retrieve all the necessary documentation. Once the documents have been delivered, the practice can be activated, which also provides for the subscription of compulsory insurance that covers you in the event of death or loss of work. A necessary guarantee since the assignment of the fifth is granted even if you are a bad payer or if you are over-indebted. The great advantage of the assignment of the fifth is that, once the practice is approved, the installment (at a fixed rate) will be removed directly from your paycheck, without any risk of forgetting or skipping a payment.
Personal loan and assignment of the fifth
Personal loan and assignment of the fifth have different characteristics, and can also coexist. If you are heavily in debt or are reported as a bad payer, the sale is an excellent choice and without contraindications. The amount that can be disbursed is higher than the loan and the maturity reaches 10 years.
The personal loan is easier to obtain, faster, and ideal if you need more limited amounts (normally within 30 thousand euros). You can then get it even if you are a freelancer, provided that the installment is sustainable and that you have not had any problems with previous payments.
