Being an employee , that is, employed by an employer other than himself, is one of the most advantageous conditions for those looking for a personal loan of any entity. However, this does not mean that other categories of people, such as housewives, students, pensioners or self-employed workers can not find a personal loan suited to their characteristics; however the condition of the employee, both private and public, very often facilitates the obtaining of a loan.
When we talk about personal loans for private employees, we tend to refer to a worker hired with a permanent contract or in some cases also to those who have a fixed- term contract. However, this does not mean that all other types of contracts, such as partnerships , exclude the possibility of obtaining a loan; simply, the type of contract affects favorably the possibility of obtaining a loan, especially if for important figures.
However, it is good to consider that the type of contract is not the only parameter considered in the evaluation of a loan; in fact, the presence of further loans , the financial history of the applicant, as well as the amount of the loan requested also have an important impact.
Each personal loan for private employees, as for any other category, represents a specific product, with characteristics that may vary depending on the financial or bank that proposes the loan itself. For this reason, the comparison between different types of products will allow us to understand the specific characteristics of each individual loan proposal.
Getting a loan for private employees is a very simple operation. In principle, the presentation of an identity document and the last pay slip received is required. Foreign workers are also required to submit an unexpired residence permit. Depending on who issues the loan, other documents may also be required, such as a receipt from a user (such as an electricity, gas or telephone bill) to prove the actual place of residence or more than a paycheck .
Depending on the applicant’s profile, the financial institution or the bank with which the personal loan application is submitted may require additional documentation, although in most cases the necessary documents are the few indicated above.
In the event that the applicant’s profile is deemed unsuitable for the loan or at risk, or if the documented receipts are deemed insufficient to meet the payment of the installments , the issuer of the loan may require the submission of a guarantee , as for example a second pay check payable to a different person, who in this case assumes the role of guarantor of the personal loan.
There is a particular type of loan for private employees, called the sale of the fifth . We take care of this type of loan in the dedicated guide; however it is good to know that this method of repayment of the loan received may in some cases prove to be advantageous for the employees. The reason derives from its functioning: in summary the employee receives the periodic salary (usually monthly) reduced by one fifth. This sum is retained by the employer who is responsible for forwarding it to the financial institution or to the borrower, without the employee having to do anything after the return method has been approved.
In the case in which a transfer of the fifth is chosen, it is necessary to present the documentation provided by the issuer of the loan, which requires that the authorization to hold the sum is forwarded and signed also by the employer.
The assignment of the fifth is usually granted to workers with a fixed- term or short-term contract, but the duration required and the possibility of disbursing the assignment of the fifth are variable depending on the financial institution making the personal loan. However, this specific modality is not reserved for employees in the private sector, but it is also extended to those in the public sector and to pensioners , that is to all those who can demonstrate a regular monthly income not deriving from self-employment. To know the specific characteristics of this type of loan, as well as to know the different types of personal loans available, refer to the other cards on the site.