When a loan is required or more generally a loan, the person usually exposes the intermediary to the need to pay an installment that is sustainable for him in a precise time because he takes into account his deadlines, commitments, needs, urgencies, priorities and present projects. and future. The choice of the monthly payment and duration are priority factors when you decide to apply for a loan, and should never be conditioned by third-party advice because only those who decide to make access to credit know the real personal need.

In the specific case of the assignment of the fifth or of the delegation of payment of the salary, we are often led to believe that it is “obligatory” to choose the duration and the maximum installment envisaged; therefore, those who request this type of financing are convinced that they are in debt for ten years and pay the fifth maximum of their monthly salary.

A “Completely Wrong” belief that often discourages those who, while having the requisites to obtain it, prefer to choose a traditional personal loan, even if less advantageous in that specific situation.

The assignment of the fifth: how it works and what are the advantages for the customer.

We specify that not all workers can access the assignment of the fifth, but only those who are employees, both state and public or private, and pensioners Inps and former Inpdap.

This is a loan governed by Law No. 180 of 5/1/1950 and by the implementing regulation of Presidential Decree n. 895 dated 28/7/50, according to which these subjects can obtain loans whose repayment takes place through direct deductions from salary or on retirement.

This means that the payment of the installments does not take place with postal bills or through a current account charge, but it is the same employer who pays them monthly to the finance company.

The peculiarity of the assignment of the fifth, which also becomes an advantage, lies in being able to contract it even by single signature and even in the presence of other debts or, worse still, of unpaid and possible protests.

The maximum duration is 120 months and the installment is determined by the fifth of your salary/pension, namely:

It will then be the installment, to determine the actual amount of the loan requested.

Furthermore, the maximum age for requesting a transfer of the fifth is set at 85 (at maturity) and the amount payable is decidedly high.

Both the customer and the lending company are protected by compulsory insurance cover for life and work risks, therefore, in the event of permanent disability, preference or sudden loss of work (only for employees), the insurance will cover the residual debt.

Let’s briefly recall what are the minimum requirements for access to the assignment of the fifth :

  • Age 18 – 85 (at the end of the loan)
  • Seniority of service three months for state employees and local authorities and 3 – 6 months (passing the trial period) for private employees
  • Retirees who can be financed always, provided they do not receive a pension that is still provisional or that minimum is required by law.

The assignment of the fifth: duration and installment always on the applicant’s free choice

Let’s go back, now, to deepen the two aspects that are too often considered an obstacle for those who would like to, but does not dare, request a transfer of the fifth :

  • Duration
  • The installment

We start from the first point, clarifying better that at the time of the request you can choose the most appropriate duration for your needs, freely evaluating the number of installments, from 36 to 120 months. Then, free choice to use the assignment of the fifth as financing: short-term (3/5 years), medium-term (6/8 years) and long-term (10 years). It is also specified that with regard to duration, the legislation on the sale of the fifth allows the renewability of the loan when at least a minimum period of 40% of the entire duration has elapsed. In the assignment of the fifth one for ten years, it is possible to evaluate the fourth year after the beginning of the loan, the possibility of extinguishing the remaining debt, then refinancing it for the purpose of new liquidity, or only to reduce the amount of the monthly payment ( debt consolidation).

Regarding the amount of the installment, the same is true, ie, defined the maximum transferable quota, you are absolutely free to choose a lower amount than the same.

These characteristics of free choice of the installment and its duration, allow access to the request for assignment of the fifth for various reasons. For example :

  • the renovation of the condominium
  • the renovation of a house
  • the marriage of a child
  • the purchase of a new or used car
  • the university studies of a child
  • a journey of pleasure or work
  • a gift for an anniversary
  • a sudden need for liquidity not to be justified or for the simple
  • the purchase of furniture
  • new heating system
  • the purchase of a motorcycle.

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