Bank Loan – How much can I ask for?

 

The Cream Bank small loan is a subsidized loan that can be requested by civil servants directly on the Cream Bank portal, active since 2013. The administrated can thus take advantage of a small loan whose installments will be directly deducted from the salary. Currently the service is offered in self-service mode, so as to avoid having to go directly to your administration or to the Social Institute offices (see also Transfer of the fifth Social Institute).

The online function therefore replaces the traditional one, facilitating users who will be able to carry out all the request operations in complete autonomy and receive the credit directly to their current account.

As required

First of all, you must access the self-service area through which you can also carry out loan simulations in order to calculate the Cream Bank loan interest and monthly installments, as well as view the progress of the submitted file. Thanks to the self service mode, the request can be made 24 hours a day. So let’s see what are the various steps to make the request.

You must log in with your user-id and password, then with your personal pin or the National Service Card and you must have a bank or postal account where your salary is normally credited. After entering the reserved area, proceed with the request, but it is preferable to carry out a simulation of the depreciation plan first. This is calculated by taking as reference the data present in the last available coupon.

Once the request has been made, there are times that Social Institute takes to verify the data and this sometimes involves a difference between the real data and the simulations. To proceed with the request, you must enter the pin. Once the Social Institute has carried out all the checks to verify the real conditions of the administrator, if everything is in order, he will proceed with the crediting of the small loan to the indicated current account.

How long should you wait

To obtain the small multi-year Government Agency loan, the disbursement times are around 45 and 60 days, but certain times cannot be given as it all depends on the time that the Social Institute takes to carry out all the necessary checks on the condition of the administered applicant. In any case it is possible, always from the personal area, to check the progress of the practice.

When it can be requested

Small Cream Bank loan requirements: not everyone, of course, can access this form of loan. As it is easy to guess you must necessarily be public employees for example teachers and you must have the following requirements:

  • be public employees and retirees
  • be enrolled in the unitary management
  • having paid 4 years of contributions

 

Guide to applying for a loan with a disability pension.

An invalid citizen is considered to be any citizen who is physically and mentally impaired and who is therefore in a situation of psychophysical disadvantage.

But does their unfavorable situation also have an economic impact, such as the possibility of accessing forms of loan?
Let’s clarify. In the Italian legal system we have 4 types of disabled people classified according to the invalidating cause:

  • Civil disabled (Law 66/62; Law 381/70; Law 382/70; Law 118/71).
  • War invalids (DPR 915/78).
  • Invalid for service (DPR 915/78).
  • Disabled of the job (DPR 1124/64).

And according to the provisions of art. 38 of the Italian Constitution, these categories of citizens have the right to economic and welfare support, receiving a pension in the ways and measures provided for by the legislative system.

Civil disability

Civil disability

In order to have the recognition of civil disability it is necessary to find a handicap, also called physical, mental or sensorial infirmity, which therefore causes functional damage, i.e. loss or limitation to carry out an activity no longer normally, but with obvious and serious difficulties. These difficulties must correspond to a reduction in working capacity of more than 1/3.

War disability

According to Presidential Decree 915/78, both a military and a civilian who, working for the state, has been subjected to impairments of any kind for war causes such as the explosion of a bomb, is defined as a war invalid.

The Italian State compensates this category of citizens by providing a treatment defined as a war pension which can be paid both directly to the person and to family members if the person has died or if the person perceived it before dying (reversibility).

Disability of service

According to Presidential Decree 915/78, all public employees who have been disabled due to illness or an accident, always due to their work, are defined as disabled by service. This invalidity must be ascertained at the Peripheral Medical Commission.

Work disability

Work disability

The Presidential Decree 1124764 establishes that all those employees of private companies who as a result of an illness or accident resulting from the activity carried out suffer a disability of more than 20% can be considered disabled. This recognition must be made by the INAIL of the province where the accident occurred.

Work disability

Different is the case of incapacity for work which instead provides for an infirmity or pathology that causes permanent impossibility to perform any job.

But can disabled pensioners apply for a loan?

We assume that the figure of the Social Institute pensioner (or other body) who receives his retirement pension monthly is considered by banks and financial institutions to be a top figure. But who receives the disability pension are treated by the banks in the same way?

In most cases, invalidity pensions are represented by subsidies, i.e. by not particularly high figures linked to the not always certain trend of a certain accident / illness and this is why we are going to analyze for which categories of disabled there is a concrete possibility of requesting a loan.

Comparison of probability of disbursement between personal loan and assignment of the fifth – with pension

Type of pension Probability of disbursement Personal loan Probability of loan disbursement with assignment of the fifth
Retirement pension High High
War invalidity / reversibility pension Average High
Pension with service invalidity Very low High
Pension with working disability Low High
Pension with disability Low High
Civil disability pension Very low Low
Social allowance / pension NO NO

So from what is shown in the table not all pension categories can be financed through a personal loan. As far as the invalidity pension is concerned, the only really feasible solution is that of the loan with the assignment of the fifth which, however, is granted on the basis of the type of invalidity attributed to the applicant.

For example, as shown in the table, a category of pension that cannot be financed with the assignment of the fifth is civil invalidity, or cases of checks or social pensions.
Among the categories that can be financed, however, we find the pension for the disabled of war and therefore also that of family members called reversibility and also the category of pensioners with disabilities / incapacity for work.

How to request the assignment

How to request the assignment

If you have a disability pension, you must provide the documents attesting your income, all the documents and medical certificates as in a normal loan plus a form that directly provides the bank or financial institution that certifies the various pathologies of the applicant.

Since there are probabilities of death by the applicant – sometimes high, sometimes minimal – it should be emphasized that this type of financing is compulsorily protected by an applicant’s life insurance policy. In fact, the form filled in by the doctor is then assessed by the insurance company that decides whether or not to grant coverage for the transfer of the fifth and then consequently the credit institution accepts or rejects the request.

When is it not delivered?

When is it not delivered?

Here are the cases in which the Bank generally does not pay the loan with the assignment of the fifth even if guaranteed by the disability pension itself:

  • too serious disease and high probability of death;
  • disability pension too low to be able to cover the installments;
  • uncertain disability pension – in the sense that it can be revoked at any moment – on the basis, for example, of a recovery – or a clear improvement from the accident or pre-existing illness

Conclusions

As we have analyzed, the Bank does not always welcome the request for a loan with a disability pension. In fact, we must also consider the fact that in many cases the invalidity pension is not always assaultable in the event of default, this means that the credit institution cannot rely on it in the event that the applicant stops repaying the loan.

In conclusion, the disbursement of a loan for invalidity pension holders is assessed on a case-by-case basis, this is obviously because the Bank wants to be sure that it is possible to repay the amount lent but the optimal solution remains for most cases the request through assignment of the fifth.

Consumer credit guide: tips and news

Speaking of consumer credit, the first thing that comes to mind is how to avoid having excessively high interest rates, given the period of crisis that our country is going through.

Here are 5 simple but effective tips to avoid too high rates, for 2016 and for the years to come.

Here are 5 simple but effective tips to avoid too high rates, for 2016 and for the years to come.

1 – Prefer the Bank and avoid the usury rate.

To avoid high interest rates, it is advisable, when choosing the credit institution, to prefer a bank rather than a financial institution as the provider of the loan, as the latter generally provides for higher interests. However, you can get around the problem with online financing, where there is no shortage of good promotions. It is however important to protect yourself from the usury rate, and to find out if the proposed one is at risk, just use the special calculators available online.

2 – Compare the different offers

Do not stop at the proposal of your bank, but you must inform yourself about the different proposals of the competing banks and compare them with each other, in order to have a broader picture, asking for the European information document on every occasion.

3 – Greater importance to the steady-state rate

It can happen that banks often offer promotions with a rather low entry rate for the first installments, which is however destined to increase when the promotion period ends. These advertising offers may therefore seem initially convenient, and then may not turn out to be such. It is therefore necessary not to be influenced by the “unmissable opportunities”, but to give greater importance to the rate at regime, that is the real rate that will be applied by the bank during the loan.

4 – Reduce pre-amortization

Pre-amortization is the period of the repayment plan for consumer credit received which provides for the payment of installments made up of interest only and which is usually applied by banks for technical reasons concerning the alignment of maturities. It consists of paying lower initial installments, but consequently the final costs will be much higher. The longer the pre-amortization period, the higher the costs.

5 – Attention to ancillary costs and not only to rates

The items that affect the cost of the loan as a whole are different and extremely variable, even within the banks of the same group. Focusing only on the nominal rate (generally indicated with the Tan) can be misleading in the choice, given that it does not include the costs of rid (which can go beyond 5 euros for each installment) and those of the preliminary investigation.

How to simplify the comparison

How to simplify the comparison

These “fixed” costs may seem insignificant on the card, but must be considered in light of the duration and the total amount that is requested, therefore other things being equal, those with a slightly higher Tan but fixed zero accessory costs or much lower. To simplify the comparison, all you have to do is go to compare the Taeg (whose definition is the global effective rate), and obviously prefer the lower one.

But the most important (and simplest) advice is to always read very carefully the conditions proposed by the bank for the stipulation of the consumer credit contract, so as to avoid unpleasant and unexpected surprises later on.

 

How to become a credit broker: requirements and security of funding.

For a little over a decade, the figure of the credit broker has gradually acquired more and more importance, that is, since a specific regulation has intervened to define its characteristics and limits (art.2 of the DPR 28 July 2000 n.287, issued after art. 16 of Law 108 of 7 March 1996). It is only since 2010, however, with Legislative Decree 141 (and then subsequently with Legislative Decree 169 of 2012), that access to the profession has become more rigid, and higher profiles.

Let’s see what are the requirements to become a credit broker and what are the expectations for those who carry out such a job, regardless of the areas in which it operates (from Rome to Milan, or for a Tuscan or Ligurian place, etc.).

What does he do?

What does he do?

A credit broker is a professional in all respects (complete with a register) who places himself between the customer and the banks, trying to identify the financial product that best suits the needs of each specific customer (loans, mortgages, etc.). This means that a credit broker is in constant contact with all financial institutions, but will not be able to collect payments in place of the bank or close contracts in place of the client (in this he differs from the commercial agent).

The requirements to enter the profession: society and not people

The requirements to enter the profession: society and not people

The requirements to become a credit broker are not so relevant to specific university qualifications (the high school diploma is however mandatory and obviously if you have a degree in law or economics all the better), but to certain characteristics determined by the aforementioned D 141 of 2010. These characteristics are also linked to the company that you want to set up.

In fact, it is no longer possible to practice the profession as a natural person, but only as a corporate form, of which the legal and administrative headquarters must be located in Italy. The company created will also have to deal (as a corporate object) exclusively with credit mediation and not with other matters as well.

Professionalism, integrity and social capital

Professionalism, integrity and social capital

In addition to these basic requirements, it will also be necessary to possess professionalism and integrity requirements. In the first case, it will be necessary to demonstrate that you have a qualification obtained by passing a specific exam and that you have at least three years (five for the presidents) of experience in business administration.

As regards the integrity requirements, on the other hand, it is necessary to demonstrate that you are not ineligibility or forfeiture and that you have not been sentenced to prison terms or subjected to preventive measures. Finally, it will be necessary to take out a civil liability insurance policy for the exercise of a business and to pay the share capital.

5 quick loans that we can get almost instantly

Many times it is not so much because of the urgency of the money, but because of the agility of the procedure. We may sometimes need the liquid quickly to face an expense that cannot wait, but it seems that the main attraction of fast loans is more its speed of granting than the possibility of using it almost instantly, although that does not mean that The latter is also an interesting advantage. We have never lived as fast as now, so it is normal that we also ask for that speed to financing, and nobody responds better to this demand than they do.

The ultimate race: fast loans at full speed

The ultimate race: fast loans at full speed

Until a while ago, there was not as much competition in this category, but due to technological improvements in the application processes and in the analysis of users, banks have joined the select group that makes up what we understand by fast loans. If we order them from most to least fast, these would be the participants:

1. Pre-granted loans

1. Pre-granted loans

 

This financing is offered by our bank and can be instantaneous. It is not a loan that we have to request, but the entity in question will inform us (if our profile allows us to do so) that we have the maximum amount that it can lend us. We will only have to choose the term and the amount within the limits set to be able to have the money in a few minutes.

2. Mini-credits

They emerged as a result of the crisis as an opportunity to get small amounts of money to meet urgent expenses. They reach, at most, up to 1,000 dollars and their evolution period is usually one month. The application process takes just 10 minutes, and if our bank matches the account with which the lender works, we can have the money a few moments later.

3. Quick credits

3. Quick credits

 

These usually go from 500 to 5,000 dollars and, although the process is somewhat slower than in mini-credits, the request is also made in a few minutes and we can get the money in just one or two hours. Within the quick credits we can also find lines of credit for which we will only pay interest on the money we use.

4. Payroll advance

Some entities allow their clients to request a loan for the value of their payroll (or up to 3 times its amount). After the preconceived ones, they are the fastest financing of the banks. We can ask for it without paperwork or much data, since being our entity, it has almost everything you need. In a few hours or a couple of days at most we can have the money.

5. Consumer credits

5. Consumer credits

 

They are traditional personal loans, which go up to large amounts and long terms, but thanks to the technology and data managed by the entities, they can sometimes be considered immediate loans. In fact, we can request them online (even if we have to send certain documentation) and receive the amount in just a few days.

As we have seen, each of these quick loans can respond to a different situation, since their amounts, costs and terms are very varied. Beyond its speed, that the financing is satisfactory will require that we be successful in our choice, since for every moment there will be an option that best suits our needs.

Transferable share: what it is and how to calculate it | Credit services

The contributions that workers pay during their working life are used to create a pension that should guarantee a dignified existence with acceptable living conditions. This rule applies to the pensions paid by each social security institution, whether it be Good credit or other private public administrations and not such as Nice bank.

Having said this, the pension represents a type of emolument which also allows the pensioner to access financing, albeit with some limitations. Among these we find that of the transferable portion which is linked to the transfer of the fifth of the pension.

What does it represent?

What does it represent?

As can be understood from the name, the transferable share represents the maximum amount of the pension that can be taken into account for the calculation of the installment of a fifth-party assignment. On the basis of this and considering the age of the applicant pensioner, the maximum sum that can be obtained overall will be determined.

The transferable portion is calculated starting from the gross pension amount. Tax deductions due by law must be deducted from this amount, arriving at the net pension amount (the amount actually received by the pensioner). From this we subtract the minimum pension calculated for that year (for example 502.39 for the year 2015 as per official Good credit source). In this way we arrive at the amount on which it will be possible to then go to calculate the installment that will actually be retained upstream by the social security institution. Examples can help us understand how the calculation takes place:

Example 1

Let’s take the example of a pensioner who has a pension of 600 USD gross. Now let’s assume that the minimum pension is 500 USD and the taxes paid are 50 USD. The transferable share will be equal to 600-50-500 = 50 USD.

Example 2

Now let’s think of a pensioner with a gross pension of 1500 USD. Let’s assume that the taxes are around 400 USD. In this case the net pension will be equal to: 1500-400 = 1100 USD. Given the high amount it is not necessary to subtract the minimum pension to safeguard the pensioner’s income. The calculation of the installment (which in this case corresponds to the transferable share) will be 1100 USD x 20% = 220 USD.

NB the calculation system is simple but one thing must be borne in mind: banks and financial companies may not grant assignments of the fifth with a very low maximum installment. So if you have a pension very close to the social one, it is always better to inquire with the various lenders.

Can an online calculation be made?

Can an online calculation be made?

Online there are tools that allow you to make simulations. There is also one on the Good credit website, which does not offer a precise but indicative calculation. There is no need to log in (therefore it can also be used by those who do not have the credentials to access the Good credit services ). As data to be entered there are only the amount of the pension received and your tax code. Being an indicative datum there could be differences on the actual calculation.

How can you request it?

The certification of the transferable share must be submitted to the finance company or the bank with which you want to request the transfer of the fifth of the pension. The request for this document must be made personally to your social security institution (proxies are not allowed). It is necessary to go with your own identification document and the health card to the territorially competent Good credit office, by filling in the appropriate form (which can also be downloaded online on the Good credit website in the “Forms” section).

By choosing financial companies that have Good credit agreements, the process becomes easier because by using specific telematic channels, the bank (or financial company) itself will request certification. It is clear that being a facilitation due to the agreement with Good credit it is not possible to have this facility with any social security institution.

If you are a retired Nice bank, in fact, you must request the portion that can be transferred personally and directly to the national assistance body for agents and sales representatives using the appropriate channels.

How long does it take?

How long does it take?

There are no fixed times. The release can take place on request, with a few minutes of waiting, but in other cases it can also take a few days. In order not to create discomfort, applicants are offered the possibility of sending by post to the address indicated in the request form for the transferable quota certification.