Due to the economic crisis, today there are more and more workers hired for a fixed term. For these, obtaining a loan is not easy, because the precariousness of the employment relationship and the limited duration of the contract are elements that are evaluated by the banks and the financial institutions as causes for not granting a loan. Yet, getting a loan even with a fixed-term contract is difficult but not impossible, especially if the request is well structured and has certain characteristics.
Even a temporary worker can therefore access the credit and request fast loans. Fast loans are special types of loans, which are characterized by the speed of the procedure, in fact from the moment of approval of the practice to the disbursement of the loan they will spend a maximum of 2/3 days. Fast loans are the ideal solution for those who urgently need liquidity to meet unexpected costs.
How fast loans work for temporary workers
First and foremost, it must be borne in mind that the fast loans required by fixed-term workers must have a duration less than or equal to that of their employment contract. Therefore, if we have a 24-month employment contract, we can apply for a loan, whose repayment plan cannot exceed 24 months. This happens because the financial company or the bank wants guarantees for the reimbursement and these are given only by the pay slip.
One of the major factors taken into account by the credit institutions, at the time of providing a loan, is the installment / income ratio which is an index of the applicant’s ability to repay the loan. Therefore, at the time of the loan request, it must always be kept in mind that the sum requested, includes installments that are in line with the income received.
Furthermore, fixed-term workers are often asked to provide a guarantor, especially when the sum exceeds a certain amount.
The loan application can be made directly to the bank, financial or post office, presenting:
- identity card
- fiscal Code
- last tax return or pay slip
- work contract
The guarantees necessary to obtain a loan from a temporary worker
Regardless of the person requesting the loan, be it a fixed-term or permanent contract, the guarantees required to provide the loan are always the same, namely:
- Risk policies: when the loan is requested, the financial institution assesses the risk it faces in the event it decides to pay the loan
- Creditworthiness: it is ascertained the presence of foreclosures, insolvencies or other that could reduce the probability of obtaining the loan
- Income: the applicant’s income is assessed. In the event that the loan installment has a significant impact on the applicant’s quality of life, the loan would not be granted. The fixed-term worker, as well as the permanent employee, is not required to justify the reason for the loan request.
Assignment of the fifth for temporary workers
The precarious workers can use an alternative way to request fast loans, and that increases the probability of obtaining a loan, given by the sale of the fifth. In this case, the installment will be withheld directly on the pay slip, on condition that the installment does not exceed 20% of the salary and that the repayment plan does not exceed the duration of the employment contract.
Given a series of guarantees, even temporary workers can access fast loans. The financials and the banks that offer this type of loans are different and some provide for a TAN (annual interest rate) and an APR (annual effective global rate) that is really convenient. In this short list, I will list a number of credit institutions that offer particularly advantageous interest rates. The first place if the adjective Bankate, which offers the most advantageous rates compared to other financial institutions, immediately after Bankate we find Findomestic, followed by Compass and Unicredit.