The loan with bills of exchange is an increasingly fashionable credit solution, and whose demand is constantly expanding, characterized by the fact that the bills are replaced by the monthly installments and are the payment instrument to be used to repay the contract debt month after month. This financial solution is, in turn, favored by the same lending institution as the bill of exchange is a credit to the order , with complete and executive literacy that gives the right to take protest action, if the debtor is defaulting and insolvent. We see in this guide to better understand how the loans work with bills of exchange reserved for employees of the public, private, which are the economic charges applied for this type of loan and which banks or agencies in financial activity are the major players in delivering this solution .
- Loans with bills for public employees in agreement with INPS
- Loans with bills for private employees: requirements
- What documents must be presented to receive a loan with bills of exchange?
- How much can you request for an employee?
- What guarantees for employees?
- Capital insured for employees
- How to pay the loan changed?
- Fast loans with bills for employees
- Shifting loans: how much do they cost?
- Loans with bills for protested employees or bad payers
- Banks and agencies in financial activities: loans with bills
Loans with bills for public employees in agreement with INPS
If you are employed by the public sector (hired with a fixed-term and fixed-term contract with a minimum duration of 3 years), in addition to being enrolled in the Unitary Management of Social and Credit Benefits constantly fed by the contributions of the subjects, then you can access the the form of Inps Inpdap Loans in agreement with banks and financial institutions.
Where the Agreement between the Welfare Board and the Bank or financial institution has been signed, for the public employee who meets the requirements established by the Regulation for the provision of INPS loans in Article 2 (“Beneficiaries of the service”), it is possible to benefit from of low-interest loans repaid by way of payment of bills of exchange.
Loans with bills for private employees: requirements
Employees in the private sector who wish to apply for a loan as the most expensive form of financing through the issue of bills of exchange, must meet certain requirements that can be ascribed to:
- minimum length of work: 2 years
- Matured TFR: 2 years
- be hired with an open-ended or fixed-term employment contract (to be assessed according to the circumstances)
- receive monthly paychecks.
In the case of a private employee hired with a fixed-term employment contract , it is possible that a fixed monthly income (rent, rental payment, etc.) will be presented, which will allow the repayment of bills. These are conditions that usually lenders or agencies in financial activity require to grant a loan guaranteed by bills.
What documents must be presented to receive a loan with bills of exchange?
To request the loan with bills of exchange, the public and private employees must present the following documentation at the bank or agency in financial activity to which they intend to apply for funding:
- regular work contract;
- monthly pay check;
- valid identity card;
- fiscal Code;
- utility bill for checking the tax domicile;
- goods (if any) that are subject to guarantee with the signature on bills of exchange.
How much can you request for an employee?
The maximum sum or maximum financial capital that can be obtained with the loan contract with bills of exchange depends on the professional profile and the type of employment contract through which the worker is hired. The cases relating to the employment contract are as follows:
- Public or ministerial employee, the maximum financial capital up to 80,000 euros
- Private employee, maximum financial capital up to 50,000 euros
The maximum capital payable by banks and finance companies depends on several factors: in this case the employee, the main variables are the TFR (severance indemnities) and paycheck credited monthly by the employer or by the public where you are in service, in the case of public employment. Very often, due to the crisis and economic instability and the loss of job security, the creditor body increasingly requires not only the paycheck and the severance pay accrued also the issue of an additional guarantee .
What guarantees for employees?
The type of loan with bills of exchange is very peculiar as to the presence of the change title, the creditor can request the issuance of additional guarantees as a pledge (if it is a loan for the purchase of an asset or the amount of fungible goods) life insurance policy, surety policy, risk of loss of employment policy, signature of a guarantor (surety).
In order to protect the loan disbursed, banks and agencies in financial assets to guarantee themselves in the event of default of the obligation contracted, require the simultaneous signing of a life insurance policy that protects the underwriter in the event of incidental events such as premorence, accident severe, illness, permanent disability. This insurance cover also protects the subscriber’s family from any risks and events that jeopardize family income, especially if it is a single-income unit.
Another form of insurance policy required (even if optional) is that of the employment risk that can affect and occur even in the case of workers hired with a permanent employment contract. The insured benefit, in this case, it consists of the amount of the residual debt still due at the time of the event, deducting the interest on the installments not yet due (financial discount) and deducting any sums left to guarantee the loan ( the severance pay of private employees ).
Capital insured for employees
With regard to the insured benefit, in the event of payment of the premium by the debtor and underwriting of the secured loan with bills of exchange, the Beneficiary of the insurance is not the insured person but, rather, the bank or the creditor institution which granted the financing. In the event of a loss of employment, the insurance company will reimburse the creditor entity but will retain the right of recourse against the insured.
For civil servants , the insured capital is equal to the value discounted at the nominal rate (TAN) of the contract for the residual amounts resulting from the exchange effect at the time the event was deducted from the accrued severance indemnity. For private employees, the sum of the insured capital is equal to the discounted value of the amounts residuals resulting from the exchange title net of the amount of all sums owed by the company to the employee at the time of termination of the employment relationship. It is important to note that not only the accrued TFR is included, but also any other sum owed by the company to the employee at the time of the termination of the employment relationship.
How to pay the loan changed?
As this is a signed loan with the issuing of bills of exchange, bills of exchange are debt securities that can be used as collateral and as a form of payment to replace the monthly payment in the case of a “traditional” loan. It is possible, in commercial practice, to sign only one bill that serves as a guarantee for the entire loan and, in this case, the payment of the loan must be through RID (direct debit on current account) or by payment of postal bills . Alternatively, the loan with effect of change requires the signing of as many bills as the loan installments, according to the amortization plan. In this case, payment is made by paying the bills at the bank counter.
Fast loans with bills for employees
The legitimate question is whether or not fast loans really exist. In fact, as the crisis progressed and with the increasingly demanding demands of the employees, the financial companies and the banks had to adapt, providing as an offer the possibility of taking out fast loans. We speak less than 48 hours from the receipt of the request by the potential subscriber to the disbursement of financial capital.
For the dependent subject (private and / or public) who needs a sum to finance a purchase or an imminent expense, it is possible to send their request electronically by filling out a contact form and sending some documents. Through this rather simplified and streamlined procedure, it is possible to obtain a reduced amount of capital: up to 5,000 euros . In this case of fast loans with bills of exchange, the financial companies or banks offer the required capital even without guarantees . If the amount requested is of small amount, the signature of a third party guarantor or other form of loan guarantee is not required, if the monthly income indicated on the submitted documents is sufficient.
Shifting loans: how much do they cost?
Loans with bills of exchange compared to the traditional form of traditional loans, due to their peculiarity of being assisted by the issuing of bills of exchange, have a more expensive cost and require the support of costs, expenses and extra fees by the debtor who must appropriately assess and with due attention.
The costs include:
- expenditure for the underwriting of a life insurance policy
- expense for the subscription of the employment risk policy
- registration fees for the loan contract
- expenses related to the change of stamp
- costs of preliminary investigation and costs of practical opening
- collection costs
- other required one-off fees (to be assessed according to the bank or other funding body).
Loans with bills for protested employees or bad payers
For all the dependent subjects that are reported in the databases of bad payers or protested subjects (Crif), it is possible to obtain credit and access the credit market.
In this case, if the employee is reported with negative merit among the CRIF databases and is in possession of monthly paycheck and is hired with an open-ended employment contract, the loan may be disbursed by transfer of the Fifth . it is a lean and fast credit solution that provides for the withholding of the loan installment directly on the paycheck and the signing of a single bill to guarantee the entire amount of the debt. The employer undertakes to pay the installment of the obligation, withholding it from the salary received by the employee.
Banks and agencies in financial activities: loans with bills
With regard to the main financial institutions and banks that provide this form of loan with the issuing of bills of exchange, the following can be reported:
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