In case you need immediate liquidity or a certain amount of money due to a sudden extra expense, the personal loan and the assignment of the fifth are the most used financing methods in Italy. Both can be requested at a bank, a finance office or through the support of an authorized credit broker.
Although they are regulated differently by law, they are both loans with no destination restrictions , i.e. it is not necessary and mandatory to declare the reasons for which the loan is requested, although an exception is made for some loans. Therefore, decide whether to request the assignment of the fifth or a personal loanit does not depend on how the sum of money obtained will be used, but on which of the two forms of credit corresponds more to the user’s needs.
This is not a random choice, as a wise decision could avoid long-term problems. When it is convenient to request the assignment of the fifth
The assignment of the fifth is the most suitable and recommended form of financing for those with a credit history marked by late payments and if you want a repayment plan diluted over time, even up to ten years . It is a type of credit that public and private workers can request, obviously only if with a permanent contract, or retirees.
Thanks to the guarantee of the paycheck it will be possible to request the assignment of the fifth of the salary: a significant advantage that allows you to avoid the risk of skipping some installments and, given that employers or pension institutions act as guarantors, there is no and need additional collateral to back up the loan.
Often, due to a report to the Crif or the Central Credit Register , a banking problem or a protest, it is practically impossible to obtain a personal loan. On the other hand, when a fifth assignment is requested , the applicant’s credit history is not considered, as the repayment installment of the loan is directly deducted from the paycheck or pension.
With this financing formula, the installment can never exceed 20% of the salary or pension, calculated on the net amount received monthly, and it is required to take out a life and employment risk insurance policy.
Furthermore, it is an optimal solution if you already have other debts in progress as it is possible to proceed with the consolidation , or you can use a proxy loan or assignment of the double fifth , which consists in the possibility of combining in a single installment the amount of all existing loans against a more sustainable and prolonged repayment plan: in this case a monthly sum will be withdrawn that will never exceed 2/5 of the salary or pension.
Furthermore, if additional liquidity is required, it is possible to renegotiate the loan by extinguishing it in favor of a new one, but only if the previous one has already been repaid by at least 40%.
It is therefore clear that the assignment of the fifth turns out to be an advantageous choice for anyone with a permanent job that guarantees an adequate paycheck, although it is not accessible for employees of small companies, as, by law, it can be obtained if employed by a company with at least 16 employees. Equally, for new hires it is difficult to obtain, if not impossible, and it can be a rather risky solution: it is therefore suggested to opt for a personal loan. It should also be added that it is not possible to request the advance of the severance pay in the pay slip as the stipulation requires an active employment contract for the entire duration of the loan.
To make a careful choice, try to know the average interest rates that allow you to have an idea of ​​the average cost of the loan in question: the Bank of Italy publishes them every quarter. When is it better to apply for a personal loan
The personal loanit is certainly more advantageous if you are looking for a flexible loan and if the sum to be requested is small and not particularly high. Certainly, the overall cost is lower than the one that must be faced with the assignment of the fifth and can be requested in the face of any family need, such as buying a car, renovating a house, a trip or the arrival of a child.
If the loan is aimed at a specific need, it is suggested to take out a consumer credit , as it allows you to obtain a particularly advantageous interest rate which will ensure favorable conditions in a relatively short time.
The personal loanit is within the reach of various categories of workers and is a certainly advantageous form of financing for example for freelancers, entrepreneurs, part-time and self-employed workers. The installment may vary according to the amount of the requested sum and the duration of the loan: the longer the repayment period chosen, the lower the monthly amount to be repaid.
To obtain it without too many difficulties, it is important to have a past without pending payments and above all not to be reported to the Crif . Furthermore, against the stipulation of a personal loan, the signature of a guarantor or a specific surety may be required , especially in the case of insufficient income insurance.
However, it remains an advantageous choice as it does not require, unlike the assignment of the fifth , any type of insurance policy and allows you to receive a fairly large sum. With both methods of financing, it is important to take into account interest rates, in particular the APR , the Global Effective Annual Rate. To find out the actual cost of the loan, it is suggested to request the European IEBCC form , better known also as SECCI where the APR is shown together with the interest rate.
In evaluating whether to apply for a personal loan or the assignment of a fifth of the salaryIt is good to try to know the costs of starting the practice, carefully read the contractual conditions proposed to evaluate the most suitable option for your personal situation.

Previous articleHow to overcome pandemics. Ivano Hammarberg Ferri speaks
Next article“The face of the ‘900”, this is how the portrait has changed over the course of a century