How to apply for a loan?

If you have the need and need to apply for a loan , you must proceed carefully point by point.

Here’s how to apply for a loan, step by step

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First of all, it is necessary to understand which type of financing is the most suitable, based mainly on personal characteristics (amount needed, working situation, possible availability of guarantees, etc.), both in relation to the intended use. do it (purchase of a car, home renovation, furniture, need for liquidity, health care, etc.).

After that, you need to start making a selection of finance companies that offer the type of loan you are interested in and then apply for funding. The application usually takes place by filling out a request form, to which the documents listed on the same must be attached. Among the various documents to be submitted for requests for this type of loan, in addition to the identity document and tax code, the following are generally required:

  • the paycheck;
  • the cud model;
  • tax return;
  • a copy of the latest bills paid.

Upon receipt of the documentation, the credit institution will proceed to a careful evaluation of the loan request , therefore, deciding whether the applicant is eligible or not. Afterwards, we will evaluate what is the maximum amount of the installments, which the subscriber can afford to pay.

It is useful to remember that the methods for selecting the probable customers differ from one financial to another. For example, if for a financial or credit institution the evaluation is positive, for another it could be the opposite. This happens for the different evaluation parameters used. In many financials, credit scoring is considered, that is, the punctuality of payment of the applicant , recorded up to that moment, and its possible indebtedness with other institutions.

Creditworthiness

Creditworthiness

In other cases, other factors such as income level and creditworthiness can be considered. For this reason, it is advisable to send the loan request to multiple credit agencies, in order to have more opportunities for success.

Then you have to check the conditions and rates applied that can differ between the different entities, therefore with more offers you have a greater choice that allows you to establish which are the best conditions.

What is the age limits for a loan?

What is the maximum age to apply for a loan?

What is the maximum age to apply for a loan?

For some time, when it comes to loans, many have been wondering if there is actually an age limit or not.

Looking at the regulations envisaged by the main credit institutions present in Italy, we can say that the limit is up to 75 years of age. These do not have to be done when paying the last installment.

Obviously there is a reason why this age was chosen since many banks consider it fundamental to have a certain guarantee of returning the money in advance.

And if we take into account that life expectancy tends to drop beyond 75 years of age, we understand why many banks have set this type of limit. A very important aspect that should be considered is that it is not the maximum age in which to apply for the loan, but the age that is reached for the payment of the installments foreseen for the repayment of the amount of money to the bank. Some notable exceptions for loans

The limit universally recognized by the main banks is that of 75 years

The limit universally recognized by the main banks is that of 75 years

For a loan. Yet it is worth mentioning some particular cases: there are certain lenders that guarantee loans even to people over 80 years of age, even though it is therefore a rather low life expectancy.

However, there are fundamental conditions that cannot be ignored, such as guarantees including good life insurance and also the possibility of paying a debt repayment in the event of death.

In addition to remembering that among the conditions there are also the pension, which must be high enough to allow the payment of the installments foreseen for that loan. And without forgetting an accurate assessment of the state of health which thus allows you to have a sort of natural guarantee as regards the person who receives the loan at 80 or even 90 years.

It should be noted that among the conditions provided for loans over 75 years there are also quite high interest rates based on increasing age: so a 90-year-old person will have higher rates than a 75-year-old.

The conclusions: what to know about loans beyond a certain age

The conclusions: what to know about loans beyond a certain age

When it comes to loans for people of advanced age it is good to remember that many lenders provide guarantees of a certain level. So this is certainly not an easy possibility, but that some banks still provide. It is important to know that the loan term is calculated taking into account the future age of the person requesting it.

To understand this, one can think of a 70-year-old person applying for a loan : obviously a division of the installments will be studied in such a way that it does not reach an excessively high age and that it could be a problem not only for the person, but even for the same bank.

The maximum duration that is usually accepted is five years so that those who request it do not risk leaving a debt to be paid to their heirs and that there is a certain guarantee for the bank.

 

The customized loan for employees and retirees

Features and Requirements. Expenses in sight and little liquidity? If you are a permanent employee or a pensioner, you can easily obtain financing through the so-called assignment of the fifth. It is a form of personal loan which can only be accessed by public and private employees, and, in fact, by pensioners.

Loan application process

money loan

In particular, in order for a loan application to be accepted, it will be necessary to:

  • Do not exceed a certain age limit if you are retired
  • Prove that you have a permanent contract for at least 2 years if you are a private employee. In this case, some lenders also require that the employer company meet some requirements regarding the size and number of employees.
  • Have a permanent employment contract with at least 4 years of seniority for workers employed in public and state administrations.

As can be deduced from the name, loans with assignment of the fifth are repaid in installments of an amount corresponding to the fifth part of the net paycheck received monthly.

Loans with assignment of the fifth 

They are normally provided by banks through agents in financial activity.

If the above conditions are met, banks and finance companies tend to make these loans rather easily, as their level of risk is very low. The repayment installments are in fact withheld from the monthly income of the financed person and paid directly by the employer or by the social security or other social security institution if you are retired.

For the same reason, this type of financing also has many advantages for consumers. For example, the provision of particular guarantees is not required, apart from the obligatory stipulation of an insurance on life and employment risks, aimed at protecting the lender from the risk of premature death or loss of work of the financed subject.

Combined loans

Can also be obtained from protestors and bad payers, and can be combined with other loans or mortgages.

Can also be obtained from protestors and bad payers, and can be combined with other loans or mortgages.

To obtain a loan with a loan of the fifth, it is sufficient to present the paycheck and the CUD model, together with an identification document and the tax code or health card. You do not have to specify the purpose for which you intend to allocate the sum requested on loan, unlike what happens with mortgages, for example.

The expert agents of the Reliance Group will be able to answer all your questions on this type of loan and will help you find your way in the credit products market.

Loans in agreement with the sale

Advertising message for promotional purposes. By filling out the form, the parties have no contractual obligation. The loans are disbursed with the approval of Astro Finance, for which Lending Agency operates as a single-agent financial agent promoting the financial products made available to the lending institution towards its customers. The loan request is conditional on the estimate, obtaining insurance coverage due by law pursuant to Presidential Decree no. 180/50.

The service does not guarantee the effective disbursement of the loan requested.

money loan

The Consumer has the right to obtain, before being bound by a credit agreement, the document of “European basic information on consumer credit” (SECCI) and a complete copy of the contractual text suitable for the stipulation. For the conditions of the insurance services, consult the information files. For the quarterly recognition of the average effective effective interest rates in force pursuant to the usury law n.108 / 1996, please refer to the table published by Lite Lender quarterly.

For customer protection rights and tools, consult the ABF guide.

Pre-contractual information is available in the specific Transparency section, at our offices and on the website of the lender. All content is for example and not limited to. The site aims to provide a broad but not exhaustive overview.

We always urge the user to get as much information as possible before accessing credit.

Although reasonable care has been used in collecting and presenting the information contained on this site, obtained through sources deemed respectable and reliable by Lending Agency, these are to be considered merely indicative and subject to changes over time according to the regulations or parameters of the lender.