In times of crisis like the ones we are experiencing, it happens more and more frequently that banks and financial companies respond with a flat "no" to requests for loans from families. However, one must not lose heart. Let's see some tips and tips to get Loans, despite the "spectrum" of the credit crunch.
The evaluation criteria of the banks
First of all, it should be noted that the credit application is subject to the evaluation of a series of parameters, which it is good to know in advance, including:
- risk policy, i.e. the parameters that each institution applies on the basis of its own statistical calculations (credit scoring) to assess the riskiness of the credit transaction;
- income level of the applicant and the relationship between this and the amount of the monthly installments;
- working situation and type of income;
- amount of financing (the higher it is, the greater the risk of the operation);
- creditworthiness, assessed on the basis of the information contained in theCentral Credit Register database. If the applicant is registered as a "bad payer", he will have greater difficulty in having his request for funding accepted.
Guarantees required by banks
Banks ask their customers for some specific guarantees to protect against the risk of insolvency of the debt. The main ones are:
- the possession of a certain source of income: usually the "basic" requirement to obtain a loan is to have an employment contract, possibly for an indefinite period;
- the signature of a guarantor/co-obligor, i.e. a third person who acts as guarantor;
- the change of installments;
- the authorization to transfer part of the salary (in the event of momentary economic difficulty, when one is unable to pay the monthly installments of the loan);
- taking out a credit protection insurance policy.
How to avoid non-payment of installments?
Once the loan has been obtained, it is essential to avoid incurring delays in the payment of the installments, which determine a increase of the interest due, through the application of a late payment, in addition to the risk of being registered in the lists of bad payers, a "status" which makes it extremely difficult to obtain credit from banks. Here are some tips to avoid delays in repaying installments.
- Choosing personal loans flexible, which provide for the possibility of postponing the payment of one or more installments in case of difficulty, of reducing or increasing the amount of the installment and of repaying the debt in advance, without incurring any penalty: many banks currently offer this type of loans.
- Take out a credit protection insurance policy, which intervenes to pay off the loan (or some installments of the loan) on behalf of the debtor in certain circumstances, for example in the event of illness, death, disability or loss of work. It is good to know that taking out a credit coverage policy increases the cost of the loan.
- Make sure that the loan payment is always commensurate with your net income.
Alternative loan solutions to the classic bank credit
- Loans of honor: these are subsidized loans intended for the creation of new businesses, introduced with law 608 of 1996, revised with legislative decree 185 of 2000. A part of the capital is granted on a non-repayable basis, while another part must be repaid, with a highly facilitated. The honor loan service is managed by Invitalia (National agency for investment attraction and business development Spa) and provides for the granting of financial subsidies for three types: self-employment, micro-enterprises and franchising.
- Loans for bad payers / protested: those who in the past have been registered in the lists of bad payers can resort to salary assignment, thus providing for the repayment by direct withholding of the installment on the paycheck or on the pension; it is the employer or the social security institution that takes care of the payment of the installment, in this way the bank has the guarantee of payment and can also grant credit to bad payers.
- INPDAP loans (National Welfare Institute for Public Administration Employees) are low-interest loans that the Institute or banks and financial companies with which they have agreements provide to workers, retirees and their families.
- Microcredit promoted by entities and foundations that guarantee loans, generally intended for certain categories of people (unemployed, people in economic difficulty, etc.)
- Social lending or three-person loan: formula that eliminates the mediation of credit institutions and allows private individuals to finance each other at convenient rates. Mediation takes place through web companies that bring supply and demand into contact: those who lend money get good returns, those who receive it enjoy advantageous rates.
