Access to credit for bad payers and protests has always been a taboo subject for banks and lenders. The economic difficulties of the last few years, however, have pushed those operating in the sector to be more flexible, opening the doors also to customers who over time have experienced difficulties in repaying debts.
For this reason, ad hoc instruments have been created which, on the one hand, guarantee a good level of safety for the supplying institutions and, on the other hand, offer a real possibility of liquidity to those who need it.
Among these, the most used is undoubtedly the assignment of a fifth of the salary: the applicants guarantee their paycheck, which represents the parameter on which to evaluate the loan. The sum paid by the bank, in fact, is reimbursed directly by the employer, who withholds the portion to be sent to the bank or finance company from the monthly income, for a maximum value equal to one fifth of the salary.
Loan changed, a valid alternative for bad payers
Those who prefer not to involve their employer, and therefore proceed to request a personal loan without a paycheck, can opt for one of the most used non-finalized financing formulas, such as the promised loan.
As can be clearly understood from the name, this credit instrument provides that the applicant, in face of the debt contracted with the bank, signs individual bills of equal amount and of a pre-established maturity that the institution will use to fully recover from the monetary exposure.
The rate is also fixed over the entire amortization period, which can reach a maximum of 120 months. With this type of loan, the entities providing the sums have the advantage of being able to hold an enforceable title which, in the event of non-regular repayment, can lead to the attachment of the debtor’s assets. It is a type widely used by the self-employed.
With a guarantee, the traffic light turns green
Among the methods of access to credit for bad payers or for protesting subjects, we cannot forget the possibility of accompanying each loan request with a guarantee. Specifically, the surety represents one of the forms universally accepted by each institution.
Through the surety, a third party undertakes to support and guarantee the repayment of the loan, if the contract holder is unable to repay the debt regularly. If the guarantor’s economic position is solid, then the financing can be disbursed without any problem.