10 Things to know about the transfer loan of the fifth

The assignment of the fifth is one of the most advantageous loan formulas due to the flexibility and ease of access to credit. It is a personal loan, which therefore does not make it necessary to present an expense voucher. Here are the 10 things to know about the assignment of the fifth if you intend to request it.

10 things to know about the assignment of the fifth: financing for employees and retirees

10 things to know about the assignment of the fifth: financing for employees and retirees

  1. What is the assignment of the fifth? The loan against assignment of the fifth of the salary or pension is a loan formula which provides for the retention upstream of the fifth part of the paycheck or monthly pension check.
  2. Who can request the assignment of the fifth? The loan against assignment of the fifth of the salary can be requested by public and state employees and pensioners, but also by those who work in the private sector even with an atypical contract.
  3. Where can the transfer of the fifth be requested? The loan against assignment of the fifth is recognized as a form of consumer credit. The person intending to access credit through this loan method can apply to both a credit institution and a financial company.
  4. How long can a loan last for a fifth? The loan against assignment of the fifth cannot last more than 120 months. In special cases, such as retirees who are particularly old with the request for the transfer of a fifth of the pension, the maximum duration can be reduced to 5 years.
  5. Are there special protections for pensioners? The request for loans against assignment of the fifth is characterized by a particular attention paid to holders of a particularly low pension. In these cases, the safeguarding of the minimum treatment is triggered, which means that the transferable portion may be less than one fifth of the pension.
  6. Does the assignment of the fifth require the signing of insurance contracts? Yes, the loan against assignment of the fifth requires the obligatory underwriting of a life risk insurance contract and an employment risk insurance contract. Depending on the internal rules of the lender, these costs may or may not be borne by the applicant.
  7. What if the recipient of a fifth-party loan loan loses his job? That the insurance company with which the employment risk contract was signed has the possibility of referring to the employee leaving indemnity provision (which therefore does not have the possibility to request its payment in the paycheck).
  8. Is it possible to renew a loan against assignment of the fifth? The loan against assignment of the fifth can be renewed, provided that at least 40% of the amount received initially has been repaid.
  9. Is the early repayment of the loan with assignment of the fifth possible? Yes, it is possible at any time and provides for the recovery of interest not yet accrued.
  10. What are the age limits for granting the loan with assignment of the fifth? The loan with assignment of the fifth can be requested from 18 years onwards. As regards the assignment of the fifth of the pension, the applicant must be under 85 years of age.

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