The 3 things to know:
- Age : you must be at least 18 years old and maximum 75 at the time of expiration
- Employment : it is necessary to demonstrate a stable income
- What loan can you apply for?
The financial for the granting of an installment loan
Before granting a installment loan, the bank (or the online finance company) evaluates the request based on certain parameters such as the age of the client, his job position and his creditworthiness. The criteria adopted may also vary from institution to institution, but always within the framework of the rules and directives dictated by the Bank of Italy.
Before applying for a installment loan, check that you have all the requirements and, in particular, take into account the installment-income ratio .
The requirements: what they are
- Age: normally, a personal loan can be requested by anyone at least 18 years of age and 75 at the latest when the installment loan is due.
- Type of employment: in order to obtain a positive response from the bank, the applicant must prove that he has a stable and easily verifiable income. Depending on the job position, the applicant must present the bank with different documentation for a loan. Employees , for example, must present a pay slip or salary certificate; freelancers or artisans must provide the institute with the certificate of registration on the professional register or the competent chamber of commerce; pensioners must present the pension slip; atypical workers (project-based or temporary), finally, must prove their income through model 730, model Unico or CUD.
- Creditworthiness: during the preliminary investigation phase, the financial company evaluates all the information collected and expresses a credit score (reliability score) with which it gives an opinion on the creditworthiness of the customer. To obtain this score, the institution is based on objective and subjective elements. The first are obtained through three sources: the client’s personal data , provided at the time of the request; public databases , or Central Risks, such as those of the Bank of Italy and the SIA (Inter-bank Company for Automation), which provide information on the credit history of the customer regarding large loans; private databases , or Credit Information Systems (eg CRIF), which provide details on smaller loans. The subjective evaluation criteria depend instead on the credit institution’s credit policy , but the most important is always the installment-income ratio : it expresses the incidence of the loan installment on the monthly net income of the applicant (ie the income net of any other commitments in progress) and, as a rule, should not exceed 30-35% . This means that, to maximize the chances of disbursement, a customer with a monthly income of € 1,300 and, let’s say, a loan in progress with a monthly payment of € 300, must request a loan whose installment does not exceed € 300-350.
Why is it important to learn about the criteria?
Knowing the criteria used by the financial companies to decide the feasibility of a loan is important to make an adequate request, which allows to obtain the most convenient financing and at the same time increase the possibility of granting by the institution.
If your credit situation does not allow you to request the desired personal loan, for example because you are reported as a bad payer, consider the possibilities offered by loans for protesters and bad payers, and in particular by the sale of the fifth, which is a secured loan also available for those with financial problems in the past.