Assignment of the fifth: how to understand which is the most suitable?

Thanks to historically low rates, applying for a loan with a salary-backed loan is worthwhile. Before signing the contract, it is always good to compare the offers proposed by the banks and focus on all items relating to costs. Pay particular attention to the Taeg.

A “tailor-made” loan. Simple, flexible, and reliable financing. The fifth assignment is a loan guaranteed by the presence of a paycheck or a pension. The recipients are both employees, public, state and private, and retirees. The maximum duration of this loan is ten years. Those who opt for this credit solution can benefit from a fixed-rate loan and regular installments. Applicants do not have to submit cost estimates: the assignment of the fifth falls, in fact, in the category of non-finalized loans. The borrowed capital is not tied to purchasing a specific good or service.

The installment of a loan with the fifth assignment is fixed and does not exceed one-fifth of the salary or pension. Compared to other loans, the employer or the pension institution is responsible for the repayment in these cases. The deduction takes place directly on the salary or the pension slip.

Anyone who already has other loans in progress can, in any case, resort to the assignment of the fifth. There are requests for additional collateral. It is only essential to prove that you have an employment contract or are receiving a pension. Insurance must then be signed by law which, in the event of loss of work or death, can reimburse the credit institution for the amount still owed. Even those who have had problems in the past, such as a bad payer, can apply for a loan with the fifth of the salary or pension assignment.

The documents to be presented are personal and income documents: identity card and tax code, last paycheck and salary certificate or certificate of service if you are an employee; last pension slip and last CU or latest OBIS / M model if you are retired.

How to choose the assignment of the fifth?

Today, thanks to the affordable interest rates, the fifth assignment is a more practical solution than personal loans, according to the PrestitiOnline. It Observatory, in fact, the sale of the fifth for a pensioner currently has an average rate of 3.76%. The rate is 4.82% for private employees and 2.72% for public employees.

But how to choose the most suitable salary-backed loan for us? To understand which is the most suitable product for our needs, it is always good to compare the proposals on the market. Only by evaluating multiple loans can you find the best offer for yourself.

On PrestitiOnline., for example, you can compare for free the best sales for public employees of the day and choose the loan that best suits your individual needs. The procedure is streamlined and straightforward. Returning the financed sum is child’s play: there are no deadlines. Payment is made automatically, and the fee is deducted directly from the salary.

It is always good to consider the loan information sheet and focus on all costs. Attention must be focused, particularly on the Taeg, which indicates the total cost of the loan. The Global Effective Annual Rate includes the Tan (nominal annual rate) and the initial costs, the prices of opening the file, the costs of collecting the installments, and the compulsory insurance costs. Life/employment risk insurance is indispensable, in fact, in the case of assignment of the fifth because it protects the credit institution from events that could compromise the customer’s solvency. This is the case of sudden death or job loss.

Another critical piece of advice is to carefully read all the economic conditions present in the contract, which must always be carefully viewed before signing. Customers can still exercise the right of withdrawal within two weeks of stipulation.