Loans for fixed-term employees are offered both in the category of “personal” and those aimed at, even if it is logically necessary to contact the banks or financial institutions that provide for the disbursement. In general, the success of the request depends on the residual duration of the contract and on the fact that it is State or private sector workers who request it. In this second case there may be differences regarding the conditions applied or which are at least theoretically applicable.
Differences with funding for permanent workers
An open-ended contract that has passed the “trial” period offers greater reassurance for the repayment of the entire sum that has been lent by a credit institution. On the other hand, if there is no constant income equal to the entire duration of the amortization plan, there are insufficient guarantees. For this reason some banks, but above all several financial ones, have provided themselves with the possibility of granting personal loans or loans aimed at all those who have a demonstrable income, and who are reliable thanks to a good credit reputation .
For the conditions applied there will be no major differences. A loan to an employee with a fixed-term contract with a residual duration equal to at least that of the repayment will in fact have the same rate and accessory costs referring to a loan for an employee for an indefinite period. Instead, two aspects will change:
- that of the maximum amount that can be obtained (which varies according to the duration obtainable);
- that of the impact of ancillary costs which will be proportionally greater by virtue of a considerably shorter duration.
In summary, the real difference between the loans for fixed-term and permanent workers is linked to the maximum amount obtainable according to the installment and income ratio that the credit institution requested (with percentages that vary between 30 and 40%). This aspect does not particularly impact the types of financing that can be requested with the only exception of the transfer of the fifth for which a minimum duration of at least 24 months is envisaged.
What unites the various offers is the obligation to terminate the reimbursement at the latest with the expiry of the employment contract. The only way to overcome this type of limitation is to insert rather strong accessory guarantees such as the insertion of a guarantor or by placing a property as a guarantee.
Difference between state and private employees
As with Inpdap secured and direct multi-year loans , also for employees with fixed-term contracts there is the possibility of obtaining the same conditions as those for those who have a permanent contract in the public sector. The minimum requirements also remain unchanged but the duration limit is introduced, which must always be within that of the expiry of the current contract.
There is only one difference in this regard regarding teachers for whom, given the frequency with which renewals of fixed-term contracts are envisaged, there may be an equalization to permanent contracts. In such situations it is possible to extend the duration of a multi-year loan beyond the expiry of the contract that is already in progress.
What criteria are used?
With the sole exception of applying for an Inpdap loan, in all other cases the Institute to which you will contact will have to make an assessment based on three conditions:
- risk policies : these depend on the strategic choices that the bank or the financial company make both in general with respect to loans and with regard to those who have employment contracts other than permanent contracts. In some cases, a deadline almost coinciding with the end of the employment contract is tolerated, while in others months are anticipated with respect to the end of the loan term with respect to the other. To find out what the risk policies are, it is necessary to apply directly to each of the credit institutions which provide for the possibility of granting loans for temporary employees;
- creditworthiness : with the exception of the transfer of the fifth, both for the personal loan and for the finalized loan, the risk center will be consulted. If there are no stains on the credit reputation then the path of acceptance of the loan application becomes much more linear;
- income assessment : the reimbursement capacity linked directly to the applicant’s income is assessed here. After the evaluation, the bank or financial company may request the insertion of a guarantor or additional guarantees.
Staying within the personal loan there is no need to give the reason why the loan is requested. If the income is insufficient and there is no possibility of providing additional guarantees, the finance company may request a reduction in the amount of financing requested as there is no possibility of extending the duration.
Requirements and documents required
For the presentation of the application, the minimum necessary documents do not differ from those envisaged for permanent workers. In summary, the following must be shown:
- unexpired identity document;
- health card or alternatively the tax code;
- an income document.
The following are optional: the residence card for foreigners and a copy of the employment contract.
Who to contact?
You are obliged to make the request for quotes only to banks and financial companies that provide the possibility of providing loans for temporary employees. Alternatively, if you have an excellent relationship with your bank, you can also see if there is the margin to get a loan with bills . Among the first financial companies that organized themselves with loans, also as assignment of the fifth, for employees with fixed-term contracts, we find Fiditalia while among the banks most open to the possibility of granting loans to atypical workers we can count Intesa Sanpaolo . However, it is a constantly evolving market and we must constantly inform ourselves.
If the need to obtain loans for temporary employees is due to emergencies and for small amounts, the limitation linked to one’s type of employment contract is considerably reduced. The limit of accessibility to loans with prevalence remains mainly, given the nature of the contract on which the possible disbursement is based.