Social Welfare has extended its offer of credit also to pensioners, although limitations have been imposed which must necessarily be analyzed in detail to understand how to obtain personal financing.
The Social Welfare pension can be used to request a loan with a transfer of the fifth, but requests for financing on social allowances, on pensions for civil disability, on monthly allowances for the support of disabled pensioners, on income support allowances are not considered valid. To the family unit and the sum of money not due to the applicant in the case of joint pensions.
To obtain a fast loan for Social Welfare pensioners, the client must first request and obtain the notification of the transferability of his pension. This document is drawn up to calculate the maximum installment applicable during the repayment phase, the installment on the basis of which the maximum loan amount is calculated.
Once the transferable portion of the pension has been calculated, the client can present this document to the credit institution to which he intends to apply for the loan. The credit institution, having analyzed the applicant’s economic situation, will choose whether or not to grant the loan and, in the case of granting the loan, will establish the maximum obtainable installment.
If the client chooses to apply for funding from a credit company affiliated with Social Welfare, the transfer of the pensioner’s financial information will be carried out directly by Social Welfare, thus reducing any time required to grant the requested sum.
The loan installment is calculated taking into consideration both the possibility of repayment, which is in relation to the amount received monthly in the form of a pension, and the amount requested. As the figure increases, up to a maximum granted by the credit company, the duration of the loan and the sum to be repaid each month will obviously also increase, which in any case cannot exceed one fifth of the pension. In this regard, I recommend that you also read our guide to inpdap financing.
Loans for Goverment agency retirees
Among many credit instruments, Goverment agency also offers financing solutions for pensioners. To access the loans for Goverment agency pensioners, it is sufficient to comply with the following requirements: to have demonstrable income to be used as a guarantee for repayment, to have residence on Italian territory and to be under 75 years of age.
Goverment agency allows retirees to access credit instruments through the fast loan mode with assignment of the fifth. Discounts are available for customers who receive an Social Welfare, Social Welfare ex Enplas and Social Welfare ex Inpdap pension. These are non-finalized loans and the amount obtained in credit can therefore be used for any purpose. The credit company Goverment agency stands out for the speed with which the requested money is disbursed, in the event that the loan request is approved, and for the simplified and faster procedure in the event that the credit instrument should be used a second time.
There is no charge for opening the file, no stamp duty is required, no stamp duty for periodic communications and no brokerage fees or bank fees. Apart from the interest due on the sum obtained on loan, this type of Goverment agency loan is therefore at no cost.
The duration of the loan and the amount of the monthly installments foreseen for the repayment depend on the sum requested, the maximum ceiling of which varies with the variation of the pension received monthly by the client. As the amount requested increases, the duration of the financial transaction and the amount of the monthly installments will also increase. The maximum number of monthly payments allowed is 120.
Quick loan for retirees up to 90 years old
The Best Bank credit institution boasts in its credit offer also loans designed specifically for retirees. As with Goverment agency loans, Best Bank loans for retirees are also loans with a fifth loan. Best Bank also allows customers over the age of 70 to apply for a loan, sometimes even if other loans are in progress (the economic situation of the individual customer is analyzed in detail and the loan is eventually approved).
The loan amount for Best Bank pensioners is customizable and can vary from small sums to more significant amounts, up to a maximum of 75,000 USD. The presence of any guarantor is not required to obtain the loan, since the pension itself will be the guarantee of returning the money obtained in credit.
There are no brokerage fees, the repayment installments imposed at the beginning of the loan will be kept constant and fixed for the duration of the financial transaction. The maximum loan term is set at ten years and varies according to the figure obtained.
This financing solution offers significant advantages: it can also be requested with other ongoing loans, for example to extinguish them, and if you have difficulty accessing other types of credit and can be requested even if you are not an account holder current. The amount that can be financed varies in relation to the pension received by the applicant and the duration of the financial operation must be between 36 and 120 months. There is no ancillary commission and no extra costs are required for a possible early repayment of the loan.
Loans for retirees up to 80 years old
Fine Bank has some financing solutions for pensioners. These include handyman loans with assignment of the fifth, also accessible to customers who can offer retirement as the only source of monthly income. The cost of the fast loan varies in relation to the amount requested from the credit institution and specifically, a 20.92% taeg is imposed for loans of less than $ 5,000 and a 17.49% taeg for loans greater than 5,000 $..
Loans granted to pensioners do not foresee any cost of managing the file, which instead stands at 1% in case of request from employees. The loan is granted together with an insurance coverage, which guarantees the heirs of being protected in the event that the applicant dies before having fully repaid the sum obtained in financing.
The maximum amount obtainable with the Tuttofare loan with the sale of the fifth MPS is 60,000 USD, to be repaid in a maximum of 120 months.