The salary loan technically consists in repaying a debt by withholding directly from the debtor’s salary a fifth of the total sum which is directly paid to the institution that provided the loan from the employer.
It therefore undoubtedly represents on the one hand a security for those who pay, assuming obviously that the employer is considered reliable, and a simplification of the payment for those who contract the debt.
Salary loan is a possibility reserved only for those who have a permanent contract?
Yes, it is possible to request a loan agreement for the salaryloan even if you do not have a permanent contract. Today the banks are adapting to the current working reality and are less rigid in the requirements for the provision of loans and loans.
Workers with fixed-term contracts and salary loan
The financial institution tends to grant a loan very easily to those who want to adopt the solution of the transfer of the fifth and have a permanent contract with a trusted employer (state, private with long-term activity and a certain number of employees, etc.).
Article 13 / bis of Law 14 May 2005, n ° 80 – Ordinary supplement n ° 91 made it possible to take out repayable loans through salary loan also by workers with fixed-term contracts.
Obviously there are conditions that must be kept in mind and respected, first of all the duration of the loan which cannot be greater than that of the contract.
This generally implies loans of not very high amounts, but which can certainly help a worker with a fixed-term contract to support an investment that requires immediate liquidity.
If the fixed-term worker who requests a loan can count on collateral or personal guarantees, such as the ownership of a property or the presence of a parent willing to act as guarantor through a guarantee, for example, it is clear that obtaining the loan becomes more likely.
The bank, in fact, not guaranteed by the paycheck, is however protected by other means. It is a formula that helps to apply for loans even to self-employed workers and with a VAT number.
Example loans without paycheck
Let’s take a practical example that helps us better understand how the salary loan in the case of loans without paychecks works.
A worker with a net salary of 1000 dollars and a two-year contract will be able to apply for a loan to be paid off by transferring the fifth for a maximum amount of 3400 dollars with a 6.25% TAN.
The repayment of the debt obviously must be made within the 24 months in which the contract is valid and also in this case, as in that of permanent workers, the employer will retain at source 20% of the salary every month.