Loans: sale of the growing fifth cis financial services

Loans: sale of the growing fifth cis financial services

January 30, 2021 Off By Montero Theo

More and more Italians are resorting to the assignment of a fifth of their salary due to the need for liquidity.

The average loan requested is 20 thousand euros. The average age is 44, but one in six applicants is actually already retired

This is the interesting and at the same time worrying survey made by the website. The analysis was made by taking into consideration over 20,000 loan applications submitted in the last three months.

Requests for the assignment of a fifth of the salary or pension represent about 16% of the total loans requested. Lenders prefer this tool during this time when they tend to lend with the dropper, as they estimate a low risk of default.

Applicant profile:

  • 15% are permanent workers or retirees.
  • 49% of the total, on the other hand, is a private employee.
  • 32% a public or state employee.

Geographical distribution of requests:

Geographically, the percentage of request for the sale of the fifth increases in the regions of Southern Italy such as Calabria, Puglia, Sicily and Campania.

This survey is an index of the current scenario of the Italian economic situation, there are families who are no longer able to cope with their “shopping cart”. The increase in the prices of goods and services, salaries that do not follow the growth trend, inflation and increased taxes have generated a need for liquidity in families who are forced to resort to one of the few tools that banks grant with relative tranquility, the assignment of the fifth of the salary.

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Sustainable installment cis financial services

A sustainable installment is certainly the first criterion that must be verified for a good conviction with our loan / mortgage.

In a previous article we have already had the opportunity to ascertain that the installment / income ratio is a fundamental criterion for granting the loan.

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If the installment that will be paid is, as a percentage, deemed sustainable compared to the monthly income (typically the salary), there is more probability that the requested loan will be recognized.

An installment, in percentage, less than 35% of the monthly income should be considered suitable and sustainable.

However, beyond the logic that banks adopt to estimate the risk of insolvency, what should be considered to self-assess the sustainability of the installment?

1 – Consider any other loans in progress

It is a parameter also assessed by banks that is often not taken into consideration by those asking for a loan: the available monthly income must be evaluated net of the installments of other loans in progress.

Let’s take a numerical example:

Mario earns 1000 euros per month and obtains a loan to buy the scooter, the payment of which is 250 euros per month.

This means that Mario will pay an installment which is only 25% of his monthly income. All this may seem optimal, but if Mario has forgotten to consider that he still has to pay 500 euros for the car installments every month, then the situation changes.

In this case, Mario would take on an installment of 250 euros, against only 500 euros per month that remains after the car installment. Its installment / income ratio is therefore 50%, and is universally considered unsustainable.

2 – Evaluate the entire amortization plan and not just the first installment

Even this may seem superfluous, but it is good to take it seriously, especially since many institutions insert some discounts in the first installments or, deliberately, offer an installment plan in which in the first months you pay less and, over time, the installment increases.

The worst case should therefore be considered and, if you want to give an example, if in a payment plan the first 12 installments are of 200 euros and the next 24 installments are of 250 euros, it is necessary that our sustainability assessments are made considering only the installments. from 250 euros. You cannot risk finding yourself in economic difficulties from one day to the next, just because it was not considered that our payment plan provided for increasing installments over time.

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3 – Consider the risk of variable rate loans / mortgages

If the installment is calculated on the basis of a variable rate, it is necessary to be aware that its value could grow considerably and in an unpredictable way. If, as is the case now (April 2012), rates are at their lowest, as described in this article, never forget that it is unrealistic to think that you are lucky for the entire duration of the loan.

When the mortgage / loan is taken out, the variable rate installments are lower than the fixed rate installments, but this does not necessarily always remain true. It is not a risk that can be quantified with certainty, but it must always be remembered that, with a variable rate, the installments that are paid can increase considerably.

Loan for photovoltaic system cis financial services

Loans for photovoltaic systems and eco-energy investments have guaranteed the banks good growth rates linked to the boom in the related sector. Thanks to these loans and the facilities provided by the various editions of the Energy Account, both individuals and companies were able to support investments in alternative energy and gradually repay the sum.

In a scenario of this type, if not all, most credit institutions have created their own offer relating to loans related to renewable energy and often for those who have to take out a loan the choice is not easy.

Let’s see below some banks that have an offer aimed at those who invest in clean energy.

Intesa Sanpaolo offers the Ecological Loan, a loan for those who invest in renewable sources. The requirements for having it are:

  • Be an employee and self-employed person, holder of a current account with a credit institution
  • Purchases of the plant for non-professional purposes
  • Aged between 18 and 75 years
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Funding can be requested for the installation of photovoltaic systems, solar or thermal panels, to reduce heat loss in the building, then to purchase and install windows and fixtures that improve the insulation of the house, to install high energy efficiency boilers.

It is possible to choose a duration of your amortization plan ranging from 2 years to 15 years, with a repayment that takes place with monthly payment of installments.

The amount that can be financed in absolute terms is between a minimum of 2,500 euros and a maximum of 100,000 euros.

Even the ecological loan, as it falls within the facilities related to photovoltaics, is valid for the assignment of the credit towards the Energy Services Manager. For the financing of photovoltaic systems with a duration of more than 8 years, the bank asks for the “credit transfer” that the customer claims against the Manager. The customer will undertake to ask the GSE for recognition of the incentive rate provided by the Energy Account, and will transfer the credit to the bank.

The loan rate is fixed and stands at around 10%, reflecting the general trend in rates of this period, high due to the unhappy moment of the financial scenario.

Simulation: Request for a loan for 40 thousand euros to be repaid in 120 months, TAN of 10% and APR of 10.788%, preliminary costs of 400 euros + cost of legal communications equal to 7 euros (0.70 euros for 10 years) and 100 euros of substitute tax, 0.25% of the requested capital.

You get:

  • the amount of each individual installment will be equal to 528.60 euros (first installment 857.37 euros)
  • total amount to be repaid will be equal to 64,268.12 euros, of which 40 thousand euros representing the capital and 24,268.12 euros for the cost of the credit