In this article we will try to deal in a clear and exhaustive way the topic of financial loans with the formula of the assignment of the fifth. This is a type of “guaranteed loan” offered by Compass, which has been seeded by the Mediobanca Group for over 60 years.
WHAT IS THE ASSIGNMENT OF THE FIFTH?
This is a particular form of financial loan in which the reimbursement takes place monthly, through the deduction of 20% of the salary (a fifth note). It is aimed at public, private and retired employees. This loan does not require further guarantees because the salary itself, or the pension, act as a monthly income from which to draw: this is why it can not be requested by self-employed workers but only by those who receive a paycheck.
The loan can be repaid over a period between two and ten years and provides a series of insurance coverage in the event of job loss or death. It can be recognized to all workers, both Italian and foreign, residing in Italy, up to a maximum of € 75,000. Compass takes charge of the stipulation and all the charges of the obligatory policy, pursuant to
Presidential Decree 180/50.
WHAT DIFFERENCE IS THROUGH A PERSONAL LOAN AND THE SALE OF THE FIFTH?
The substantial difference lies in the way in which the loan is returned, then in the payment of installments. With the transfer of the fifth the installment is paid as a result of a direct deduction on the paycheck or pension slip, and can not exceed the value of 20%.
In the case of personal loans, on the other hand, the installment is calculated on the basis of the loan amount / duration combination, and can be paid by the client as preferred: postal order, bank transfer, etc.
HOW DOES THE FIFTH CALLS REQUEST?
It is possible to apply for a loan with the ‘sale of the fifth’ formula in one of 180 Compass points of sale that are located throughout Italy.
Or you can make an appointment with one of our consultants via our online website or by calling the toll-free number 800 77 44 33.
Now let’s see how the assignment of the fifth for the various categories works.
FUNDAMENTAL REQUIREMENTS FOR REQUESTING THE LOAN
For employees: – Recruitment with a permanent contract – Age between 18 and 63 years – Residence in Italy
For pensioners: – They do not exceed 79 years at the time they present the request- They do not exceed 85 at the time of expiry- They have a pension worth at least € 507.42 net of the transferable quota.
ASSIGNMENT OF THE FIFTH FOR THE PENSIONERS
The amounts that can be requested are completely customized and can be adapted to all needs. Advance requests can be made for small and large sums, up to a maximum of € 75,000.
The amount to be repaid is defined and fixed, managed by the pension institution, with interest rates in accordance with those applied by INPS, former INPDAP and former ENPALS.
ASSIGNMENT OF THE FIFTH FOR PUBLIC AND PRIVATE EMPLOYEES
In this case, requesting a loan of this type to Compass is very simple, above all because to be the guarantor will be the seriousness of your employer as well as your fixed paycheck. Furthermore, for this category, a ‘Payment Delegation’ can be combined with the transfer of the fifth. That means that you can access a second loan, provided that the loans together do not affect more than 40% on your salary.