In terms of loans, loans against salary, or transfer of the fifth, is a form of consumer credit in which the rate charged by financial reimburse that issued the loan is charged directly with payroll. In practice, the installment is paid directly by the employer on a monthly basis.
With the transfer of the fifth with a finance company worker agrees to the transfer to it of a right to receive a share of their salary from their employer (this proportion as the name implies, can be at most a fifth of the salary).
The sale of the fifth is a type of financing is not finalized. The amount that you receive a loan may be spending as people think. For funding, the transfer of salary is a form of loans at low risk. The guarantee is in fact the stability of the workplace.
Requirements to apply for Transfer of salary
the loan with the assignment of salary can be obtained from:
- Public or state employees with permanent contracts and who have minimum working vary according to the insurance company providing the insurance policy. Usually the length required for civil servants is 6 months to 48 months of government employees.
- Private employees who have signed an insurance policy on the life and work have been serving for 12 months. In this case also, the company must meet certain requirements of capital or number of employees (these requirements are assessed at the request of the creditors).
- Retired (in this case we speak of loans against pension).
Loan amount
The loan amount that can be achieved with the assignment of salary varies based on years of seniority, the cumulative share of severance pay and the amount of monthly salary.
Warranties
are not required collateral for the loan of salary. The issuing company usually protect their severance pay (TFR) accrued by the employee. In this way, in case of job loss, disability, death or disability of the customer, the bank or finance company has the right to demand his share of severance pay due to clearance.
Insurance Coverage
the cost of insurance is deducted from your bank or financial issues the loan, which then provides the applicant with an amount net of insurance costs.
Benefits Transfer of salary
A major advantage is that the complaint is made directly on the paycheck, automatically, thus avoiding problems due to forgetting to pay.
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Tags: bank, Collateral, Consumer Credit, finance company, financial, loan, loan of Salaries