The sale of the fifth is not really a loan with disbursement in fast times . This is because there is a whole bureaucratic process to follow that does not only involve the bank.
And, the good news: there are also ways to speed up the practice . So, even if you are in a hurry, you should continue reading.
But on this site, even if we talk about very fast loans, we couldn’t not talk about the sales of the fifth, because they are loans that have numerous advantages . It is therefore right for us to talk about it. If you are an employee with a permanent or retired contract, we advise you to directly use one of the best fifth-order comparators we know.
How do you define the assignment of the fifth?
The assignment of the fifth is a consumer loan that is paid to public, private and retired employees , through the deduction of the pay slip or the pension slip of an amount that cannot exceed 20% (for this we speak of “fifth” of the ‘total amount received net).
In order to make the fifth assignment, the bank must also involve the company for which you work, which will have to manage the withholding of the fifth of your salary.
The sale of the fifth is also a type of loan not finalized at a fixed rate : this means that the loan is not aimed at the purchase of a defined asset and is payable to the applicant on his current account. Since then a fixed-rate loan means that the installment does not change , it remains the same for the entire duration of the loan. This type of loan is repayable within a maximum period of 10 years .
Who can apply for a fifth assignment?
The sale of the fifth is not for everyone. As mentioned before, it can only be requested by public servants, private employees and retirees . But there are other factors to consider:
- The employee contract must be open-ended (often for at least 6 months);
- if the contract is for a fixed term, the period for paying off the loan must not be longer than the term of the contract;
- if you are a private employee, the type of company you work for also counts a lot as it is checked for its solidity, to at least partially exclude that you lose your job due to the failure of the company;
- If you are protested or bad payer we give you good news: this is one of the few loans that can be granted to you, precisely because your paycheck is your guarantee.
How to speed up the practice?
As mentioned before, this type of loan involves, in addition to the applicant and the bank or financial institution, also the employer. For this reason the practice can sometimes take longer. But let’s see in more detail how it works and how we can try to speed up .
Bring all the documents
To apply for a loan it is necessary to provide the bank with these documents:
- identity card;
- fiscal Code;
- the last two payrolls;
- the salary certificate;
- the CUD .
The salary certificate is a document issued by the employer certifying your employment status. This certificate is valid for 3 months from issue.
The first step to speed up the practice is to apply by submitting these documents immediately .
Ask to send the communication by certified mail
Once the feasibility has been verified, the bank must inform your employer that it must proceed. This communication was made by registered mail, but we can request that it be sent by certified mail , in order to shorten the delivery time of the registered letter. Once the employer is aware, it is not all so immediate. It may take another 3 weeks before you receive the loan .
Ask the bank for an advance
But at this point there is good news: you can ask the bank directly for an advance on the fifth assignment . You can easily request up to 50% of the amount required for the transfer . The bank will have no problem providing the money. For higher figures instead it is likely that the bank wants to make further checks. Keep in mind that this grant of an advance is entirely a loan. This will give you the chance to get the money you need to pay off some debts quickly.
Also remember that your employer , once he has verified that he is eligible, cannot refuse to manage your fifth assignment.
All the ways to get a fast loan with the sale of the fifth
In summary, to speed up the practice of the sale of the fifth and have the money quickly you must:
- go to the bank with ready-made documents;
- request that the file be transmitted to your employer via PEC;
- apply for an advance on the sale of the fifth to the bank .
How much can I request?
There is no maximum limit for the request for the assignment of the fifth . The bank evaluates as much as possible to disburse according to the applicant’s salary and the TFR . The more seniority you have in the company, the more you can loan yourself.
In general, if you are looking for a sale of the fifth online , you can find the possibility to ask up to € 80,000 .
Regarding the repayment of the loan, this can last up to 10 years.
Who pays in the event of death?
Hopefully it won’t happen, but if it happens, what happens with the payment of the fifth assignment in the event of the debtor’s death ? Who pays it?
When a fifth assignment is requested, you are required by law to take out insurance . This insurance, in the event of the debtor’s death, will reimburse the total amount lent. The cost of insurance varies from many factors including the amount requested, the age of the applicant, the duration of the loan.
This insurance protects both the lender and the debtor’s heirs, who will not have to worry about anything in this regard.
See the fifth assignment insurance on Directafin
Assignment of the fifth and TFR advance
We see two case studies that can be verified in relation to the request for advance payment of the TFR:
- Have you already applied for the advance of the TFR and would you also like the sale of the fifth? The creditor institution could also grant you the fifth assignment but please note that the figures you may request will be considerably lower;
- Do you already have a salary assignment and would like to request an advance on TFR? We will stop you immediately, because unfortunately by law it is not possible to have an advance of severance pay if you have a fifth sale in progress .
We advise you, if you are in these cases above, to think about other types of loan applications, even if you will have to consider that they will certainly evaluate the fact that you are already paying the fifth sale.
Here are some loans that you can consider: loans between private individuals and loans repurchased. But there is another solution that we explain below to you.
How does the double fifth work?
As mentioned above, if you already have a fifth assignment, you will not be able to request an advance on severance pay and it will also be laborious to find another personal loan. We would like to point out, however, that it is possible to make a second assignment of the fifth , called a delegation of payment or even a double fifth .
This can only be requested for an amount equal to or less than 40% of the amount requested with the first salary assignment and you can commit another fifth of your salary, ie a total of 40%. It has the same rules as the fifth assignment. However, keep in mind that in the case of the double fifth of the salary, the employer can oppose and decide not to grant it.
Are you looking for a loan without a fifth assignment for bad payers?
You are looking for a loan but you are a bad payer because in the past you have had difficulty paying a few installments and now you can’t get more funding. Now it’s hard for the financial companies and the banks to trust you, that’s why you’re in trouble.
Are you still of the idea of not requesting a payday loan because maybe you don’t want your employer to know that you need money? You have few possibilities and we recommend that you evaluate these two types of loans:
- private loans
- loans changed
We inform you that even in these cases, before granting a loan, they will assess your situation. And it won’t be easy.
This is why we advise you, if you have the chance, to prefer the assignment of the fifth with respect to other types of loans.
First because it does not matter if you are a bad payer , as the bank, receiving the money directly from your employer, will not worry about the fact that you cannot pay or that you are late with the payment.
In addition, the sale of the fifth generally has more advantageous rates and you can request the extinction within 10 years , therefore a fairly diluted time.