Loan of honor, loaned or pledged without Crif control
The control or inspection at the CRIF (central credit) serves to allow banks to define the risk profile to be associated with an applicant based on its “credibility” as a reliable customer or not. The greater the risk, in the face of a reputation that is not exactly impeccable, the less are the chances that a loan will be granted in the conditions and amounts requested, up to the total rejection of the practice. With these premises, does it make sense to look for loans that can be granted without a Crif inspection?
How much can the credit rating weigh?
A credit institution grants loans as its own form of ‘investment’ because those who are financed will have to repay an amount plus interest. In this perspective, as a lender, it must be as certain as possible that the return takes place (and above all that it is completely and completely).
For this reason there are not many hypotheses in which a loan can be obtained without the bank proceeding first to the control with the CRIF. However the control of the credit assessment must also be seen in a positive way, since a positive merit increases the chances of obtaining a positive response. Having said this, the few cases can be represented by: an honor loan, a loan, a salary loan and pledged loans.
What is evident is that the banks give up on making assessments on the credibility and fairness of the customer when they can count on important and solid alternative guarantees.
Loans with an honor loan without Crif control
The nature of the loans of honor is very particular, since the bank does not care if the one who obtains the loan will pay the installments as the provision of the sums requested is subject to the presentation of very solid guarantees by subjects of institutional norms. Having the certainty of reimbursement, it does not matter who honors the commitments.
This is a very particular contract, as the bank, understood as a branch and not as a banking group (or a specialized financial institution), stipulates specific conditions to grant a loan against the issue of bills of exchange.
The bills are immediately receivable, therefore the bank considers itself sufficiently protected. The repayment of each installment, which usually has a monthly maturity, will provide for the removal of the bill of exchange attached to it. The loan ends when all bills have been repaid.
Loans with pledge
Also for this kind of financing the attention is shifted from the person’s ability to repay, to the value of the guarantees he can grant. When a loan is pledged, assets that have a high simplicity of being converted into cash or a quick marketing must be granted.
The sums paid out are logically of a lower value even up to 50% compared to the actual cost of the asset. In the event that the debt is not honored, the bank is thus equally certain that it will fully repay the loaned capital, being able to sell the asset that has been pledged in the appropriate auctions.
This is the only real personal loan that is without Crif control, as the creditworthiness of the applicant does not matter during the assessment phase that precedes the resolution. The bank or financial institution must make other assessments concerning:
- the insurability of the applicant (making assessments primarily on his state of health);
- the more or less ‘solid’ conditions of the company with which there is a valid employment contract for the purposes of the assignment of the fifth (the discussion on pensioners is different since it is the INPS as counterpart).
Finally, remember that the fifth assignment is not accessible to everyone, but only to those who fall into one of the following categories:
- public sector employees (both state and parastatal);
- private sector employees;
Requirements must comply with those required by law, with some restrictions that can be applied by the bank or the financial company. For example, some credit institutions take into consideration contracts for an indefinite period only, while other companies also accept fixed-term ones (provided they are of sufficient duration).
Furthermore, there are differences on the maximum age accepted, especially for pensioners (some stop at an average of 75 years, while for others, up to 90 years, as in the case of BNL and Findomestic). The maximum age is to be understood at the end of the amortization schedule. For the rest, the features are standard (except for the interest rates applied and for the subject who will have to pay the compulsory insurance coverage). In particular we have:
- duration between 24 and 120 installments;
- residence in Italy of the applicant;
- employer with an active budget;
- no pathology that can be excluded from the insurance;
- installment of a maximum of one fifth of the net salary;
- payment of installments withheld upstream on salary or pension;
- for pensioners alone, the impossibility of obtaining a transfer on social and welfare pensions, and the need to have amounts greater than the minimum social pension.
What else to evaluate?
Then there are other factors to consider that can however find some flexibility on the part of the various credit institutions. These relate, for example, to the working sector (the service sectors such as cleaning, construction and surveillance are not appreciated), and the type of company of the company for which you work. From this point of view there are no difficulties with joint stock companies, while there may be restrictions for the limited liability companies, and there are few cases in which the assignment of the fifth is granted to workers of cooperatives. Finally, there is the aspect of the minimum number of employees that is on average set at at least 15, even if some financiers accept a lower threshold (starting from 10 employees).
In order to know the exact situation, one must therefore inquire with a consultant or the bank that has an offer that seems, at least on paper, interesting. Among the things to pay attention to there must also be the compulsory insurance costs, given that some companies take charge of these costs directly, leading to a reasonable saving.
NB To double the amount obtainable, with an installment of 2 fifths of the salary you can try to request the loan with delegation. This, unlike the fifth assignment, also provides for a merit assessment, which however is not intended as a ‘credit assessment on the merit’ of the applicant.