The Payday Loan is part of Italian Worker Bank’s personal loans reserved for Italian Worker Bank customers, in the sense that it is necessary to hold a Payday Account to obtain it. The maximum limit of the amount that can be financed is thirty thousand euros which, if accepted, is paid with a direct credit to the applicant’s Payday account
Payday Loan: what it is.
The Payday Loan may be included in consumer credit agreements which is granted in the form of a personal loan and to which only the customer of Italian Worker Bank may be entitled and exclusively as a natural person , therefore not as a director or legal representative of the company or to finance any other form of activity, be it professional or business. Italian Worker Bank fast is part of the personal loans and is paid by Dutch Bank , obviously after assessing the solvency and creditworthiness of the applicant. The payment is made by Dutch Bank directly to the Payday account of the loan applicant.
Payday Loan: duration.
The duration of the Payday loan varies from a minimum of one year (twelve months) to a maximum of seven years (eighty-four months). The request to obtain the Payday loan can be made in person, directly at a post office, or, if you are already a Banco Posta customer, ie a Payday Account holder, also via the Internet, on the Italian Worker Bank . In this case, in the case, that is, of the online request, the limit of the sum paid is set at twenty thousand euros. Usually, if the request is accepted, the payment is made within the fifth working day from the request date. The applicant can also withdraw from the contract, with the limit of fourteen days starting from the one following the date of acceptance of the request.
The Payday Loan: the conditions.
The interest rate is influenced by the fact that the applicant has accepted or not the direct crediting of his emoluments (salary or pension) on the Payday account.
If the applicant has direct crediting of the emoluments on the Payday account, the rates will be:
- 10.25% fixed TAN
- APR of 10.87%
If the applicant does NOT have the direct credit of the emoluments on the Payday account the rates will be:
- 10.95% fixed TAN
- 11.65% APR
Insurance and expenses.
The applicant will not be charged for the preliminary investigation fees, commissions for the collection of each installment nor for the postal forwarding of any communications. Possible accessory and optional expenses could concern an insurance to protect against the possible insolvency of the claimer if he loses his job, or becomes temporarily unable to work, goes to disability or death. These expenses are:
- If the loan is repaid in a maximum of 60 installments: 3.25% of the amount paid
- For a higher number of installments: 4.80% of the amount disbursed
Who can request it.
Among the Italian Worker Bank personal loans , the Payday loan can be requested by all employees, an atypical worker, a merchant or a freelancer . We repeat : the granting of the loan is subject to the ownership of a Payday current account , on which the applicant can have his salary or pension credited directly. He / she will have to present, in the act of the request, a valid identity document, his / her own fiscal code and all the documentation attesting the income. A foreign citizen will have to add to this documentation their passport and valid residence permit.
How it is delivered.
The Payday loan has the sole method of providing a direct credit to the Payday account owned by the applicant.
How it is repaid.
The Payday loan is repaid exclusively through a direct debit of the installments on the Payday account in the name of the applicant.
If it goes out early?
In the event that the applicant intends to pay off in advance, totally or partially, he will be obliged to indemnify Italian Worker Bank for a sum equal to one percent of the amount that is repaid early , where there are never more than twelve installments at the end of the repayment, equal, instead, to 0.5 percent of the amount subject to early repayment in the event that twelve installments are missing or not at the end of the repayment.
Holders of a Payday account that can be managed online can request this loan for amounts ranging from one thousand five hundred to thirty thousand euros .
Also in this case the amount is repayable in a number of installments between twelve and eighty-four, with a rate that remains fixed from the beginning to the end of the repayment.
Among the personal loans Italian Worker Bank is the ideal one for the realization of some small projects , to be carried out simply and quickly. It can be requested by everyone as the ownership of a Payday account and of any other bank account is not required. Furthermore, no expense documentation is required and the payment is very fast, usually a few days after the results of the preliminary investigation.
The maximum amount of the Payday personal loan reaches ten thousand euros (with a minimum of fifteen hundred ): the amount is not altogether high, on the contrary, it is quite limited, but the strengths of this type of loan are the speed and the very simple mechanism with which it can be obtained. The refund must be made in a minimum of twenty-four months (two years, then) and in a maximum of seventy-two months (that is, six years), by paying a monthly installment with an amount that is always fixed and calculated based on a rate that is also fixed, with a TAN which is 12.5 percent and an APR which is 13.25 percent .
Such a low gap between the two interest rate indices confirms what has already been written, namely that ancillary costs are very low , and in fact the item that usually affects the incidental expenses, namely the cost of the preliminary investigation, in this case is zero because the investigation is free.
If the applicant has a Payday account then the sum, in case of acceptance of the case, will be paid to that account through a bank transfer , otherwise it can also be received through a bank transfer with domiciliation at one of the post offices , where the applicant can withdraw it in cash. Thus also the payment of the installments can be made through a charge on the Payday account, if the applicant is the holder, otherwise even with the payment of simple postal bills.