Fifth Assignment: Interest Rates and Rates, Read the Guide


 

In some cases you are in need of a loan, but you are faced with some difficulty in obtaining it. Or you may want to choose an easy mode and with advantageous rates with which to obtain liquidity. How can you get the loan without going crazy among the paperwork? Here comes a fifth of salary.

Thanks to the fifth assignment, it is possible to obtain a loan more easily by giving the bank or the credit institution as a guarantee its own salary. Let’s see together, in this guide of ours, how to get a Compass loan with a fifth assignment.

What is the fifth assignment?

The assignment of the fifth is a specific form of personal loan for employees and pensioners. It is called the fifth assignment because the monthly payment is equal to one fifth of the salary or pension and cannot exceed it.

The monthly repayment of the installments takes place through a charge directly in the pay slip or on the pension slip. The transfer is managed directly by the employer or the pension institution.

Difference between a personal loan and salary-backed loan

Difference between a personal loan and salary-backed loan

The biggest difference is the repayment method of the monthly installment, with the personal loan the installment must be paid by bulletin or direct debit, while thanks to the fifth transfer it is directly the employer or the pension institution to work with the credit institution and to grant the payment of the installment on the payroll or pension.

All workers with permanent employment, who reside in Italy and are between the ages of 18 and 63 and all pensioners who do not exceed 85 years on repayment of the loan and who have a pension of more than € 501.89 net can ask for the assignment of the fifth.

Unfortunately, self-employed workers cannot apply for a loan with a salary assignment.

How to apply for a loan with the sale of the fifth

loan

What documents do I need to present to apply for a Compass loan with a fifth assignment? Here is the complete list:

  • Valid identity document;
  • Fiscal Code;
  • Unique Certification for employees;
  • Last paycheck or pension slip.

No need to ask for help from any guarantor. The guarantee is salary or pension. With the fifth assignment it is possible to request the loan even if in the past there were problems with payments. Nevertheless, the loan request will still be subject to a check.

The installments of the salary assignment

salary

The salary installments are always at a fixed rate and the amount can be chosen directly at the time the contract is stipulated, it is sufficient that the installment does not exceed one fifth, then 20%, of the net salary or pension.

The transfer of the fifth occurs with an automatic debit with a monthly deduction directly on the pay slip or on the pension slip. The maximum loan repayment duration can be up to 10 years maximum. The loan can be repaid early and at any time.

How to apply for a loan with the sale of the fifth

The fifth assignment can easily be requested in any of the almost 200 points found throughout Italy. To have an appointment at a branch with a representative

If you prefer you can make an appointment directly online on the official website by filling out the appropriate form.

Times to get the money

money

In the event that the customer has decided to apply for the loan with a salary assignment directly on the web, it is possible to immediately open the file and obtain the money in the account in about two days. These quick times are only for loan requests directly online.

In the event that a loan is requested at a branch, it will be the appointee himself to report to the customer after how many days the Compass loan will be available with the transfer of the fifth to the account.

The interests

The interests

In general, for loans with fifth-party loans, interest is lower, but it is still possible to save on rates and their cost by checking both TAN and   the APR

The TAN is the interest rate while the APR is the synthetic total cost of the loan. This includes the commissions to be paid for the loan application.

We remind you that even if you decide to proceed with the online procedure, you can still choose the conditions of the contract to obtain the loan and you can also choose both the TAN and the APR.

Before requesting a loan, we recommend checking the various possibilities on the web. We recommend doing research to choose the best loan for your needs. By doing a search you can even find and choose the cheapest.

It is also possible to make a non-binding estimate directly online on the official Compass website. With the estimate, you can get an idea about the interest rates and the monthly installment to be paid. We remind you that at the signing of the contract both the interest and the installment may change with respect to the estimate.

Each request is different and the appointee will have to evaluate the individual cases. Only then can you be sure of the cost of the installment, of the rates and of the time needed to pay back the sum.