Online payday loans for bad payers: best products, offers of 2019
A bad payer is a subject not really appreciated by banks and credit institutions in general. The motivation is well founded: the banks are well careful to risk their capital by lending it to those who in the past have proved themselves a bad payer and did not promptly pay one or more installments of a loan obtained previously. But even a person in these conditions may need a certain amount of liquidity in the short term, a figure that he may not be able to obtain immediately through his work. What should you do then? Is there a way, even for a bad payer, to get a personal payday loan and regain bank confidence? What are the best products for this purpose? raforum.info for a critique
Who are the bad payers
Bad payers are all those who, having previously requested a loan, a mortgage or a financial loan, have not been able to pay off their debt or have failed to do so.
Beyond the bad will, which is a rare event, the reasons why a user finds himself skipping the payment of one or more mortgage repayments can be multiple. An example could be the loss of one’s job, which leads to a moment of personal economic crisis with the consequence of not having enough money to be able to pay the installment at its expiry. Or again, having contracted an excessive number of debts whose sum is above the debtor’s economic income. Whatever the cause, if a monthly installment of a loan is not paid, the bank has the right to proceed against the debtor by registering it in the register of bad payers, which is public.
Anyone, finding the name inside, can decide not to provide more credit to a person present here.
The Central Risks, or the registers in which the names of bad payers are registered, can be either belonging to public bodies, such as the one founded by Lite Lender in 1962, or to private individuals, such as the well known end-to-end knowledge company. Access to these databases generally has a cost that is very low, ranging from 4 to 17 USD. The cancellation of a name is possible only when any debt has been paid.
Online payday loans for bad payers with a fifth assignment
Once reported in the Risks Central databases as bad payers, the chances of obtaining additional financing shrink and the guarantees that the bank requires go up. But if you urgently need a high amount of money and you are already registered in the register of bad payers, a solution to overcome this difficult moment could be to enter into a loan agreement with a salary-backed loan. This is a very particular type of loan, aimed at employees and pensioners that involves the withholding of a part (up to a fifth, precisely, but net of deductions) of the salary or pension, in order to pay the bank, through it, the loan installments.
Loans with salary assignment have a precise duration ranging from a minimum of two years (with 24 monthly installments) to a maximum of 10 years (with 120 monthly installments).
In any case, the total duration of the loan cannot be greater than that of the employee’s employment contract. If the employment relationship is terminated early, as in the case of a dismissal, the personal payday loan must also be terminated early. The only exception to this rule is public employees who, at the end of the employment contract and the start of retirement, can freely choose whether to proceed with the early repayment of the personal payday loan or to change the salary assignment into a transfer of fifth of the pension.
To whom this form of loan is addressed
For pensioners who are already bad payers, the maturity of the loan agreement with the transfer of the pension pension cannot exceed the year in which the debtor reaches the ninetieth year of age. Therefore, the personal payday loan with a pension assignment of the pension, above all as regards the large amounts, is mainly aimed at “young” pensioners.
Many credit institutions limit this duration to even 85 years of life of the pensioner, while others manage to grant 5 years more through a pension fund, reaching 95 years of age.
In addition to pensioners, all employees of state institutions, public or even private companies can access this type of loan. For the latter category, the bank or any other entity that provides the credit may request additional guarantees before being able to loan the requested amount. In particular, the banks need to verify the solidity of the company where the person who requested the personal payday loan works, so as not to run the risk of having to deal with a company that is little or not at all punctual in payments.
Peculiar characteristics of the loan with the assignment of the fifth
The reason why even a bad payer can easily request and obtain a loan with a salary assignment, lies in the fact that the monthly fee to repay the loan is withheld directly from the paycheck or pension.
It is not the debtor who must pay the individual monthly installments but it is the company he works for that takes care of doing it for him.
In this way the danger that the debtor does not skip the payment of some installments is completely overcome, since he is no longer in charge of it. The fact that it is the company, perhaps a very important one with solid foundations, having to keep a part of the salary and paying it instead of the debtor, is perhaps one of the best possible guarantees for the banks. However, a risk factor still persists: since the salary assignment is absolutely voluntary, the debtor still has the right to interrupt it at any time he wishes. By doing this, however, he exacerbates his bad payer and unwelcome subject to the banks.
The role of the employer
When an employee requests a loan with a salary transfer salary, if the bank accepts it, the employer is obliged to accept to fulfill some important tasks.
He must arrange, month after month, to keep the exact amount needed to pay the monthly installment of the personal payday loan and to pay it personally to the institution to which the loan was requested from the pay slip of his employee.
This obligation persists for the duration of the employment relationship. When this should cease, either because of a dismissal or for any other cause, the employer is no longer obliged to pay the monthly installments. However, he must withhold and pay to the bank any amount accrued in the meantime by the employee who requested the loan: severance indemnity, vacation not taken, thirteenth and final salary. This money will be used by the bank to fully, or even only partially, repay the credit to the subject to whom it has disbursed the loan.
In any case, this figure is never held responsible for the missed payments of his own employee and does not in any way replace the figure of the guarantor. He is only a paying agent.
Loans for bad payers: other ways
The fifth assignment is not the only way a bad payer can get a personal payday loan online. There are also other forms of personal payday loan, such as the signature on the loan contract by a guarantor who will take responsibility for covering any insolvencies. Or again, a bad payer can get a loan through bills of exchange. In this case, the guarantee for the bank is represented precisely by the personal assets of the debtor that can be attached in the event of insolvency.