The fiduciary loan is an unfinished loan which, as the word itself says, is granted based on the “trust” that the bank or other financial institution has with the applicant. This means that no material guarantees are required at the time of the loan application, but it is necessary to present to the bank the documentation attesting to its own income and / or financial position to demonstrate the possibility of repaying the credit. Let us say immediately that fiduciary loan does not mean without a pay slip and that this type of financing is not granted, except in very special cases, to bad payers and protesters unlike for example the sale of the fifth. Let’s try to better understand how this type of loan works through a brief guide.
- 1 Requisite requirements and characteristics of the fiduciary loan
- 2 Credit position
- 3 Loan in exchange form
- 4 Fiduciary loans for students
Applicant requirements and characteristics of the fiduciary loan
Fiduciary financing is addressed to those who urgently need to have a certain amount of liquidity, not to buy a consumer good or make an investment, but mostly for needs and needs that often come about and in any case for expenses, let’s say, not necessarily planned. Think of a sudden work at home rather than health, study and so on.
Usually, to apply for a fiduciary loan, you must be aged between 18 and 75 and have a demonstrable income (salary slip, Unico model, etc.). The amounts that can be financed, even in the presence of other loans (as long as it can be shown that they can be met), generally range from 1,500 euros up to 50-60 thousand euros for repayment times of between 12 and 72 months that can be extended up to a maximum of 120.
In practice, under this number of installments (120, ie 10 years) the customer can choose how many months he wants to repay the debt, in any case the interest rate applied and the amount of the installment do not change. The fiduciary loan can be requested by employees, pensioners, professionals, self-employed, part-time and fixed-term workers but also by the owners of investment funds or a life insurance policy, as long as they have, in short, certain and demonstrable revenues that can pay monthly installments. The loan is provided by the bank in a single payment by bank transfer or check payable to the applicant.
An essential prerequisite for obtaining a fiduciary loan is to show that you have a good position or rather a good credit history even if you do not have a guarantor. For the evaluation of the loan, therefore, the tax burden of the applicant is also considered, to see the other deductions against him, as well as the revenue to see if they are sufficient to cover the repayment of the installments. Fiduciary loans usually do not include preliminary fees and the sum requested, or at least an advance from it, is available within a short time from the granting of the loan.
Loan in trust
Change-back fiduciary loans are fiduciary loans based on the issue of bills of exchange. It may seem paradoxical to talk about bills of exchange for a loan that should be based at least nominally on trust, but these are products used enough by banks and financial institutions in the case of good financial strength of the applicant and in the absence of income guarantees of a certain level by of the same. Thus the bank protects itself by granting a loan guaranteed by the bill of exchange, a tool that has come back into vogue “thanks” to the economic crisis and to the increasing difficulties in accessing credit.
Fiduciary loans for students
Some banks and universities have signed agreements to grant loans to students on trust and at subsidized rates. This type of loan was designed to meet the study-related financing needs for the most deserving students according to a specific regulation established by the single universities in concert with the credit institutions. These are students who cannot count on a stable income or a pay slip, or who have a low family income, but with a high average of the marks taken in the exams. Those who already benefit from a university scholarship are usually excluded from applying for this type of fiduciary loan.