State public employees or local authorities ? Here is where to find a good payday loan at subsidized rates and favorable economic and contractual conditions, benefiting from the Agreement signed between INPS and the lender.
Special features of the Personal Payday Loan for Public Employees
The credit product Personal payday loan for Public Employees offered is a personal payday loan regulated at a fixed rate: both the interest rate applied and the amount of the individual installments remain fixed for the entire duration of the payday loan and for the entire amortization period.
The customer cannot therefore benefit from any reductions in market rates due to the certainty of constantly repaying the same installment amount. The fixed rate is advisable for those who want to be sure and secure, from the time of signing the payday loan contract, to the rate measure, to the amounts of the individual installments and to the total amount of debt to be repaid, regardless of changes in market conditions.
Regarding the amount of the credit: the minimum amount provided varies from 5,000 euros to a maximum credit limit of 100,000 euros (this is such an exorbitant amount as the payday loan can be guaranteed through the form of financing the sale of the fifth on the salary or by registering with the unitary credit and social services department of INPS). The payday loan is disbursed in a single payment at the time the contract is finalized, according to the method chosen by the client among those permitted by the Bank.
Duration, installments and sample schedule of the Personal payday loan for Public Employees
As regards the duration of the credit agreement (Personal Employees Public loans), including any technical pre-amortization, a skimming must be performed for payday loans of less than 10,000.00 euros, the minimum duration of which varies from 6 months up to the maximum duration in 60 months. For payday loans of an amount equal to or greater than 10,000.00 euros , the minimum duration varies from 6 months to a maximum of 120 months.
As regards an example table , the following should be noted, which allows the understanding of the applied economic conditions: amount financed equal to 10,178.12 euros with a duration of 60 months, at an annual nominal fixed rate of 6.75% per annum. Number of installments: 60 Periodicity: monthly Installment amount: € 200.34, payments are charged in the following order: any default interest, interest share and principal amount. With regard to the amount (principal amount + interest share) due from the credit consumer, it is in the example shown, equal to € 12,020.40.
To apply for a payday loan, the potential subscriber (depending on the public) must be in possession of the appropriate guarantees : surety policy or other guarantees required by the Bank (also TFR).
For the economic charges applied:
- Amortization interest rate : fixed maximum annual nominal amount of 6.75%
- APR : 7.75%,
- Total cost of the credit : € 2,020.40 composed of: preliminary commission: € 152.67, substitute tax: € 25.45, installment fees: € 0, sending of periodic communications: € 0, interest on amortization: Euro 1,842.28, 1 euro monthly debited only in the case of collection methods other than the BNL current account debit to cover bank or postal charges incurred.
- Any other costs due to the insurance premium (to be combined with the payday loan): for payday loans with a duration of less than or equal to 60 months, maximum 1.308% per year, calculated according to the amount financed or for payday loans with a duration exceeding 60 months, maximum 0.744% per year, calculated based on the amount financed.
- Payment installment suspension: 30.00 euros , except for suspension requests falling under specific institutional agreements, for which the rules contained in the aforementioned agreements will be applicable or the cost will be charged for each installment suspension request, regardless of the number of suspended installments.