Loans for bad payers are loans disbursed to those who have received a report from the risk center for non-payment of a debt. They are financial products that have different characteristics than personal loans and are very difficult to obtain. For institutions that provide loans, in fact, those who have not paid a debt could do it again and therefore a bad payer represents a risk. Let’s see how they work and how you can get a loan even if you are reported to CRIF.
How do bad pay loans work?
This form of financing is very similar to normal personal loans with the difference that, as we have seen, they are often not accepted by banks and financial institutions. This is because the relationship between the amount requested and the risk is not satisfactory for the lender. The interest rate for this product is very often higher than normal personal loans, in fact, the financial and banks apply these interests close to the limit imposed by law beyond which we fall into the usurer rate. For this reason, in the event that you have any suspicions about the rate that is applied to your loan, check, in the event that the bank or the credit institution has applied a rate higher than that permitted by law, you can request a refund.
What to do if the bank refuses to grat the loan?
We have seen that obtaining a loan for bad payers is not easy, but if the bank refuses the request we can opt for a second possibility: the transfer of the fifth of the salary.
The assignment of the fifth can also be requested by the bad payers, as the installment will not be paid directly by the applicant but by the employer. In a nutshell, the bank disburses the loan and the employer will retain the fifth of the contract to pay it to the bank. The assignment of the fifth is a tool that offers a possibility to all those people reported as bad payers, circumventing the problem because the bank is physically paid by the employer.
Which banks lend to bad payers?
There are not many credit institutions that provide financing of this type and many directly request the transfer of the fifth of the salary. We point out Best Bank, Lite Lender, Astro Finance, Good Finance and Agree Bank. We advise you to always check which one offers you the best conditions, to inform me about the rate permitted by law which must not be exceeded before choosing which to contact for the request.