Premium loan, or almost

After the 2008 economic crisis, getting a loan has become more difficult. Creditors only lent money to those with almost perfect credit ratings. First class consumers (with perfect credit scores) were the only ones who could get the financing they needed.

But, over time, other consumers began to pay off all their debts and take care of their finances, so that they became the consumers of almost the first category. These borrowers have a better credit rating than the at-risk borrowers, but at the same time, it is not as good as that of the first-class borrowers. These people did not have a perfect credit history, but they made the effort to get their finances back on track.

The first category, almost first or same risk category


Banks and other institutions like to categorize consumers by their ability to repay the debt. Before the economic crisis, borrowing restrictions were not widely practiced. After the crisis, however, creditors became very concerned about the consumer’s ability to pay off their debt, especially for the at-risk consumer. All of a sudden, the only ones who could get a loan were first class consumers.

  • First class consumer : A consumer who has a credit score greater than 720.
  • First-class consumer: There is no exact figure, but their credit score varies between 660 and 720.
  • At-risk consumer: This is a consumer whose score is less than 660.

While the effects of the crisis are still being felt, first-class consumers continue to be turned down for loans, lacking funding to buy a house or start a project. The risk of insolvency continues to haunt lenders.

The majority of the financial problems of the consumers of almost the first category concern the past and not nothing to do with their current financial stability.

The good news: things change

In general, first-class consumers continue to be turned down by banks for financial faults in their past that are now beyond their control. Unfortunately, our financial mistakes remain on our credit report for 10 years. ( Learn how to protect your credit report here ), which negatively affects the credit score for the same period. This could prevent you from obtaining the necessary funding. When the creditor takes the time to look beyond the credit score, he often discovers that the consumer of almost first class is a reliable pillar.

The good news is that things are changing. Currently, the average Canadian:

  • Has the opportunity to repay a loan on time and in full
  • Has a job
  • Has an income of $ 50,000 or more
  • Has enough money in your bank account

Fortunately, creditors have begun to analyze other data to assess the reliability and solvency of the borrower.

  • Telephone bills
  • The bills of the charges (water, gas, electricity)
  • Your bank statements
  • Your rental history

If creditors are more likely to offer first-class consumers, they will have the chance to improve their credit rating and access more financing in the future.

Will I be approved?

consumer loan

If you are a consumer of almost the first category, it is difficult to know if you will be approved or refused. The lending market has changed dramatically since 2008 and it continues to change today. But more and more consumers are getting the desired financing, so do not lose hope.

Some financial institutions have already realized the opportunities available to them if they start to finance consumers of almost the first category. Know how to seize this opportunity.

Your loan, the intermediary

In a recent survey, the Consumer has made some criticisms of a new company that makes credit intermediation, this does not provide the loan directly, but acts as an intermediary with the banks and, according to the Altroconsumo association , you would pay dearly.

“Your loan” has recently made its appearance with flyers on the street or via e-mail, proposing itself to for civil servants and retirees.

A credit service based on the bank


According to what reported, however, going directly to the bank can be more advantageous, with a decidedly lower Taeg.

AltroConsumo states:, which is discussed in advertising, are actually salary and pension salary assignments. In practice, the installment granted cannot exceed one fifth of the pension or monthly salary perceived and retained directly from the salary or pension This is an expensive formula, especially compared to the more affordable Damon Wildeve, but also in the context of loans with salary-backed loans (a type of loan already guaranteed and framed in precise rules on duration and amounts) it is not the case to make use of the intermediation of a mediator, with the relative costs. Better to go directly to the bank “.

The maximum capital that can be obtained with this type of loan

The maximum capital that can be obtained with this type of loan

Whose duration must be between 2 and 10 years, is 68,000 euros. Specifically, analyzing the formula advertised on information sheets at the relative rates and costs, it emerges that a loan with Tan of 10.8% and a financial amount of € 13,175.20 includes: bank commissions of € 237.60, equal distribution charges 1080 euros, about 8% of the total (ie capital and interest); cost of the preliminary investigation, equal to 295 euros; substitute tax of € 32.94, equal to 0.25% of the amount financed. So, on balance, a 10-year 10,000 euro loan has a Taeg of 15.10% and involves a monthly installment of 180 euros, sustainable only if the salary is at least 900 euros. In total, the amount due by the consumer is 21,600 euros.

If the pension assignment formula is applied, what changes is the cost of the preliminary investigation, reduced to 250 euros, and the Tan of 10.05%. Commissions rise to 259.20 euros, while the substitute tax is 33.98 euros. The Taeg drops to 14.01% on the capital of 10,000 euros for 10 years. In essence, the monthly payment remains at 180 euros, even in this case sustainable for those who have at least 900 euros in revenue. In general, says Altroconsumo, “the salary and pension assignment is a costly financing formula, as we have seen from the rates and all the additional charges, so to save money you have to cut the costs of intermediation which are rather salty and contact the bank directly. ‘Your Loan’ collects 8% of the total amount you pay to the bank , therefore capital and interest “. This is why the costs soar.

Loan on pledge

get a loan

If you want to get a loan without pay or other guarantees to offer to the bank, a useful and advantageous solution could be the loan on pledge .

But what is it? What are its features? And why could it really be the solution for you and your financial needs?

What is the lien loan

What is the lien loan

The loan on pawn is a loan that the bank grants you upon presentation and valuation of valuables, without it being necessary to acquire other guarantees as in the loans issued . Therefore, if you think you have some products of particular value and interest, you could hand them over to the bank in exchange for a sum of money: at the end of the loan, you can choose whether or not to redeem the asset, or request the renewal of the loan.

Of course, not all assets can be pledged. Although much depends on the policies of the individual credit institution, normally diamonds , objects in gold and silver , watches and other assets that can be easily evaluated and resold can be used for a pawn loan!

But why should you seriously consider using a pawn loan to meet your money needs?

Benefits of a lien loan


Although it may not always be the most convenient solution (especially if you have a lot of arrows in your bow, and you can choose to borrow for other ways that you can compare with this form of credit), sometimes the loan on pawn becomes the best alternative.

To try to emphasize what could be the reasons that can push you towards a loan on pledge , we can only remember how these loans are generally disbursed without any income or patrimonial investigation: in other words, it will be the precious asset to guarantee for you, and you can have access to this loan to protesters and bad payers without salary assignment , lack of pay slips, protests and other situations that could make it difficult to resort to “ordinary” credit.

We also recall how these loans are disbursed fairly quickly: once the evaluation by the bank (a procedure that generally takes a few days) is complete, the loan will be granted in a very short time, allowing you to have the money you want within 3- 5 days.

Speaking of good pledged, his fate is protected: in fact, until the loan expires, your valuables will be safe, kept in the bank vault.

By the way, and at the end of the loan?

What happens at the end of the pledged loan

What happens at the end of the pledged loan

At the end of the loan, several things can happen. Firstly, if you have the necessary amount of money (the sum received in financing + the interest due), you can present yourself at the bank and redeem the asset. The report will be considered extinct and you will return in full possession of the object.

Of course, this opportunity is welcome to remind you that you can redeem the pledge in advance at any time, before the scheduled date: in this case, however, it is possible for the bank to ask you for a penalty for early termination, calculated as a percentage of the amount of the financing.

A second possibility at the end of the loan is represented by the customer’s willingness to renew the loan for another period of time (generally 6 months): in this case all you have to do is pay only the accrued interest, and a “renewal cost” , while the redemption will eventually be postponed at the end of the renewed loan.

The last possibility is that you cannot or do not want to redeem or renew the small loan . In this case, after another 30 days from the due date of the loan, the credit institution will proceed to sell the assets as a pawn at a public auction, at specialized facilities.

In this final case, keep in mind that for pawns sold with an eventual surplus (ie, with the collection of the auction which is higher than the debt contracted by the customer), the surplus will remain at your disposal for 5 years.

How much to get with a lien loan

lien loan

The amount obtainable with a loan on pledge depends solely on the value of the assets that are presented to the bank. Considering that rarely too valuable assets are committed, and that for rather high amounts of money it is preferred to resort to other forms of credit, it follows that – given Bankitalia in hand – the average amount of a loan on pawn is around 700 euros , with a request volume of approximately 30 thousand units per month.

How long is the loan on pledge

loan on pledge

The duration of the loan on pledge depends on the service choices of the individual bank. In principle, however, we can remember that loans in this category generally last between a minimum of three months and a maximum of one year.

Where to get a lien


All the major banks are now authorized to provide lien on the pledge. There are dozens of institutions that could meet your money needs, and that will allow you to have a loan guaranteed by a lien on precious objects in a few days.

Our advice is of course to go exclusively to authorized operators (you can check the authorizations on the website of the Bank of Italy), moving away from any operator who, through unofficial routes, wants to give you money with little formalities.