The demand for loans from households is increasing, in Italy. Is the trend the result of a recovery of confidence that has had its own impact on consumption? What are the elements to be assessed before applying for a loan? IPL Bank spoke with two experts in the field: Floria Lumi, co-founder of the portal Financecorp and journalist, and Marco Doly, General Secretary of the National Consumers’ Union and member of the National Council of Consumers and Users at the Ministry of Development Cheap.
The resumption of the loan
According to Marco Doly resumed the recourse to the loan by Italian families reported by the research conducted by the end-to-end knowledge company Barometer for 2015 is physiological after a long period of crisis. For Floria Lumi, the figure is indicative of a recovery of confidence in the economy, confirmed by the data for the first quarter of 2016. A trend that may have been encouraged by the possibility of deducting some large expenses from the tax return (such as the purchase of home furnishings). However, Lumi stresses that there is a dark side in this positive trend: the lack of liquidity of Italian families.
What to consider before applying for a loan
Whom to contact – Marco Doly recommends contacting “primary subjects operating in the market”.
Guarantees and conditions – For Lumi, before requesting a loan it is necessary: ”Be aware of the guarantees we can offer “. The continuity of income, the evaluation of the costs of financing and the sustainability of the installment are the first evaluation to be made. For this reason, Doly suggests, it is essential to ask the bank or financial institution for a detailed estimate of the costs to be incurred, the rates proposed and the commissions to be able to make a comparison. The bank, for its part, requires the necessary documents to ascertain the applicant’s ability to repay. Lumi recalls that if it is true that a “stable” employment contract can provide better reliability, it is not enough today and it is better to be able to rely on movable property or property as collateral.
Timely punctuality – A key element to evaluate before applying for a personal loan is punctuality. It is necessary to evaluate the possibility of paying at the deadlines to avoid the intervention of debt collection companies. For this reason, Doly recommends that you opt for payments using Bank Rid.
In case of rejection of the loan application – As Lumi and Doly remember, the rejection is the credit institution’s response to the lack of the aforementioned requisites and guarantees. It is also a guarantee for the applicant, since serious situations of over-indebtedness are avoided.
Loan refused, what to do? – Doly: ” The credit institution that has refused the loan is obliged to report the negative outcome of the file to the end-to-end knowledge company database “. After 30 days it is possible to make a new request, but the conditions must be changed (lower loan installment, higher income), because otherwise the same outcome will be obtained. Lumi: ” If the problem was instead the reporting as bad payers, then you must proceed to the cancellation of their data from the database of bad payers, after returning their situation. “