Loans for Foreigners: Requirements, Interest Rates and Access Modes

The world is in constant motion and every day more and more people move: society is increasingly becoming a mix of different cultures and more and more people decide to emigrate. Even those coming from abroad may need liquidity, and therefore to inquire about foreign lending . However, we do not always know how to do it.

In today’s guide we will explain how to get a loan in Italy even if you are a foreigner . We will talk about the necessary process, the rules and the time to get the loan.

Loan for foreigners

In general, among the requisites required by the banks to obtain the loan is that of being permanently resident in Italy for some time. Residence in Italy must have been demonstrated for at least 6 months for EU foreigners and at least 12 months for non-EU foreigners.

If you have a work income, the process becomes simpler, so that in some cases it is possible to request the loan online and receive it in a few hours. The pay slip is a solid guarantee and in general there are not too many problems even if you are a foreigner.

Generally all banks allow foreigners to have loans if they have paychecks. Many credit bureaus also give foreigners the possibility of obtaining loans with payroll and permanent employment.

If the foreigner does not have a contract, it is necessary to look for banks or credit institutions that allow to request a loan without a pay slip or without having a demonstrable income.

For loans without payroll you can contact:

  • Directafin;
  • Findomestic;
  • Agosducatoweb.

In general, in this case, a guarantee must be requested from a guarantor who will have to assure the bank that payment of installments will be made and that the amount will be refunded. The bank may take action against the guarantor if the applicant does not comply with the agreements.

The necessary guarantees for the loan for foreigners

Even if you are a foreigner and any type of loan that you decide to request, you must provide mandatory guarantees to the banks. The various guarantees for applying for a loan in a bank are:

  • The pay slip : the best guarantee to get the money at advantageous rates and quickly;
  • The guarantee of a third party : it can be a parent, a friend or a relative who can be your guarantee. The guarantor can become liable for the loan instead of the applicant and must also be resident in Italy;
  • The salary assignment : it is a solid guarantee also for foreigners and often also for those who have been protested or those who are on the bad payers list. Thanks to the assignment of the fifth, the sum to be repaid will be withheld from salary or pension directly by the employer or the institution. The loan has advantageous rates and can be repaid up to a maximum of ten years.

If the foreigner is retired the loan will be studied based on the age of the subject who will influence the number of installments to be repaid and the time for repayment of the loan.

What do you need to make the request?

To obtain the loan for foreigners in the bank you must provide:

  • A valid identity document;
  • The pay slip, or the last tax return (useful and valid only for the self-employed) or the payslip of your pension;
  • Documents that establish permanent residence in Italy.

Depending on the bank, other documents may be required. For this reason we recommend contacting the bank to find out all the documents required for the loan application.

Time to get the loan

If you have a paycheck or you have a stable income and are resident in Italy, the loan request is usually resolved in a short time. If the loan request is made with the online form you can get the money in about two days.

If you prefer to make the application in the branch, you will be a person in charge of indicating the waiting times for having the loan for foreigners on your account. Waiting times can change depending on the financial situation of the applicant.

The interests

To find out the interest rate, you can use the online quote. Any bank gives the opportunity to request a quote online to understand how much you will be spending and what the cost of interest rates will be.

We remind you that the quote is not binding and is free and can be requested not only online but also in a branch. The estimate gives you the possibility to know the TAN and the APR or the interest rate and the synthetic total cost of the loan with the cost of the commission for the loan request.

The TAN and the APR of a loan are different from bank to bank and even from loan to loan. Doing research and comparisons helps you find the lowest and cheapest interest rates and save money.

The loan for protested subjects

If you have been protested or if you are on the list of bad payers, you must resort to the assignment of a fifth of the salary to request the loan. It is not certain that the banks agree to provide the loan, but to know how to move it is advisable to ask information to a person in charge at a branch of the bank you choose.

A team of appraisers will assess your financial situation and decide whether or not to grant you the loan. The fifth assignment is associated with loans with low interest rates and with repayment plans of up to 10 years.

Loans for foreign temporary workers

Fixed-term workers often think they cannot get loans from banks.

If you have a fixed-term contract, you can still request a loan, but you will have to prove that the number of installments to be repaid does not exceed the months you have left.

The best way to know what to do to get a loan from temporary workers is to make an appointment at a branch.

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