Small loans for everyone, even for those who live in isolation. As long as there is a post office, which can really be found in the most remote mountains and in the most solitary plains. The Post Office disburses loans, and in Italy there are more than 13 thousand: really everywhere. These offices also provide small loans, giving a cash credit that can be very useful for unexpected expenses or even simply, given the crisis period, to reach the end of the month.
These small loans for all provided by the Post Office are really almost “for everyone”, because to request them you do not need to present a pay slip (as happens for other types of loans, as it is said here), nor do you need to have an active current account, let alone present guarantees. Suffice it to be of age, (but not older than 70) and to hold a rechargeable Postepay credit card. The credit that you can get cash starts at 750 USD and can go up to 1500 USD, to be repaid within a year or two in installments.
How to get one of the Poste loans
It is necessary to go to the counter looking for the person in charge who follows the loan grant. We ask for the opening of the “Special Cash” license and we present our identity card (or residence permit and an income certificate, if you are a non-EU citizen) and your Postepay credit card. If the procedure is successful, the forms that are presented are completed, a signature is placed and made. The requested sum is credited to your card.
Who can apply for the loan
Who is between 18 and 70 years old and is the holder of an identity document and a poste pay credit card
What is the amount that can be requested
You can have a cash credit that starts at 750 USD and goes up to 1500 USD.
How to repay the loan
The reimbursement is made in Post, by means of a postal slip or current account, by the 15th or the 30th of each month (depending on the chosen repayment plan). The installments can be 15 or 24, as the client prefers. On average you can spend between 70 and 200 USD a month.
It is also possible to extinguish the loan early, all at once, and there are no criminal demands.
To be clearer, the sums can be repaid via postal slip according to the following amortization schedule:
- 750 USD in 15 months = total cost 834 USD;
- 1,000 USD in 20 months = total cost 1,136.50 USD;
- 1,500 USD in 24 months = total cost 1,732.50 USD.
What is the interest rate applied to Poste loans?
It is high because it is a small loan without collateral, so be careful not to abuse this tool. Naturally, however, the usurious rate established by the BankTally never ends.
The interest rate changes according to the amount requested and the agreed repayment plan. Until December 31st of this year the Taeg, for example, is 17.83% if 750 USD have been requested, and it drops to 15.34% for those who have instead requested 1500 USD.
Warning! The numbers we’re talking about may change after December 31st!
It is good to remember how important the choice of the repayment plan and the interest rate is. An in- depth guide can be found in this article.
In general, it must be kept in mind that before baptizing the most suitable funding for your needs, you need to make precise calculations, evaluate possible unforeseen events and be realistic, answering simple questions: what amount can I return and how often can I do it?
Still in post offices, and always without the obligation of being the holder of a Bankate Account or a bank account there is another possibility.
To request the Prontissimo Bankate.
In this case the sum that can be requested on loan is higher: from a minimum of 1750 USD up to a maximum of 20 thousand USD. Attention: even if the documents to be submitted are few, the pay packet of the person requesting the credit will be evaluated.
How quickly you have to repay this loan
The loan can be repaid in at least 24 months (two years) and a maximum of 84 months, or seven years, in monthly installments of a fixed amount, with a fixed rate.
Which is the interest rate applied
The average sees the fixed Tan that is applied is 12.75%, while the Taeg 13.74%. It is possible to choose between a fixed interest rate and a variable interest rate
They are not foreseen, just as there are no penalties in the event of early termination. Also the costs for the payment of postal bills are charged to the customer, according to the rates in force.
How to receive the loan
By bank transfer, if you have a current account in a credit institution. Or via a bank transfer to a post office.
Conditions to apply for this loan
- Maximum age of 70 years
- you can be employed, self-employed, self-employed and retired
- Foreigners must present a copy of the residence permit or a copy of the renewal request
Which documents must be submitted
- Identity document valid
- Health insurance card
- Document certifying income (Cud, pay slip, pension slip…)
Simulation of the repayment plan
If I ask for a loan of 5 thousand USD and I choose to repay it in 60 installments (therefore in five years), every month I will have to pay 113.12 USD.
The total cost of the credit is $ 1,811.20 (of which $ 1,787.20 in interest), and at the end of the five years I will have repaid Poste Italiane $ 6.811,20.
We close our overview on the loans that you can ask for in one of the 13 thousand post offices spread all over the Italian territory describing with the classic Bankate Loan.
This allows you to have a high credit, up to 30 thousand USD, but is reserved for those who have a Bankate account. The minimum amount of this loan is 1,500 USD, repayable in 12 months (1 year) up to a maximum of 84 months (7 years). Also in this case, no preliminary, management or periodic communication costs are foreseen.
Online, by clicking here you can directly advance the request to the Post Office to activate the Bankate Loan.
A simulation of the installments to be repaid can be made by taking a 10 thousand USD loan for example. If you repay in 60 installments the fixed Tan will be 9.20%, the Taeg 9.60%. The monthly payment will be $ 208.60, the total cost of the loan will be $ 2,516.00 (all interest) and at the end of the amortization period $ 12,516 will be repaid.