If being employed in the private sector is an advantage for those looking for a convenient personal loan, being hired as a civil servant represents an even more favorable employment situation for those considering the possibility of applying for a personal loan. The advantage derives mainly from the stability offered by the employer.
Working for the state: an extra guarantee for personal loans
As anticipated, working for the state , at any level and at any institution that can be included among the state bodies, represents a significant advantage for the worker. In fact, in assessing the feasibility of a personal loan, the financial institution or bank considers the solidity of the employer as a positive factor that usually makes it more inclined towards the acceptance of the loan application. In fact, those who evaluate the practices for a personal loan to state employees consider the fact of being hired by a public body as a guarantee of greater capacity to repay the loan received, due to the continuity of income that a government agency is able to to guarantee.
A special case of a public employee: INPS employees
Being a worker to the employees of the INPS , the institution that manages the national pension system, represents a further advantage for the worker. In fact, the same institution makes available to its employees loans at a reduced rate, reserved exclusively for those who are in the state employee status INPS. However, this type of loan is usually granted for rather small amounts and also the timing of repayment is often lower than other types of personal loans available on the market. For this reason, even in the case of INPS civil servants, it is recommended to compare the loan facilities offered by the institution with the offer of the market generally aimed at employees or specific for public employees.
Personal loans for fixed-term public employees
However, being a civil servant is not always a guarantee of obtaining a personal loan. In fact, in the case of fixed-term state employees, the characteristics required for the granting of a personal loan are usually more stringent than those required of a colleague working indefinitely. In particular, the employee hired with a contract and term may be required to reach a certain threshold of monthly income . Furthermore, it is quite common to request a minimum seniority threshold at the institution for which you are working or in similar jobs.
The age of the applicant could also be subject to constraints. Another important parameter for fixed-term workers, both public and private, is the duration of the contract, which normally affects the number of installments for the repayment of the loan granted. In fact, in most cases the personal loan is not granted for a period longer than that of the contract, a factor that sometimes precludes precarious public sector loans.
This derives from the fact that those who make the personal loan need to protect themselves against the actual possibility of payment by the borrower. Although true in principle, these characteristics of personal loans for public sector employees may vary depending on the subject who provides the loan. Therefore, even for this applicant profile, it is recommended to compare different financial products, as the characteristics between one loan and another can sometimes also vary significantly.
Is the personal loan for state employees always guaranteed?
Although as we have been able to specify working for a public body is a greater guarantee for those who provide the personal loan, this does not mean that being a public employee automatically corresponds to the granting of a personal loan. In fact, in addition to the employer and the duration of the contract, the practice of granting the personal loan also takes into consideration many other factors, first and foremost the profile of the applicant. In fact, even for a public employee, a determining factor is financial history .
The greater the repayment capacity of the loans demonstrated by the applicant and proportionally the greater the probability of receiving a loan. This does not mean, however, that if a person has had financial problems in the past or if the credit received has been automatically cut off from the personal loan market. As personal loans to protestants demonstrate, the credit market is increasingly differentiating itself to meet the needs of different types of applicants.