New born loan: the public fund to support families

The new-born loan was a form of subsidized financing for families who had a child in the year prior to the request. This kind of small loans gets benefits thanks to the guarantees provided by the State, which assumes the role of reassuring the bank about the repayment of the loan, ensuring to intervene in case of insolvency of the debtor. In this way, costs are reduced, ie the interest rate to be paid. However, a public guarantee does not mean that the capital received should not be repaid: it is not a loan. Nevertheless, in this way the State supports families with children.

Let’s see how the new born fund works

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The dedicated fund was activated at the Department for family policies of CONSAP (Public Insurance Services Concessionary), a public body that is used for these activities of access and support of credit. The Fund functioned thanks to close agreements with the banks participating in the initiative: this means that to apply for a new-born loan, one needs to contact a bank that has accepted the conditions of the Fund. The list can be found on the ABI website, the Italian Banking Association.

The banks adhering to the loan for newborns agree to provide some facilities for the APR, the Global Effective Annual Rate , which also includes all ancillary expenses. In particular, the APR will be fixed and cannot exceed 50% of the TEGM, Effective Global Average Rate on personal loans. What does it mean? The TEGM is a rate calculated every 3 months by the Bank of Italy, which takes into account the average of the interest applied by the banks on a particular sector, in this case that of personal loans. The APR of the new-born loan cannot be more than half the value of the TEGM on personal loans calculated by the Bank of Italy at the time the loan is requested.

The maximum amount of obtainable is 5,000 euros, but the capital can be used for any expense

5,000 euros

The repayment period for the new-born loan may extend for a maximum of 5 years. In this way, the New Born Fund helps families pay the expenses for the newcomer and facilitates their first years of life.

Loan of hope – solidarity loan

The loan of hope is a credit access service provided by the Italian Episcopal Conference, an organization that brings together the bishops of the Catholic Church. The CEI has been launching for some years some facilities for access to credit for the most disadvantaged citizens and families, in order to favor social and economic inclusion. Among the instruments made available by the CEI there is also a guarantee fund, launched in 2009, powered by institutional and private subjects, which allows people in difficulty who turn to this institution to receive favorable conditions to obtain a loan.

The loan of the hope of Caritas is aimed at encouraging the reintegration of those who have lost their jobs or the launch of a self-employed activity : it is therefore a loan aimed at creating jobs. In fact, funding can be requested for training and professional retraining activities. In this way, the person in difficulty can acquire new skills on favorable terms and increase their chances of finding a new job or creating one on their own. In fact, the funding can be used to finance the attendance of training courses and similar tools.

The loan can be requested by natural persons

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(temporary workers, unemployed young people, unemployed), disadvantaged families and micro-enterprises, perhaps in conditions of start-up or restructuring. To be able to obtain the loan you must go to the nearest office of the diocesan Caritas. The documents for the loan of hope vary depending on who submits the request. In the case of natural persons, it is necessary to present:

  • an ISEE certification;
  • copy of the documentation issued by ASL, INPS or other public body on the condition of hardship, illness or disability;
  • in the event of unemployment, the letter of dismissal or registration with the unemployment lists.

In the case of micro-enterprises, on the other hand, you must present yourself

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  • VAT number and Chamber of Commerce registration;
  • balance sheet for the last 3 years;
  • business plan to relaunch the professional activity or the start-up;
  • the DURC.

At this point, the banks participating in the loan of hope will be contacted by the staff to whom you have turned and should provide subsidized loans, thanks to the guarantees provided by the CEI fund.

Online loan without payroll: less money, but faster

An online loan without payroll combines the simplicity of internet funding with the flexibility of a request for lesser guarantees. A traditional loan, required by physically going to a bank branch, requires the subscription of a series of bureaucratic procedures and the presentation of solid guarantees: usually, the most requested form of guarantee is the last paycheck, which certifies how the applicant is an employee with a stable income.

This guarantees the bank about its ability to repay the debt

This guarantees the bank about its ability to repay the debt
But not everyone is able to present a pay slip, perhaps because they are self-employed (in this case you will need to provide the latest tax return) or, more and more often, because you have a precarious job or even you are unemployed. In these cases, access to credit is more difficult. This is why many lenders have also provided services for financing these people. Everything revolves around the request for more flexible guarantees: for example, instead of a pay slip, the signature of a third guarantor may be required. But if not even a guarantor is available? The solutions available at this point can be the pledge of a valuable item or the mortgage on a property owned.

In the face of these reduced guarantees, requesting an online loan also allows you to avoid long waits at bank counters and some bureaucratic steps. The problem of online financing without adequate guarantees is that large sums cannot be requested . One of the loans in this category, the one aimed at customers of the popular PostePay payment service, for example, offers only three solutions for the amount to be borrowed: 750 euros, 1,000 euros and 1,500 euros.

This limitation is due to two factors that characterize this type of loan

This limitation is due to two factors that characterize this type of loan

firstly, all loans without payroll usually offer only small amounts , however lower than those obtainable with a traditional personal loan. This happens because the banks do not want to expose themselves to more risky applicants without a stable income. Moreover, the online loan is certainly more flexible, but even in this case the credit institutions cannot provide too high figures, given that they have less control over the people who request them.

For this reason, the online loan without payroll is a suitable solution for those who are looking for small numbers quickly to remedy moments of low liquidity and economic difficulty.