Characteristics of loans changed for self-employed
Bills of exchange are enforceable securities available to financial companies and banks, which can exercise – also through legal channels – their right of collection in the event that customers do not repay the amount due as they should.
Loans exchanged cannot last more than 10 years, that is 120 months: if the payment is not made on schedule, the bank that provided the loan can provide for the attachment of the debtor’s assets.
Loans exchanged for self-employed workers can also be requested by those who in the past have been considered a bad payer or have been classified as a protested party.
These have the advantage of not presupposing any guarantee of income, precisely because bills of exchange themselves constitute a collectable real security, of course it is necessary to be in possession of a seizable asset, otherwise there would be no counterpart to the bill of exchange.
To read: urgent loans with bills, are they really possible?
The self-employed who need large amounts have, moreover, the opportunity to rely on a guarantor, i.e. a third party who agrees to pay the amount due in the event that the repayment deadlines are not respected by the owner of the contract.
The simplicity and speed with which this type of loan can be obtained is its main distinctive feature. Not only that, you can use a loan changed to consolidate various current debt positions, thus making it act as a loan for debt consolidation. It is worth specifying that – as you can easily imagine – it is difficult to find loans changed for self-employed workers online.
As regards the documents necessary to obtain a loan changed, a self-employed worker is asked for a copy of the tax return of the last year or even better of the last three years.
Since these are self-employed workers, there is no “parachute” of the severance and accrued severance indemnity with which one has to do when granting loans to employees: for this reason, a policy subscription is required life of not less than two years.
In summary, since an employment contract is not envisaged, the person requesting the loan is required to provide:
- identity card;
- the tax code;
- the income certificate
- the list of goods that are subject to guarantees with bills of exchange.
If for employees the loans with promissory notes are guaranteed by the severance pay and by the paycheck and for pensioners by the social security certificate, for self-employed workers, whether they have a paycheck or do not have it, the income tax return is indispensable and a life-employment risk insurance policy. The installment that is applied is personalized, decided from time to time depending on the case, tending to a fixed rate.
How the loan is disbursed
Once the loan is approved, the bank will pay the money into the debtor’s bank account, alternatively if it is not available it will issue a bank draft.
Of course, the first hypothesis is the one actually practiced, also because in any case to return the money borrowed to a current account you must have it. Otherwise the postal bulletins can be used but for these operations they are practically not used anymore.
What a bill of exchange is and how it works
Without going into too much technical detail, the bill of exchange is an executive title which, in this case, acts as a guarantee on the loan which is granted to those who request it but does not have sufficient sources of income to obtain the financing without offering further guarantees.
The creditor of the promissory note – the bank, in this case – is sure that the loan will be repaid: if not, he will resort to the attachment of the assets of the person who obtained the loan.
In conclusion, the loans changed for self-employed workers are the form of reference financing for those who do not have a paycheck and for self-employed workers who in the past have been classified as bad payers, ended up in the lists of protesting subjects or in any case they had to deal with financial problems.