Penitentiary Police Loans: Guarantees and Conditions
Loans for prison police in Sardinia
Prison police is one of the five Italian police forces and as such is directly dependent on the Prison Administration Department of the Ministry of Justice.
The members of the body are therefore public employees. Position that guarantees them easier access to credit, thanks to the various agreements that ministries and local authorities periodically subscribe with credit institutions. Not everyone, however, can enjoy the advantages of these agreements, which often require rather stringent requirements.
The prison officers who serve in the district and prison houses in Sardinia are well aware of this (currently there are 13 scattered around the island). But then how to access credit? The agents in service in Nuoro, Medio, Cagliari, Sassari and in the other prisons of the Sardinian provinces, of which they do not have access to the loans in agreement, can resort to the traditional banking circuit.
Contractual conditions for loans for prison police
Being able to claim a regular employment contract, obtaining credit will be rather simple. The pay slip is in fact the main guarantee required by banks and financial institutions against the granting of a personal loan, which generally is not subject to the presentation of liens or mortgages.
The repayment is in monthly installments with import cost and the interest rate is fixed. The maximum amount that can be financed is variable based on the income of the applicant and the duration of the amortization plan, however in principle it is also possible to obtain sums up to 30 thousand euros.
The interruption of the repayment of the amortization installments leads to the immediate non-fulfillment with respect to the financing institution. Late payment will be due for late payment, while in the event of insolvency, the bank may request the seizure of the assets or salary (up to 20%) as collateral for the loan.
Penitentiary police loans: early repayment and non-payment
Obviously delays and missed payments also lead to the registration of the debtor’s name in the lists of bad payers present in the SIC databases. Data that every bank and financial institution can consult before a loan is granted and that make access to credit very difficult. The subjects indicated as bad payers are in fact considered by the financial institutions as financially unreliable.
The current legislation also establishes the possibility of paying off the loan early with respect to the agreed term. The customer who chooses to exercise this option will be asked to repay the capital still due, plus a penalty that cannot exceed 1% of the amount financed.
In the event that the contract does not specify the amount of the residual capital after the payment of each installment, the sum of the present value of all installments not yet due must be understood as the residual debt.