Today, we can no longer speak of Payday, as the former Payday was suppressed in 2012 and replaced by the Social Institute in the Public Employee Management which also deals with the granting of loans. However, it is still common to talk about Payday loans for loans to public employees. In particular, the Social Institute section also offers loans to the armed forces and the police, sums of money of various types and nature to satisfy the needs of life.
As civil servants, employees and retirees of law enforcement and Italian armed forces can then apply for Payday loans to Social Institute.
Who can access the Payday loans from the armed forces and law enforcement agencies?
We see well the subjects who have the right to apply.
Among all Italian law enforcement agencies and armies, the possibility of access to public loans for employees and retirees of the Public Administration is granted to
- Guardia di Finanza,
- military personnel,
- Military Navy and Air Force soldiers
Types of loans
What types of Payday loans can the people identified above access? First of all, there are different types of loans that can be matched to your personal needs.
Small loan Payday consists of a loan provided by the Social Institute which can be accessed by both retired law enforcement officers and the armed forces, enrolled in the Joint Credit and Social Services Management. However, retirees have the opportunity to apply only online.
The Payday loan in question has a short duration, from one to a maximum of 4 years, and is implemented by means of the fifth sale, which means that the repayment of the installment takes place on the payroll or pension.
The amount that can be obtained depends on the salary and also on the repayment plan. In general, for a 2-year loan you get a maximum of 2 months.
The Direct Multi-year Payday loan, on the other hand, is finalized, not personal, which means that it is aimed at satisfying a specific need that must be declared (purchase of self-restructuring and so on). This is required by those enrolled in the Unit for Credit and Social Benefits.
Employees on duty can access this Payday loan only if they have at least 4 years of contributory seniority. The maximum duration is 5 years or 10 years depending on the type of loan.
Finally, there is the Guaranteed Multi-year Payday loan. In this case the loan is not granted by the Social Institute but certainly by the banks and the financial companies that have stipulated an agreement with the management of the Social Institute public Employees. This is a loan with salary assignment and can be accessed by anyone enrolled in the Unit Management for credit and social services who has paid at least 4 years of contributions, reduced to two for invalids, war maimed and decorated for military value. The loan is 5 or 10 years depending on the type.