Loans for non-EU foreigners and loans for immigrant foreigners

The essential requirement for loans

The essential requirement for loans

We deal with the topic of various loans and loans to be granted to foreigners otherwise identified also as non-EU citizens and/ or immigrants and in any case to all those subjects who, for any reason, do not have Italian citizenship. The issue is even more delicate since the peoples of North Africa and some countries in the Middle East ask for more democracy and the entry into our country has increased, especially those coming from Libya but originating in countries such as Syria Tunisia Egypt central Africa etc. and which land in Italy. So, what does a loan mean for immigrant foreigners? What are the conditions or the basic requirement for credit to be granted in the form of financing to immigrant or non-EU foreign citizens?

Let’s proceed with order. In the first place, the status of foreigners and immigrants is very broad and in a very foreign sense it is the one who is not Italian or, to put it better, does not have Italian citizenship. This is obvious. While the meaning of non-EU citizen is intrinsic to the term itself: it is a subject that is outside the European community. Formally, the number of non-EU citizens also includes citizens of rich countries such as the USA, Japan, Australia etc. However, in financial and banking practice, the granting of a loan or loan to foreign immigrants from outside the EU is identified with those citizens who come from poor and/ or developing countries who come to Italy to have a better life: e.g. this is the case of Romanians or Romanians. We will therefore refer to these subjects when, below, we will tell about the requirements for loans to and for non-EU foreigners online.

Problems or conditions and/ or requirements

Problems or conditions and/ or requirements

We advise that the problems or conditions and/ or requirements as well as the documents needed by foreign immigrants from outside the EU are the same as those required by those who have Italian citizenship. But there is a substantial basic requirement that the immigrant foreigner must necessarily possess in order to access any form of credit or official financing: the residence card or the EC residence permit (see residence permit).

This/ or is a particular administrative act or authorization that authorizes a non-EU citizen, even a stateless person, to legitimately stay in our territory. In the absence or without the residence permit it is in all respects an illegal immigrant and as such, as long as the Bossi Fini law does not change, it is illegal and liable to criminal conviction. The consequence of all this is the absolute denial of loans and financing by official financial channels. The only possibility of even small loans in favor of non-EU foreigners without a residence permit is to find private lenders or get in good standing.

The presence of the residence permit

The presence of the residence permit

In the latter case, the presence of the residence permit will equate the foreigner to the Italian in all respects. Therefore, only in the presence of a residence permit are banks or financial institutions authorized to provide loans for non-EU foreigners according to normal credit rules, that is: the documents beyond the permit are the passport or equivalent document, the tax code and the tax return. The latter documentation is not necessary if the foreigner has a guarantee and/ or a third party guarantor that guarantees for him and in this case we can define them as real loans for foreigners without paychecks or without income .

But in normal cases it is now possible to advance a personal loan or, for those who have an employer, also a transfer of the fifth as well as other forms of financing already provided for those who have our citizenship. Ultimately, all the legislation that revolves around financing for foreigners rests on the issue of the card or residence permit without which no bank will grant the loan to the illegal immigrant. Finally, the Italian cities to which the greatest requests for loans for foreigners come with and without a paycheck are Rome and Naples.

 

Credit for trainees

Trainees in particular often need start-up capital, since in most cases they want to finance their livelihood, their own apartment or a car from the start of their working life. But banks are usually very reluctant to lend to apprentices. But it is not hopeless, because a loan for trainees is available under certain conditions.

Credit facilities

Credit facilities

The branch banks usually only approve a loan for trainees that serves a fixed purpose, such as for the purchase of a car or motorcycle. Here, the crediting bank requests the vehicle registration certificate as security. However, the loan amount is often limited to 4,000 dollars and is limited to the duration of the training period.

Online banks, on the other hand, create special offers for loans that have a free use. Small loans of up to 2,000 dollars are often possible without special collateral or guarantees. Proof of income and a training contract are sufficient for submission. Credit inquiries that go beyond the security-free amount mostly require a guarantor.

Another alternative is training credits. These are considered financial support for living expenses if no other social benefits or payments are expected from the parents. This form of credit is only for trainees, students or paid training courses.

State-sponsored educational loans offer a credit line of USD 7,200, while independent banks do not set a fixed amount. The advantage of a training loan is the low interest rate and the option to repay the installment only after completing the training. It is advisable to compare the individual offers here, since the interest rates and conditions vary considerably depending on the provider. Interest rates of three percent or more can be expected.

Solutions for higher loan amounts than trainees

Solutions for higher loan amounts than trainees

Anyone who wants to have their application approved as a trainee with a higher loan amount or longer terms that extend beyond the duration of the training should either have sufficient security or be able to provide a suitable guarantor. Like the borrower, the guarantor also has to undergo a credit check.

Branch banks always check credit for possible negative entries by both the loan applicant and the guarantor. If there are no concerns on the part of the banks, there is nothing standing in the way of a loan. However, it must be borne in mind that the guarantor is liable for the repayment of the loan with his entire assets if the trainee fails to meet the monthly repayments on time.

The trainees who already have a comprehensive employment contract have the advantage. If the trainee can prove to the lending institute that an employment relationship will continue after the training period and that future income is documented, the trainee has a good chance of getting a higher loan amount approved, which will be repaid over the duration of the training with longer terms.

Credit for trainees despite without credit registration

Credit for trainees despite without credit registration

In this case, too, the loan for trainees is quite possible. Providers advertise with small loans without credit query. There, the interest rates range from 4.9 percent and are thus much higher than the cheapest offer of regular loans or training loans. Here it is urgently advisable to compare the different providers. Otherwise, a loan for trainees with credit registration can also only be enforced by a solvent guarantor without credit registration.

What kind of loan is Peer-to-peer (P2P) loans

 

 

Peer-to-peer (P2P) loans are a globally recognized form of lending in which people borrow and crowdfund each other according to agreed terms. The investor is looking for borrowers to match his investment wish. If he finds what he is looking for, he makes a financing offer to our partner bank, Lite Lender, to buy a portion of the receivable from this loan. If sufficient financing offers come together, our partner bank grants the loan and sells the partial claims on to the participating investors. Only the financing offers of investors that are most favorable for the borrower are taken into account until the desired loan amount is reached. The higher the interest rate offered by the investor, the less likely it is to participate. The borrower always receives the most favorable terms for him. Borrowers and investors remain anonymous to each other, only the identity must be disclosed to the platform provider.

A peer-to-peer loan is the oldest form of loan in the world: people have always borrowed money from each other and agreed the terms of the loan itself. Nowadays, digitization has made it possible to create a marketplace online where people can borrow money quickly and easily while remaining anonymous. P2P loans are part of the modern sharing economy.

P2P lending is carried out via an online credit platform and thus offers a modern, flexible and transparent way of agreeing the loan terms. In practice, borrowing through a peer-to-peer loan platform is not very different from applying for credit from a bank. Similarly, the borrower completes a loan application and when the loan offer is received and accepted, the amount is paid into the borrower’s account. The borrower does not have to search through all loan offers separately, only the cheapest offer is shown, which can include dozens of lenders. Borrowers and lenders do not need to agree the loan terms separately, everything happens automatically in our online service. Astro Finance takes care of the entire credit-related administration between the parties involved.

A P2P loan is a simple alternative to a bank loan. Although the loan is financed by several investors, the loan amount is paid out in one amount by our partner bank of Lite Lender. Likewise, the monthly installments are repaid to a single account and only then categorized by Lite Lender to the investors involved.

P2P interest

P2P interest

P2P loans are an agreement between two people and we as a company do not state the interest rate. Instead, the interest rate is created through an auction where lenders compete to fund your loan. Only lenders who offer the cheapest interest rate are given the opportunity to fund your loan application. This enables the borrower to always be offered the cheapest financing option. After receiving the loan offer, the borrower can decide whether to accept or reject the offer. The better the borrower’s credit rating, the better offers the lender can get. It is therefore recommended that all information be filled in correctly so that lenders get a clear picture of your solvency. Due to the market-based interest rate, peer-to-peer loans have become an advantageous alternative on the credit market when comparing the interest rates of different lenders on unsecured personal loans.

credit terms

credit terms

  • Loans up to 10,000 USD
  • Interest from 3%
  • Monthly repayments from $ 25
  • Loan term 2-7 years
  • No collateral or guarantee required
  • Non-binding online loan agreement. Filling out takes only a few minutes

The loan term is 2-10 years. However, you can repay your loan at any time and at no additional cost. You can also request payment-free months and postpone the due date by two weeks.

Loans from person to person

P2P loans have increased significantly since crowdfunding is now a globally recognized and flexible form of financing. Today, fast-moving loans are often discussed, such as SMS loans. However, P2P loans are a real and safe alternative to bank loans. It is a cheaper and more flexible loan for borrowers compared to the instant loans mentioned above. Our online service works without hidden costs and enables the borrower to have a flexible loan term. Loans without collateral, quick and easy. Use the loan calculator and find a suitable monthly installment that matches your desired loan amount. It only takes a few minutes to fill out a non-binding loan request.

Calculate your monthly rate

Calculate your monthly rate

The credit rate is determined individually based on the creditworthiness of the borrower and the offer by the lender. The offer calculated in the loan calculator is based on the average interest rate of all loans available in the system. Product information: net loan amounts from $ 1000 to $ 10,000; Terms from 24 to 84 months; monthly payment in installments; Installments from $ 44 to $ 440; fixed borrowing rate of 3% to 8% pa; effective annual interest rate of 8.12% to 13.74% pa, each including a one-time agency fee of 3% to 6% of the loan amount and an administration and account management fee of 0.0012% to 0.22% of the loan amount to be paid monthly with the installments; Representative example (creditworthiness required): net loan amount 2000 $; effective annual interest rate 13.45% pa, fixed borrowing rate 8% pa, term 24 months, 24 installments of $ 91.97 each; one-time agency fee of 3%, monthly agency fee of 0.076% to be paid in installments; Total amount to be paid by the consumer is $ 2207.34.

Loans with VAT number just opened

Loans to open a VAT number

Loans to open a VAT number

Loans with VAT number just opened. Why limit yourself to mentioning a newly opened VAT number in exchange for indicating all the loans to VAT holders in general? Because it is not a limit but it represents a way of letting you know some types of loans that are intended only for those who have a new VAT number not necessarily just opened, even if we will explain, from the credit market point of view, the definition of just opened. Not only that, but some forms of credit will even have to be accessed without any VAT number as the latter will represent the way, the tool, to start a new job or forms of financing known in the lexicon of finance as loans to open VAT number where In fact, it is affirmed that in order to access it, you do not need to be a VAT holder according to some timescales of which we will say now.

The starting point

The starting point

Loans for new VAT number, that is to open a new VAT number. The starting point for obtaining these types of financing, as we said, is that of not having any VAT, although with different times. For example, in the Invitalia Self-Employment Loan of Self-employment, there must be no VAT number at the time the application is submitted, nothing specifying for the other periods prior to the application. While for freelancers who want to participate in the Rest in the South incentives there is the temporal stake of not having had any VAT in the previous 12 months if the application concerns an activity similar to that ceased. Speaking of free professions, these, with the 2019 Budget Law, can access Resto al Sud, which was previously prohibited.

Another case of loans to open a new VAT number is that relating to the incentives of New Companies at Zero Rate : in this case the VAT number must not be had if a group of natural persons submits the application which, if allowed, will have to, within 45 days, set up the company complete with VAT Almost the same can be said for accessing Smart & Start : some individuals, without VAT, can apply, but if the innovative idea is accepted, the deadline for setting up the new company and opening the new VAT number drops to 30 days. However, we will say more about these two forms of financing later. We continue further.

Will deal with those forms of credit

Will deal with those forms of credit

Financing with VAT number just opened. If those just read concern some examples of loans to open a new VAT number, now we will deal with those forms of credit where the VAT must already exist but, based on the type of financing chosen, it must not exceed a few time periods or must be without or with accounting movements: these are loans with a VAT number that has just been opened. So, let’s start by indicating again the incentive of the New Companies loan at Zero Rate, which, outside the hypothesis said about companies to be established after the application, concerns those already established before the presentation of the application: to access New Zero Rate Companies, companies must have already been set up but for no more than 12 months even if they have a busy VAT number.

The Youth Guarantee loan is addressed to individual companies and companies, including those set up between professionals. In the case of , there is the aforementioned limit of 12 months within the constitution but, unlike the New Company at Zero Rate, the VAT number must be free of accounting movements. A truly original case of loan with VAT number just opened is that of Lite Lender. The peculiarity of being “just open” (note the quotation marks), is given by the fact that innovative companies that present  applications can do so within 5 years (60 months) from their establishment. What can we see from all this? That the concept of a newly opened VAT number is very relative, being able to consider a 5-year VAT number as “just opened”.

Being in the start-up phase

Being in the start-up phase

Loans with newly opened VAT number & guarantees. All the hypotheses described so far have the general characteristic of being in the start-up phase, that is, of the start-ups and of being guaranteed by the state but only following acceptance of the application. However, contributions made by state bodies to new VAT numbers are not the only way to finance a VAT holder who has recently opened this position. Well, to meet the new holders of VAT there are also a series of trade associations (of the self-employed and/or SMEs and freelancers) that the Bank which in various capacities finance and/or guarantee many forms of credit intended for those who have a new VAT number. 

Loans for VAT holders. All the aforementioned speech revolved around the new VAT numbers but, rightly, all the problems inherent in the forms of credit for those VAT holders who instead have a consolidated activity over the years remain. For example, problem of how to finance those minimum VAT holders. But also the hypotheses of liquidity problems related to the economic situation, difficulties that can be overcome at times but sometimes not with the risk of leading to reports in databases. In short, all those other types of loans for VAT holders that are not included in the cases described above. For these owners, we suggest a reading of the proposed solutions on loans for VAT holders.