Being a community citizen or non- EU citizen does not mean being automatically excluded from loans, although these seem to be dedicated, above all, to Italian citizens. We discover, with the help of this guide, how personal loans for foreigners work and what are the requirements to access them.
Loan for foreigners or general loan?
Let’s start from a consideration: being a non-EU citizen or community does not exclude the possibility of accessing a personal loan, not designed for a specific category of people (such as housewives , students , protested …). However some credit companies have studied specific products designed for citizens of foreign origin. Access to this type of financing is usually easier than a standard loan. However, even in personal loans for foreigners it is necessary that those applying for the loan meet certain criteria and be able to present all the required documents .
The documents and features required to obtain a loan
In some cases, obtaining a loan for a foreigner could be a little more difficult than a request made by an Italian. The motivation is however soon explained: the loan provider needs to carefully evaluate the profile of the applicant and this operation with Italian citizens is usually easier, as it is easier to reconstruct the personal financial history and go back to any difficulties with previous loans. This is why sometimes the personal characteristics required for obtaining a loan to foreign citizens are a little more binding.
However, it is good to clarify immediately how personal loans for foreigners are very different from one financial company to another, for this reason the comparison between products of different companies is the solution to identify the loan that best matches the characteristics sought.
Regarding the requests from the financial or bank that will provide the loan , the first step in making a personal loan is to present the required documents . First of all, you are asked to provide the identity documents (identity card and tax code) or, if necessary, the passport , in case the applicant is not yet in possession of the Italian documents.
Another fundamental document for requesting a loan for foreigners is a residence permit for non-EU citizens. In this case the duration of the permit itself could influence the duration of the loan granted, as personal loans are usually not provided for periods longer than those of the residence permit (but there are exceptions). Even the period of demonstrable stay in Italy is a fundamental element; usually loans are granted more easily to those who are able to demonstrate legally living in Italy for longer.
In order to establish the actual place of residence , sometimes the company that evaluates the loan request could ask for the presentation of a user (for example a telephone, gas or electricity bill) made out to the applicant and already paid at the time of presentation.
Work and personal loans: the importance of a contract
A separate discussion deserves the possession of an employment contract . In fact, the provision of a loan is in most cases related to the ability to demonstrate the perception of a stable income . However, this does not mean that those who are not in continuous employment or employed can not obtain financing; simply the conditions applied and the requests for the approval of the loan will be different (for example, in some cases the presence of a guarantor may be required, that is, a person who can take charge of repaying the loan if the person requesting it is not in degree).
Returning to the question of the contract, the possession of a permanent employment contract is a feature that usually facilitates the obtaining of a loan. However, usually even in the case of a fixed-term job, the granting of the loan is not excluded, but could be of equal duration compared to that of the contract. However, having a contract of a different type from the previous two or being in a different job condition (such as being self-employed ), are not at all situations that exclude the possibility of obtaining a personal loan. As already mentioned, even in the case of a personal loan for foreigners, the comparison between different products and between different companies that provide loans could be the solution to find a loan that really suits your needs.