When we need more liquidity or when we have to meet expected and unexpected expenses, we can take full advantage of a proxy loan. Also called double fifth, this type of financing can be added to a loan already in assets, which must be a Cession of the Fifth. But let’s find out together what is the timing for obtaining a loan with a proxy.
The characteristics of the loan by proxy
The loan with proxy is a type of loan consisting of a personal loan, not finalized, at a fixed rate and at a constant rate. It is basically a new assignment of the fifth, with the same characteristics. It is characterized by having:
- Simple request mode. The application, with a single signature and already accepted by the employer (this is important), does not necessarily have to report the purpose. Following the preliminary investigation phase, the proxy loan is automatically granted.
- Delegation, like the Salary Assignment, can be brokered by financial institutions.
- Early renewal. To have a constant flow of liquidity, the proxy loan can be renewed in advance. The renewal takes place provided that the 2/5 of the installments have been paid, in case of sale to 120 months. A delegation to 60, however, can always be transformed at any time into a 120.
Given that each bank or bank has its own procedures and timelines as independent, we see what may be the waiting time to obtain a loan by proxy.
We can say that from the moment you start to gather all the documentation necessary for the completion of the practice, until the actual delivery, certainly will spend not less than a week. Delivery times depend on administration and range from 10 days to over 1 month. This, if various problems persist, above all related to the formal correctness of the procedure and to the verification operations.
However, if there is a stringent need, it is possible to request an advance, with reduced delivery times. This is a form of credit very similar to the Cession of the Fifth, which, in fact, goes alongside this and for this reason the loan by proxy is also called double fifth, because it is a second transfer in the envelope. It only provides for the payment of large sums of money, with monthly repayment installments of a minimum duration of 24 months, up to a maximum of 120.