Loans in Italy
Shifting and settling in a new country requires lots of patience, effort, pre-planning, and lots of money. From buying an apartment to live in, to a car to ride, from a school to send your kids to buy an electronic device or furniture, without money, nothing is possible. But investing your hard-earned money in these things is not a solution. So, what is the way out? The simple answer is loan. Yes, in Italy, you can get multiple loans for different needs from different lenders, such as banks, online lenders, private lenders, and more. For this, all you have to do is give this guide a quick read. So, let’s begin with this guide to find out all about loans in Italy.
List of loan providers in Italy
All these loans providers offer different rates and options for different prices. Comparing the specifications of each loan provider can be time-consuming. Are you wondering which provider offers the best deals or the best options? We have listed the most reliable loan companies below while using the following criteria:
Be aware that Borrowing money costs money
|
|
|
|
|---|---|---|
|
 |
100% free loan comparison platform with cheap loans from over 20 banks. After a few minutes, you will receive your personal loan offers from various banks. |
|
 |
Large loan comparison platform with great ratings from their customers. Offers different loans types. |
|
 |
Smartika installment loan – free online loan calculator – Well awarded by ‘Focus’, an independ Italian new magazine |
|
 |
INGoffers loans to a broad audience (almost everybody). The customer satisfaction rate and is relatively low compared to other platforms. Customer service is mediocre. |
|
Different types of loans in Italy
Like other countries, Italy offers many facilities and loans to ex-pats. Here, you can opt for different lenders, including Italian banks, private lenders, etc. Let’s see some loans you can get in Italy as a newcomer.
- Personal loan Italy: Personal loan in Italy refers to the money borrowed to pay for personal things, including a car, house, furniture, and other things.
- Mortgage loan Italy: With a mortgage loan in Italy, you can buy the property and a house and repay the amount with interest as per the contract.
- Student loan Italy: If you have come to Italy to continue your higher education or pursue any other academic degrees or courses, you can opt for Italy student loans.
- Car loan Italy: With a car loan in Italy, you can get your hands on new or used vehicles at your convenience without spending your own money.
How to get a loan in Italy?
To get a personal loan in Italy, you must follow a procedure. Let’s see what you need and how to get a loan in Italy.
- Copy of passport, including all your personal information, biometric symbol, etc.
- Resident certificate or utility bill
- Copy of marital status
- Others
Always remember to ask your lender in advance so that you do not have to face any issues regarding the documentation while opting for a loan in Italy. Also, make sure to compare different lenders using the loan calculator Italy to get the lowest interest rate and other benefits.
However, if you do not want to stick to conventional lenders, you can always use an online loan in Italy. This country has multiple online lenders, including Finance Solution, City Financial, Banca Widiba, and more.
FAQ about loans in Italy
In case you have opted for an unsecured personal loan, you can always repay it earlier than the contracted time. However, you may have to pay some early repayment charges for that. So, before you get your hands on a particular lender, always look for their terms and conditions to understand how much you will be penalized if you repay the loan early.
A good credit score is a must for borrowing money from a lender in Italy. It is necessary to get the best loans at the lowest interest rate. But, it is not mandatory for all loans since there are particular loans for people with poor or no credit scores.
The length of your loan always depends on you and the lender. Generally, the length can vary between one to ten years, and even more in some cases. If you take a considerably lesser loan, you can take one, two, and even three years to repay the loan with interest. But, if you choose to repay your loan slowly over a long period, although it will reduce your monthly payments, you will repay lots of interest in the long run.
The amount you can borrow only depends on you. Depending on your requirements, you can borrow money from different Italian lenders. But, you must have a good credit score, credit history, and financial profile. Although you can borrow, do not misuse the power and borrow a lot at once. Otherwise, you have to pay heavy interest in the future.
Yes, car finance is a personal loan. In Italy, you can opt for a car loan if you need to buy a vehicle. But, it does not necessarily mean that you have to get your hands on a brand new car with the loan; you can buy a used car and lease a car.
If you somehow forget to repay your loan, immediately contact your lender and let him know everything. After discussing with you, the lender may set a new repayment contract at your convenience so that you can repay the borrowed money quickly. In this case, you may have to pay some penalty.