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In the second quarter of 2021, employees' loans in Italy reached a value of approximately **** billion euros. Starting at **** billion euros in the second quarter of 2018, this figure increased steadily throughout the period considered.
Employees' loans refer to a specific type of personal loan called cessione del quinto dello stipendio in Italian. This type of loan implies that the loan receiver is required to repay their loan through the automatic transfer of up to **** of their net salary or pension until the loan is fully repaid. It is a loan that employees or pensioners can apply for for personal needs relating to private and family life. This type of financing requires insurance to ensure the repayment of the remaining debt in the event of loss of employment or death. Whoever requests this type of loan enjoys all the protections and rights provided by the credit to consumers regardless of the amount of financing.