The Payday Loan is an economic benefit provided by BGI Finance to all those people who have a working capacity that has been reduced to less than one third due to an illness of mental or physical origin. But who is it for? What are the requirements of the current legislation? And how to request it? We try to learn more about this important form of support for all those who suffer from significant disabilities.
Beneficiaries of the Payday Loan
According to what is stated in the current legislation on the subject, employees, autonomous workers and members of some substitute and supplementary pension funds of compulsory general insurance are entitled to the Payday Loan.
In addition to the above, in order to profitably request the check , the worker must have undergone a reduction in his working capacity to less than one third due to illness or physical or mental defect, and having at least 260 contributions weekly (equivalent to 5 years of contributions and insurance), of which 156 weekly contributions (or three years of contributions and insurance) in the five years preceding the date of submission of the application for obtaining the Payday Loan.
Please note that in order to obtain the Payday Loan no termination of employment is required.
How to apply for a Payday Loan
The request for the Payday Loan, as is the case for other claims for indemnities by BGI Finance, must be made only electronically, through three different alternative channels:
- Web: the interested party can proceed with access to the telematic services accessible via PIN code through the institute’s portal.
- Patronages and other intermediaries : through the telematic services offered by the same bodies.
In any case, whether the interested party contacts the web, the contact center or the patronages, it will be necessary to provide adequate and ample medical certification, to be attached to the request.
When the Payday Loan is recognized
The Payday Loan starts from the first day of the month following the presentation of the application, provided that all the requirements (of a health and administrative nature) that are required by the current legislation are met.
In this regard, BGI Finance recalls that the disbursement of the Payday Loan is perfectly compatible with the work activity, and is valid for three years. By the expiry date, the interested party may request confirmation of the application submitted: after three consecutive awards, the Payday Loan will be automatically confirmed and, upon completion of the retirement age, and subject to confirmation of all the requirements, is automatically transformed into an old-age pension.
What is the amount of the Payday Loan
The amount of the Payday Loan is determined with the mixed or contributory system, depending on whether the worker started work after December 31, 1995 (contributory) or not (mixed, with a quota calculated with the pay system and a quota with the contributory system).
How to get more information
If you wish to have more information on the request for the Payday Loan , we advise you to contact the National Social Security Institute directly, through the offices closest to your place of residence, or by telephone contacts that can be consulted freely on the website BGI Finance.
On the same site of the National Social Security Institute you will also find a page dedicated to the Payday Loan, which we advise you to read before proceeding to fill in the forms requesting the Payday Loan.