Bank loans come but slowly due to a rather complicated mechanism, the aid disbursed by INPS often marks the pace and in any case the revenues of many businesses have gone down or completely vanished. For this reason, at the restart of Phase 2 many Italians lined up at Monte dei Pegni bringing gold or jewels and immediately and without submitting documents, received liquidity to get to the end of the month but also to restart their small company, shop or profession.
The data provided by Affide, the Italian leader of the sector (controlled by the Austrian group Dorotheum) certify a surge of 30% of the new operations compared to the period before the lockdown. As co-director Rainer Steger explains to ANSA "there are undoubtedly difficult situations for those who are waiting for subsidies" and "asks for small amounts, even of 50 euros".
"But there are also small entrepreneurs, maybe a bartender who wants to buy the Plexiglas protection in his bar and after two months without revenues he does not have the cash. We dispense immediately, on sight, without asking for documents, except the anti-money laundering checks while the banks now they are struggling to disburse quickly. And in the event of non-payment, the subject is not reported to the Central Credit Register ". "It should be remembered - Steger underlines - that those who are in great difficulty usually sell the object from which they surely get a higher sum, rather than pledging it".
95% of the pledged assets are redeemed, while 5% end up at auction. The credit on estimate allows you to receive a loan by offering as a single guarantee a precious item or a jewel, which remains the property of the person who commits it and which is only kept by the credit company on estimate. At the end of the agreed period, the owner of the asset can choose whether to redeem his asset, extend the financing or send the asset to auction.
