Financing a car, going on a trip or even buying a new computer, all these projects require a certain amount of cash. But it is not necessarily available when you need it. This is why, to deal with these situations, it is possible to turn to credit. Depending on your project, your income but also your borrowing capacity, there are several types of credit known as consumer credit.
Personal loan: free credit
Among consumer credits, the personal loan is a so-called “free loan”. In this sense, it is possible to release the funds without the need to present proof or quote. Thus, the borrower having subscribed to a personal loan will be able to spend the amount obtained as he wishes and at his own pace. Generally, personal loans are used to finance daily or leisure needs. In some cases, the personal loan can also be used to repay certain debts such as late rent or tax.
If this loan has the advantage of being free, the main drawback linked to a personal loan lies in the fact that in the event of default or non-delivery of the object concerned, the repayment of the loan will be maintained.
Currently, its rate is estimated at between 2% and 9% on average. This rate is fixed over the entire repayment period. It is possible to borrow between 200 dollars and 75,000 dollars for a maximum repayment period of 84 months. The personal loan is a consumer credit and as such it is governed by the Consumer Code. The borrower will have a withdrawal period of fourteen days after the signing of the contract.
Affected credit: making a specific project a reality
The affected credit is a loan that relates to the completion of a specific project. To obtain the release of funds, the borrower must present to his creditor a quote or proof of purchase. This type of credit is mainly used to finance projects such as the purchase of a new or used car. It is possible to take out this loan from a bank, a credit institution, a dealer, a travel agency or even directly in a department store. This loan makes it possible to borrow between 200 dollars and 75,000 dollars repayable over a minimum period of three months. Regarding the rate applicable to this type of credit it varies between 2% and 9%.
The affected credit is inseparable from the purchase in question. Therefore, if the sale or delivery is canceled, the borrower will have nothing to repay. As with the personal loan, the credit assigned belongs to the category of consumer loans and as such it is governed by the Consumer Code. The credit holder will have a withdrawal period of fourteen after signing his contract.
Micro-credit for small cash needs
The personal micro-credit is intended for anyone residing in France without income conditions. It is intended more particularly for individuals who find themselves excluded from the banking system due to a file at the Cream Bank or a difficult professional situation. This credit included in 300 dollars and 5,000 dollars can be used to finance projects such as: repairing a vehicle, financing training or a driving license, carrying out work or even health care. Its rate is set by the lender and it can vary between 1.5% and 4%.
Real alternatives to big banks, many websites and online platforms like Finlog offer microloans to individuals. This credit is very quick to obtain and it is possible to complete all of the procedures online. After making their request directly on the site, the borrower will receive a response within 24 hours and the amount borrowed will be released within 48 working hours (time excluding weekends and holidays).