Madame walks past a furniture store and admires a set of furniture. The problem: she does not have the funds to acquire it. What to do? She can use consumer credit.
Consumer credit: definition
Consumer credit is a loan contracted from a bank or a specialized financial institution. Its purpose is to allow the purchase of consumer goods. Does not fall within this framework the purchase or construction of real estate. There are two major groups of consumer credit. The first is unrestricted credit. Here the money is made available to the borrower without proof of use. He can spend it as he pleases.
The second group is restricted credit. From the outset, the funds are intended for a specific, well-defined use: purchase of living room furniture, new or second-hand car, for example. Three parties are involved in the transaction: the bank, the seller and the borrower. Without going into details, there are other versions of this type of credit: revolving, dedicated, free credit, etc.
The steps to follow to obtain a consumer credit
Before talking about the procedures themselves, it is good to know who can benefit from a consumer loan.
Anyone aged 18 and over can claim consumer credit. The first condition is to be solvent. This means having a stable source of income, not being over-indebted. Special mention is made for students whose parents stand surety. The funds are intended to finance his studies and all his related expenses: housing, study costs. Some establishments even grant, under certain specific conditions, a personal loan to a job seeker to enable him to recover his financial situation.
The steps to follow : the first thing to do is, of course, to talk to your banker. This will explain in great detail all the details concerning the rights and obligations of the borrower. The goal is to allow him to make an informed decision. Then come the administrative procedures for the constitution of the loan file. Upstream, however, it is possible to compare the interest rates charged by banks and other credit institutions to choose the best offer. This can be done online. It is also possible to be granted a quick personal loan, within 48 hours, by choosing this option.