What is express credit and why apply for it?
Express credit is the solution to consider in terms of financial urgency. An imponderable? A wedding or vacation project? Need to buy a car or home appliance quickly? In the event of an unforeseen event that your budget cannot cover, if the need is urgent, you can always request an express loan.
This credit solution can be requested from a bank or a credit organization. Express credit is done, most of the time, via an online subscription which is, as the name suggests, very fast. As with any credit request, if a request is refused by a credit institution, it is always possible to request it from another organization which will be likely to accept it. Indeed, each credit organization has its own acceptance criteria.
Express credit concerns loans up to a maximum of € 21,500. For information, there is therefore no express mortgage, they are only consumer loans. The repayment of a consumer loan is made over a minimum period of 1 year. Depending on the amount borrowed and the monthly payments, the maximum duration of the repayment of the express credit may be spread over 5 to 7 years. Namely, the lower the amounts of the defined monthly payments, the higher the chances of acceptance of the request.
Express credit is a short-term solution, open to everyone, all socio-professional categories combined. In any case, especially when it comes to an express loan, it is essential to pay attention to the repayment conditions of this one.
Find the ideal express loan?
Just because express credit is available to everyone does not mean that it is the same for everyone. Indeed, the ideal express credit will be different according to the needs of each one. It actually depends on the financial situation of the borrower and the purpose of the loan. Of course, the credits offered and accepted will not be the same if the borrower has low or high income, or if the latter is registered with the Bank.
In any loan application, it is necessary to indicate to the requested organization what your income is since, among other things, the amount borrowed will depend on it. It will therefore be necessary to enter your regular income (pay slips, tax statement, etc.) but it will also be recommended to indicate if you have other loans in progress since good faith is essential here. Of course, having an outstanding loan can create risks of refusal for the loan application, but these risks can be offset if you indicate that you have other sources of income.
As consumer credit, express credit can exist in several forms. In order for the request to be made and accepted as quickly as possible, the credits offered will mainly be credits without proof: A personal loan (for a one-off need for money) or a revolving credit (to have funds that are automatically renewed depending on the repayments made) .A loan without proof means that the borrower has no obligation to justify what the money is going to be used for.
Below is the list of the advantages of a credit without proof:
- Time saving: For example, a personal loan can be set up within a minimum of 7 days (legal obligation of 7 days of processing).
- Respect for private life
- Fixed repayment conditions
- The possibility of keeping your bank even if the loan is made with another organization
- A fairly large freedom of choice in the implementation of monthly payments with in particular the choice of the date of withdrawal.
Be careful, a quick credit without proof will necessarily generate a higher interest rate.
In addition, it is important to note that, in the context of an express credit, it is up to the applicant to check his ability to repay. Although express credit is a quick process, it is still important to take your time to choose the loan to which you are going to subscribe in order to be certain that your income will be sufficient to meet the monthly payments that are incumbent on it. It will therefore be preferable to call on an advisor or go through a bank loan comparator to choose the express credit that suits you best.