Quick credit agency
Credit or loan is generally divided into two broad categories: consumer credit and mortgage. The first category is the one that will interest us. This type of credit is less heavy and requires a less in-depth study than that carried out for real estate credit. In this sense, the response granted for the request for a consumer credit is much faster. These credits are intended only for individuals. They make it possible to finance a cash requirement aimed at the purchase of a consumer good or service. It will be for example a car or a good of household appliances.
To be able to benefit from this type of credit, the borrower will have to prove a stable source of income and that he is not listed in the ficp. If the borrower was stuck in the ficp, it would then be necessary to turn to a prohibited bank credit .
The ficp credit is much less flexible and much more expensive than the consumer credit, but the latter is a good option if you are refused consumer credit.
Traditionally, loans (consumer and real estate) were granted by physical banks with storefronts. In recent years, with the development of the Internet, loan organizations specializing in consumer credit have grown to compete very significantly with these banks. At the same time, the equipment of homes with computers and Internet access has become more democratic and the sector is reaching maturity with almost 90% of homes equipped.
Thus, thanks to the Internet, consumers will be able to do their research and consult loan proposals very quickly, at any time of the day and of the week. This saves time for some people who cannot go to banking establishments during their opening hours because of their employment, for example. With the emergence of these websites, their searches are made easier. In a few clicks, the consumer can learn about the different practices operated, the current cost of loans and his commitment if he decides to take out a loan.
To help consumers find a quick credit agency, websites have specialized in consumer credit comparison. To save even more time, the consumer can go directly to one of these sites. He will only have to indicate once his financing need and his will regarding the monthly repayment installments (amount, duration). Following his entry, the comparator will offer him a selection of sites offering credit offers corresponding to him. The characteristics of the various offers will be included in order to allow the individual to make his choice and to go to the specialized site.
On these sites, whether the consumer goes through a comparator or not, he will get an answer in principle very quickly. This response is provided by the site once the credit application is complete. To do this, the consumer must first specify his request. He will indicate the origin of his cash requirement (car, work, etc.), the amount of funds desired and the repayment period (or the amount of monthly payments). Once this information is specified, he will get an offer from the lending institution. At this stage, the consumer is not committed to this organization. If this offer suits him, he will then have to complete a fairly complete form. He will be asked about his personal situation (composition of his household), his professional situation (employment, CDD, CDI, etc.) and his financial situation (income, charges, other credits already in progress, etc.). This form is tedious but remains all the same very fast insofar as all of this data is normally already known to the credit applicant.
Response in principle
When this information is complete, the website will provide what is called a response in principle. This response is therefore delivered to the applicant, at the end of his entry, it is an immediate response. This will be either negative, positive or “pending”. These last two answers are said to be in principle because they are subject to the sending of all supporting documents to prove the applicant's situation as described when filling out the form. These documents consist of the applicant's identity document, his employment contract, the latest pay slips and possibly his latest account statements.
Once the file is complete, it must be sent to the credit institution. To save time, the sending can be done digitally. If this is not possible, the file will be sent by post (thus adding a few days to the processing of the request). Upon receipt of the latter, within a period varying from 24 hours to 36 hours, all the parts will be checked and must correspond to what has been indicated by the applicant. If everything is in order, the positive answer in principle will turn into a definitive answer. Thus, the credit institution will make its final proposal to the applicant.
If the documents sent do not correspond to the seizure of the applicant which had made it possible to have a positive response in principle during the initial request, a refusal by the specialized body will be opposed.
It should be noted that at this stage, the applicant is not committed vis-à-vis the credit institution. Indeed, only the acceptance of the final proposal commits the borrower. So far, no contract has been signed between the two parties. The applicant is therefore free to make different requests to different establishments. Thus, he will be able to compare the final offers which are much more detailed and complete than the proposals made by their website when they were first entered.
Once the proposals have been made, the applicant is free to accept them or not. However, he must respect a certain deadline. Indeed, like quotes in other consumer sectors, this proposal is only valid for a certain time. Thus, credit institutions undertake to maintain this proposal for a minimum of 15 calendar days. After this period, they are free to no longer maintain it and, for example, to increase the interest rate that was initially proposed.
It is therefore recommended that the consumer credit applicant make a decision on the proposal before the expiration of this period. If he accepts the proposal made by the specialized body, he can retract for 14 days. This withdrawal period is a period fixed by law thus allowing the borrower a period of reflection and allowing him to disengage in the event of a change of mind. This period can nevertheless be canceled. However, this must be done very explicitly and at the request of the borrower. This request must be in writing and the individual must be reminded of his commitment to the lending agency.
Indeed, this type of credit is generally taken lightly by consumers who do not necessarily think they are committed or are not even aware of the impact that the non-repayment of monthly repayments could have. It should be remembered that all types of credit commit the borrower to repay it. The loss of a job, the change in the composition of the household (birth, marriage, divorce, etc.) does not suspend the reimbursement. In the event of the borrower's possible death, the debt is not canceled and it will be passed on to the heirs.
It is highly advisable to take out insurance to deal with this type of situation. These insurances are optional in the context of consumer loans but compulsory with regard to mortgage loans. These insurances will make it possible to cover the remaining monthly payments if one of the situations provided for in the contract occurs. This could be the loss of a job, illness or death of the borrower.
When the withdrawal period is expired or it has been canceled, the funds will be transferred to the borrower's bank account. Depending on the credit institution, the delay can be between 24 hours and 72 hours. The funds can then be used by the borrower as agreed during the subscription. The funds can be sent directly to the seller of the consumer good at the origin of the financing need. This is for example the affected auto loan . In this context, the issuance of funds is directly suspended from the delivery of the vehicle. Thus, the funds do not pass through the buyer's bank account but are transferred directly to the seller of the property. The buyer will then have to reimburse the credit institution that financed the purchase.
The reimbursement of consumption credits is made according to the monthly payments provided for when the loan contract is concluded. These monthly payments are fixed by their amount, their frequency and their duration over time. Repayment can begin as soon as the funds are issued or after a few months to give the borrower time to dispose of them. He will have to respect the repayment schedule. Under certain conditions, again provided for in the contract, he can anticipate some or all of his monthly payments. Costs may be incurred during this process. They must nevertheless be brought to the attention of the borrower before taking out the contract.
The speed of consumer credit therefore has several aspects. Initially, the Internet allowed speed in research and loan applications online. Lending organizations have been able to develop Internet sites that provide immediate answers to principles. Finally, the management of requests is also very fast by these establishments, allowing funds to be issued in a few days. These sites have been able to adapt to a new demand where urgency is sometimes more important than the support and advice that should be provided in these situations.