Bank loan application
Bank credit allows the borrower to have a sum of money loaned by an organization. Through this mechanism, he has funds that he will have to reimburse according to a schedule. This device obviously has a cost which will be reflected in the interest rate.
Bank credit can concern two main sectors: real estate and consumption. Mortgage loans are generally managed by traditional players: banks. Indeed, the study of real estate loan applications requires certain skills and an in-depth study which will be carried out by specialists with a physical interview with the applicant.
Online consumer credit
Regarding consumer credit, the distribution network has grown significantly over the past two decades with the emergence of lending organizations on the Internet. Today, many websites offer banking products specializing in consumer credit: personal loan, assigned loan , revolving credit, etc. This development has made it possible to facilitate the procedures and access to consumer bank credit.
Compare or simulate
Before any request from the borrower, it is preferable to carry out a loan simulation thanks to a specialized site (simulator / comparator) or directly on the site of the establishment. This will allow him to be able to compare the different offers on the market and thus choose the one that suits him the most. In order to access the offers, the borrower must fill in several criteria including the amount of funds desired, the repayment period or the amount of these repayments. They will also be asked the nature of their need: purchase of a car, purchase of household appliances, work, travel, etc. Depending on all of these elements, the simulator will have to offer it an offer that meets its needs. These simulations do not commit the borrower in any way. He is free to do as many simulations as he wants in order to find the right offer.
The borrower's request
Once the various offers are available to the consumer, he will have to make a choice and make his request. He can also make several requests without being committed to the credit organization. To do this, he will have to fill out various questionnaires concerning his personal, family and financial situation. All of these elements are necessary for the study of its request. If the borrower has a good knowledge of his situation, the request requires about fifteen minutes.
Following this step, a response in principle will be issued by the banking establishment. This response will be based on the loan request (amount, repayment period) and the consumer's statements. Then, it will be necessary to send (by electronic or paper file) all the supporting documents allowing to verify the borrower's situation (identity card, employment contract, statement of account, etc.). It is therefore important that the applicant is precise in entering the information and that it is accurate.
Indeed, upon receipt of the file, the credit organizations will carry out a meticulous verification of the statements made by the individual and check the veracity of the elements transmitted. If these documents correspond to what was specified by the consumer in his request, and if his situation allows to accede to his request, a final offer will be sent to him.
The credit offer
At this stage of the procedure, the individual is still not committed to the lending institution. On receipt of the final offer, he will generally have 15 days to accept the proposal. Beyond this period, the lender is no longer legally bound to maintain its offer. In this sense, the rate initially proposed can be modified for example.
If the borrower accepts the offer, he has a 14-day withdrawal period. During this period, he may change his mind and ultimately decide not to subscribe to the offer. This withdrawal is provided for by law and is free. It is possible for the borrower to reduce or cancel this period in order to obtain the funds more quickly. The waiver of this withdrawal period must nevertheless be made clearly in writing at the request of the borrower.
At the expiration of this period, or if it has been canceled, the funds will be issued fairly quickly to the borrower. Generally, establishments on the Internet send the sum of money to the borrower's account within 24 to 48 hours.
The request for bank credit can also be made from established banks. It will be processed less quickly but the borrower will have physical support throughout his procedures and even after the issuance of funds. In order to avoid any over-indebtedness, it is sometimes preferable to go through this route in certain cases. The borrower must be aware at all times that a loan commits him to the lender in all circumstances (loss of work, illness, etc.).