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Cofinoga is a credit institution belonging to the BNP Paribas group. This subsidiary offers individuals credit and insurance solutions. Cofinoga is not intended for professionals and companies. Currently, around 3 million consumers have subscribed to this establishment which has existed for 40 years. This organization is not only present on the Internet. It has 34 agencies in France and 300 advisers are attentive to customers and prospects.

We can find this different information on the group's website. Cofinoga's commitment against the dangers of over-indebtedness is also specified. Associated with the Croesus association, Cofinoga helps prevent this situation. It should be remembered that each year, more and more over-indebtedness files are filed in United States. Indeed, since 1990, this figure has increased by more than 140%. On average for these cases, household debt reached $ 41,254 (including mortgage loans). It is therefore important for professional lenders to educate the public and in particular future borrowers.

In order to be able to meet demand, Cofinoga and Cetelem have joined forces. By choosing to take out a loan from Cofinoga, the solutions are actually provided by Cetelem (which also belongs to the BNP Paribas group).

How to find your loan?

The Cofinoga website allows you to carry out a credit simulation from the home page. The future borrower must first select the nature of his project: cash flow requirement, works, credit consolidation, etc. Once this selection has been made, he will have to indicate the desired amount. First, the consumer is not asked to select a duration or the amount of monthly payments. These different elements will be flexible once the search has been launched and the result displayed. The result interface allows the borrower to modify the various elements determining the loan offer (amount, monthly payments or duration). Based on this information, a detailed result will allow him to know the rate applied on this loan and therefore the total cost. Indeed, the result will indicate the APR (Global Effective Annual Rate) applied by the lender. This rate takes the fixed borrowing rate to which are added the various costs applied by Cofinoga (various costs, commissions and various remuneration). The different credit institutions are free to apply the rate they wish. This APR allows the borrower to compare different proposals from different groups and to be able to determine the most advantageous credit.

Depending on the terms chosen by the borrower, it will be clearly indicated on the result, the amount of monthly payments as well as the duration of the credit. Everything is done so that everyone is able to understand the different proposals and thus know what they are committed to.

Finally, the result includes the total cost of the loan (amount of the loan added to the interest received by the establishment) thus avoiding the consumer to calculate it. This will allow him to know what the credit is really costing him.

Like other lending organizations, Cofinoga imposes limit loan amounts depending on the purpose of the financing. For example, for a loan financing work, the borrower can borrow up to $ 75,000, while for a loan financing the purchase of a new car, the borrower will be limited to $ 50,000. Likewise, the maximum repayment period granted by Cofinoga differs depending on the loan. For a loan the use of which will be to finance work, the borrower may provide monthly payments for a maximum of 96 months (ie 8 years). For a loan whose purpose will be the purchase of a new car, the borrower will have to repay it in 84 months maximum (ie 7 years).

It should be noted, by the borrower, that the more the monthly payments will be spread over time, the higher the APR applied by the lender will be. Indeed, it is less risky for the institution to lend in the short term than in the long term. The borrowing process remains a rather uncertain process subject to the vagaries that the borrower may encounter during the repayment of the loan. Due to certain unforeseen situations (divorce, additional dependent child, illness, unemployment, death, etc.), the borrower may not be able to repay some of his monthly payments. Thus, the longer the repayment period, the greater the risk of encountering this kind of situation. The lender therefore allows himself to increase his APR (his remuneration) in order to guard against this kind of risk. If the borrower wants to borrow at a lower cost, it is therefore preferable that he borrow for a short period if he can.

If the search result suits the borrower, he can click on a tab allowing him to apply for this credit. Subsequently, he must provide a fairly large but necessary amount of information on his identity (name, first name, place of birth, etc.), on his domicile (places, type of dwelling, etc.), on the composition their household (status, number of dependent children) and their professional situation (CSP, type of job, date of hire, etc.). This different information will allow Cofinoga to calculate the borrower's financing capacity and to determine his debt ratio.

It should be remembered that in general, the debt ratio of a household should not exceed 33%. That is to say that the share of household income making it possible to repay debts must not be greater than 33% of this income. Beyond that, the loan request will be refused by the credit institution.

Once all of its elements have been completed, the borrower will have to decide whether or not to take out optional insurance guaranteeing the repayment of the loan in certain situations. Depending on the formula chosen, the borrower may be guaranteed in the event of loss of employment, disability or death. The borrower must be aware that in the event of death, the unpaid monthly payments of his loan will have to be by his estate. If the borrower does not wish to take out this optional insurance, the website reminds him of the transmission of his debts to his beneficiaries.

Note that unlike real estate loans, consumer loans are not subject to compulsory insurance. Credit institutions cannot make obtaining a consumer credit conditional on taking out such insurance.

At the end of entering all this information, a response is provided to the borrower. This is a response from Cetelem and not from Cofinoga, which can lead to confusion. The borrower is still on the Cofinoga site but the Cetelem brand appears to provide the answer. The borrower will receive a response in principle: positive, negative or pending study. In order to monitor the progress of his file, the borrower will have to go to the Cetelem site.

Subsequently, if the answer is positive, the borrower must return a duly completed credit offer file accompanied by all the supporting documents (copy of identity card, copy of salary slip, etc.). Upon receipt of this file, the establishment will study it in order to provide a final response within 2 to 4 days.

If the file is accepted by Cofinoga (BNP Paribas Personal Finance), the website specifies that the borrower will receive the funds at the end of his 14-day withdrawal period. The site does not mention the acceptance of the offer by the borrower. During the establishment's final response, a final offer including the elements of the request is normally sent to the borrower, who has 15 days to respond. The borrower is not committed to the establishment until he responds to this final offer. Once the explicit acceptance by the borrower, the latter has a withdrawal period of 14 days to reconsider his commitment. He can legally waive this period if he wishes to speed up the procedure and have the funds available more quickly.

If certain steps seem unclear for the borrower, he will be able to contact an advisor to be helped in his procedures.

What means of financing?

Cofinoga offers different means of financing for consumer goods and services. It does not offer mortgage solutions. In order to broaden its offer, Cofinoga also offers solutions with regard to loan buybacks (consumer and real estate) but also insurance products. This is not non-life insurance (Fire, Accident and Miscellaneous Risk) but insurance covering new risks such as digital risks. This type of insurance is rarely offered by traditional insurers.

The website put online by Cofinoga also allows borrowers to obtain information through various technical sheets on consumer loans (definitions, FAQs, etc.). The site is intended to be educational in order to recall the commitment to which the borrower submits when taking out a consumer credit. These technical sheets are available on the home page of the site.

We also find on this home page the offer of the moment which is intended to be attractive by the APR used. This rate is however conditioned on the duration of the loan selected by the borrower. This duration is generally short. The offers vary throughout the year and are generally oriented according to the time of year (winter or summer sales, holidays, back to school, end of year celebrations). Credit institutions know how to orient their offers in order to reach a larger portion of consumers.