Fast consumer credit

When a financing need is urgent, there are different options available to you to obtain consumer credit quickly. Learn more

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Fast consumer credit

The consumer credit is a repayable loan whose amount is between € 200 and € 75,000. The ASF, the French Association of Financial Companies, has identified 4 types of consumer credit, among which are the affected loan , revolving credit, rental with option to purchase and personal loan. Quick consumer credit is not a specific type of consumer credit. This name is used to support the urgency of consumer credit for the customer. When the need for financing is urgent, the consumer has the choice between different options to obtain fast consumer credit.

To obtain a fast consumer credit, the consumer has every interest in wanting financing worth less than € 3,000. When the credit is less than € 3,000, legally, the credit organization is not required to require supporting documents. While when the loan is greater than € 3,000, the lender has the obligation to require a certain number of supporting documents from the consumer, these are proof of address and income.

However, regardless of the type of fast consumer credit, the borrower will have to wait for the 14 day withdrawal period to dispose of the funds. The consumer may possibly shorten this period, by requesting the release of funds before the end of the withdrawal period and thereby waive the withdrawal period. But, he will still have to wait at least seven days.

The client and his banker

First of all, faced with a financial emergency, the borrower can first contact his banker. The banker knows his client, has his financial history, so he can more easily provide him with the rapid response he expects. Indeed, the banker can try to find the best financial solution for his client, by offering him the consumer credit best suited to his needs. In order to retain his client, his banker may have to grant him more advantageous credit conditions. Indeed, banks offer their customers all the different consumer loans. However, if the consumer was not satisfied with the offer made, his desire for speed should not prevent him from negotiating the terms of his fast consumer credit.

Apply online

Then, the best way to obtain fast consumer credit for consumers when they decide to do without their banker is to apply for credit online. Today, no credit organization can do without the internet. For the consumer, the Internet is a valuable tool which allows him in this case to perform online simulations, to compare the different proposals on the market. As soon as he has chosen the financial institution, he can directly apply for credit online . At the end of the credit request, the consumer will be able to obtain a response in principle from the credit organization. All that remains is to print the request and send it to the credit institution. As a result, consumers in need of quick consumer credit will have every interest in applying for consumer credit online.

A fast consumer credit for the purchase of a good

The consumer may wish to obtain fast consumer credit, but the customer's need will determine the concept of speed. If, for example, it is a question of buying a good, the sign in which the good is sold could provide a fast consumer credit solution to the consumer. Indeed, many large brands offer their customers to subscribe directly to the credit assigned at the point of sale.

In this case, the regulations forbid the seller to differentiate the selling price of the good, with or without credit. In other words, the price of the good will remain the same, with or without credit. The consumer will thus have quickly obtained an affected credit. It should be noted that despite the financing of the purchase by an allocated credit, the customer can request to benefit from an immediate delivery of the financed good.

By choosing this assigned credit as a fast consumer credit, the consumer is a little more protected, so if the good was not delivered, the consumer would not have to repay the loan in question. As part of an affected credit, the consumer enters into two contracts, one contract with the bank, and another contract with the brand. It is only after delivery of the good that the consumer can begin to repay his credit maturities.

Revolving credit

In the event that the consumer would have previously obtained a revolving credit that he would not have consumed in part, or in full, he would be able to use it to quickly have the line of credit he needs. That is, if in the two years preceding this urgent need, the consumer had obtained a revolving credit, he has two years to use the capital. At the end of these two years, the revolving credit will be automatically terminated. Revolving credit is materialized in two ways, either by a line of credit directly linked to his bank account, or by a credit card. In this context, the consumer will no longer be subject to the legal deadline, and obtaining funds will be all the faster.

When fast consumer credit is evidenced by a line of credit, the consumer can tap into that line of credit by making wire transfers or checks. In this case, the delay is only linked to the processing time of the check or the transfer by the financial institutions. When they have a credit card, consumers can use it to directly finance their purchases. Indeed, with revolving credit, the capital is always available to the consumer, he only pays interest on the capital he has consumed. Granted, credit is readily available, however, revolving consumer credit is the most expensive of consumer credit. The interest rates are the highest, but on the other hand, with this credit, the consumer can obtain fairly low monthly payments. The low monthly payments is explained by the fact that the borrower mainly repays interest, in fact, the capital repaid in the borrower's maturities is quite low, which extends the duration of the loan. But, the borrower with a revolving consumer credit can decide to proceed at any time to an early repayment of his loan. With the repayments, the consumer replenishes the capital of the revolving credit. Consumers using this method of financing must be vigilant, fees may be required for any transfer of funds, the credit card may be chargeable ...

The personal loan

Any consumer wanting quick consumer credit can opt for a personal loan. Indeed, financial institutions often tend to direct customers who want quick consumer credit to personal loans. The personal loan allows the borrower who requests it to obtain a line of credit without having to justify the allocation of funds. Unlike revolving credit, this line of credit cannot be renewed as repayments are made. But, the interest rates are much more affordable for the borrower.

While for revolving credit, the APR is not known, with the personal loan, all the conditions are known, the consumer knows precisely what the cost of his loan will be, the APR applied, the amount of the drafts, the date of payment. maturity of his loan. This consumer credit is all the more rapid since the consumer will not have to provide the estimate of the goods to be financed, and therefore, cannot be imposed a contribution by the lender. Consequently, the procedure is all the easier.

The borrower has, moreover, more chance of obtaining a fast consumer credit, if the amount of the consumer credit is less than 3000 €.

Finally, even when faced with an urgent situation, consumers must remain vigilant when applying for credit from a financial institution. Indeed, depending on the need, and the credit to which he will have subscribed, for the same amount, the duration and the cost may be different. Whatever the credit chosen, the borrower must scrupulously study the clauses of this consumer credit, whether they are the fees for opening the line of credit, the conditions of early repayment, postponement of maturity , compensation for late payment ...

Despite the urgency for the applicant, the credit professional must comply with the legislation in force, in particular by ensuring that the consumer is not registered in the FICP file.

For all consumer loans, professionals must comply with the legislation in force, thus, on all advertisements the legal notice must appear: "A loan commits you and must be repaid." Check your repayment capacity before you commit ".