Whether you need to finance a car, a marriage or a trip, for example, the personal loan allows you to finance all kinds of projects without taking out your savings. Like every loan, it is subject to precise regulation. Personal credit is tied to consumer credit. Our guide helps you understand the characteristics and conditions of the personal loan.
The personal loan is a type of consumer credit, with the same title as the revolving credit or the affected credit. As writing higher, the personal loan finances any type of project, at the level of 300,000 dollars (the authorized ceiling for a conso credit) and for a minimum loan duration of 6 months.
For example, do you intend to carry out work? The personal loan jobs can be a solution to finance them. Do you need financing to buy a new vehicle? You can subscribe a personal auto loan. Do you dream of an unforgettable marriage? The personal loan as a marriage loan will allow you to cover all the expenses tied to this type of event: realization of the obituaries, held by the couple, the alliances, the rent of the reception room, etc.
The personal loan can be used for other types of project and needs: as credit travels, or at the time of the birth of a child to reorder a room for example, or still as a classic consumer credit for the acquisition of equipment goods ( purchase of computer equipment, a washing machine), etc.
With the personal loan, the funds loaned directly are not affected to the good or the precise project. This financing formula offers you great flexibility.
Clearly, if you finance the purchase of your car (new or used) thanks to a personal loan, rather than using a specific auto credit, you do not have to justify the destination of the borrowed funds. You can even finance, in addition to a car, a good of equipment, for example a dishwasher, a refrigerator, a television … However, if the car is not delivered to you, the repayment of the loan is maintained, unlike the affected credit that It is directly attached to the vehicle.
So ensure the effective delivery of your vehicle if you opt for a personal loan, especially when it comes to ads between individuals, because you agree to repay the credit even if the sale is canceled or the good has a defect.
Personal credit thus contains some drawbacks. In addition to the reimbursement of the funds although you are not delivered, the interest rate may be high. But with OFFICE FUNDS, the interest rate is fixed in the loan contract (In this case if it happened that the rate rises, this would not make the parameters of your credit nothing). It is essential to take the opportunities when the interest rate is weak (2.3 to 3%).
The loan conditions issued by OFFICE FUNDS indicate the repayment duration, the amount of the loan and the modalities relating to the early repayment and the postponement of maturities. As for any consumer credit, the amount of a personal credit is between $ 5,000 and $ 300,000. The loan duration must be greater than or equal to 6 months. There is no maximum duration but, in practice, personal loans do not generally exceed 240 months (20 years). Do not hesitate, to give you a more precise idea, when performing a pret personal simulation thanks to our dedicated simulator.
You can at any time reimburse your personal credit in advance if you enjoy a timely reopening of money (donation, inheritance). These are mentioned in your loan agreement. According to the Consumer Code, if the amount is less than $ 10,000, you do not have to pay early reimbursement indemnities (IRA). Beyond $ 10,000, IRAs can vary between 0.5% and 1% of the amount of the loan that is reimbursed.
The postponement of maturities
It is possible to postpone maturities if you are in difficulty of payment. Generally, this postponement is granted twice a year. You thus suspend the repayment of your loan until a later date. Attention, however, because the duration of the loan is extended and the total cost of the credit increases in case of deferment.
You are free to insure your loan. Thanks to the Lagarde law, you can even choose insurance issued by an establishment other than OFFICE FUNDS. However, it will be necessary for the new contract to present the same guarantees as those proposed by OFFICE FUNDS. That is why it is recommended to all new insured to opt for the same insurance as OFFICE FUNDS