Credit: how to get a loan?

Banks are often reluctant to give consumer credit to people on the job. However, finding a loan is not impossible in this case! The advice to obtain a loan with an interim contract.

In the same theme

  • Personal loan estimate
  • Simulate a consumer credit
  • Consumer credit comparison
  1. Interim, a risk profile for banks
  2. Get interim credit, it’s possible
  3. How to subscribe an interim credit?

Interim, a risk profile for banks

credit

Buying a car, household appliances, a journey, a project … It’s not always easy to subscribe to a consumer credit when you’re acting. Indeed, this status can scare banks and lenders for several reasons. Like temporary contracts, temporary contracts are temporary employment contracts. They correspond to definite periods, limited in time. Unlike a permanent contract, these contracts do not ensure a stable employment situation, which allows for regular fixed incomes and the repayment of a loan.

In the eyes of banks, temporary workers are therefore considered as “at risk” profiles, whose solvency cannot be guaranteed. Hence, some reluctance on the part of these establishments to grant consumer credit to temporary workers.

To subscribe to a consumer credit is more difficult when you are in temporary employment than permanent, but not impossible for all that!

Get credit, it’s possible

Temporary status does not preclude the purchase of a personal loan. Getting the loan is often harder, but not impossible. Therefore, under what conditions can one obtain credit when acting?

In acting assignment, a bank will grant you a loan more easily if:

  • You have at least 18 months of acting experience, which is a sign of professional stability for banks;
  • You have known very little time without activity between your missions;
  • You have carried out temporary assignments either within the same company or within the same economic sector, always for reasons of stability;
  • You work in a dynamic sector all the year, regardless of the seasons;
  • You have an acting assignment at the time of applying for your loan.

Each bank or organization has its own conditions of grant. However, very often, if you have been working for more than two years continuously, the banks are in favor.

Credit: your profile also plays

Credit: your profile also plays

If you are acting and want to take out a loan, your missions and your income will be determining factors in the study of your file. However, other settings related to your profile may also work in your favor.

Banks and banking institutions prefer profiles that have not experienced any banking incidents in the past months, have savings capacity on their wages, accumulated a maximum of hours of work over the last 12 months and which meet the usual conditions when applying.

Credit: often higher rates

Credit: often higher rates

It is better to know that if you get a loan and are acting, your credit rate (APR) will certainly be higher than the average. Most banks and lending agencies apply higher loan rates to offset the risk of acting as an interim and defaulting lender.

How to subscribe a credit?

To take out credit when you are in temporary employment, several solutions are available to you. You can find your Rosamond Vincyment solution by:

  • Using a consumer credit comparison online, such as Rosamond Vincy.fr, to find an offer tailored to your profile and the best rate;
  • Contacting an institution specialized in profiles like yours;
  • Using FASTT , the Temporary Labor Social Action Fund.

Credit: What is FASTT?

The FASTT, or Social Action Fund for Temporary Work, is a non-profit organization, which helps temporary workers to obtain a credit, some projects or benefit from aid (housing aid, complementary health, accession to the property…). FASTT is funded by temporary agencies.

Mortgage liquidity with mortgage – requirements and first home mortgage

With mutual liquidity , considerable amounts can also be borrowed without having to link them to a specific use. Among the various forms of loan, various categories can be identified: personal loans can be requested for any purpose, while those aimed at are provided to meet specific needs and money cannot be used for other purposes. The loan is instead a loan aimed precisely at the purchase or renovation of a property. Mutual liquidity is placed halfway between mortgages and personal loans, without however requiring the user to use the resources obtained in a finalized way: the amount can be used to purchase a car, finance the studies of the children, perform works of maintenance or other.

The other feature of this loan is the use of the home as a real loan guarantee

The other feature of this loan is the use of the home as a real loan guarantee

A requirement that allows the applicant to obtain a higher liquidity, so much so that sometimes the banks set a minimum threshold of 50,000 euros for these loans. The guarantee will take the form of a mortgage (as is usually the case with traditional mortgages). For this reason, the property must not have already been mortgaged for some other financing. Furthermore, it must perform the function of first home for the applicant.

Without compliance with these conditions, it is impossible to access liquidity loans

loan,money
The amount that can be obtained on loan, called the minimum threshold of 50,000 euros, depends on the market value of the property as a guarantee and on the applicant’s job position. In fact, in addition to the mortgage, the bank will also require a stable financial situation as a guarantee: therefore, an employee with a stable income could get up to 70% of the value of the house on loan, while a self-employed worker could reach the maximum at 50%. In any case, it is not possible to apply for this funding after the age of 75.

Mutual liquidity could also guarantee lower interest rates, considered a very solid guarantee like that of a first home. However, compared to personal loans, the bank’s controls and preliminary investigation procedures will be longer and more accurate, so it may take longer and some more difficulty to get the money. These practices are then reflected in higher preliminary costs, as well as for any notary and insurance costs.

Difference Between Credit Redemption and Credit Consolidation

Credit consolidation and credit redemption are two names (or financial products) that mean exactly the same thing.

In practice, when you apply for a combination, the credit company to which you are addressing will consolidate all of your loans, repay them for you, then offer you a new loan with a renewed interest rate, a term lengthened and a lower monthly payment.

What is a credit consolidation?

What is a credit consolidation?

Do you have several loans that you can not repay? The amount of money you have left, after paying off your debts, no longer allows you to live decently? You need cash, but have you borrowed too much? Interest rates have gone down and you would like to renegotiate yours?

When you apply for a loan consolidation with a financial institution, you ask them to reimburse for you all the credits you have already contracted and to offer you a new one.

As a result of this credit redemption, you only have one credit to repay, which has a lower monthly payment. The budget share allocated to the rest of your daily expenses allows you to breathe again or, in some cases, makes you eligible for a new credit application .

In return, the duration of your loan is extended and the interest rates reviewed (up or down) depending on your situation and market rates.

Did you know ? If you have only one personal loan to repay, you can still apply for a loan consolidation (to get a better interest rate and / or extend the duration to reduce your monthly payments for example).

Where to make a credit consolidation in Li├Ęge?

Where to make a credit consolidation in Liège?

In Belgium, many reasons are pushing Belgian households to turn to the repurchase of credit.

This financial product, in addition to helping out of a situation of over-indebtedness , reduces the total amount of the monthly payments and / or allows you to renegotiate an interest rate that would have become too high compared to the evolution of the market .

Because there is a wide range of financial products, prefer to turn to an intermediary in credits (such as MiD Finance), which collaborates with many financial partners and can, therefore, offer you the offer of the most suitable market to your financial situation .

What documents must be provided for a credit consolidation?

What documents must be provided for a credit consolidation?

To submit a request for a repurchase of credit, no document will be required. When the bank accepts your request, you will then have to provide us (among others):

  1. A copy of your identity card (or residence card);
  2. A copy of the identity document of the co-borrower;
  3. Pay slips for the last three months (if you are an employee);
  4. Account statements mentioning proof of income;
  5. Your other sources of income (such as family allowances) Attention, the income from the CPAS, Article 60, the undeclared income, the help of the family and the black virgin are not taken into account;
  6. At least the last two warning role statements (if you are freelance or freelance);
  7. The contracts of all the loans you want to consolidate.

You lost your loan contracts? Do not panic, you can get a copy by simply making the request to your lender (s).