How does consumer credit work? How do I get it?

Want a new car, to change your bathroom, to simply go on a trip …? Consumer credit can be the solution to finance your projects. The operation is very simple: a bank (the lender) makes a sum of money available to a client (the borrower). In return, the borrower agrees to repay the loan amount, with interest.

Several conditions must be fulfilled to obtain consumer credit.

How to obtain consumer credit? 


To be able to obtain a consumer loan, several conditions are required by banking establishments. First, you need to:

  • To be of age,
  • Have taxable income in France,
  • Not be registered in the National File for the reimbursement of Credits to Individuals (FICP).
    To get the green light from the bank, you must also demonstrate sufficient income.

What are the different types of consumer credit?

Two main categories of consumer credit are available:

  • Affected credit: it corresponds to the purchase of a specific item of goods or the provision of clearly defined services. To qualify, you will need to provide a quote and then an invoice. It is a form of credit that lends itself very well to the purchase of a car, a motorcycle, or to do work for example. You do not start to repay the monthly payments of your credit until the delivery of the goods or the provision of the service.
  • Unallocated credit, also called personal loan: is based on the possibility of using the loan amount in a totally free manner. You do not have to justify the use of this credit.

Amounts available with consumer credit

Amounts available with consumer credit

By subscribing to consumer credit, you can obtain variable amounts from 200 to 75,000 $, and repayable over a period of at least three months. This great flexibility allows you to finance many projects with a credit, ranging from the purchase of small equipment for the home through a car or even the financing of a wedding …

The time between a loan agreement and release of funds
In the context of consumer credit, you will not have the funds immediately because of a withdrawal period of 14 days as provided by law. It is, however, possible to adjust this period, at the discretion of the bank. In the event of an express request from you, this withdrawal period may be reduced to 7 days.

The repayment of consumer credit
Do you meet all the criteria to obtain a consumer credit? Have you received a positive response from the bank and the funds have been transferred? Then begins the credit repayment period.

The monthly payments are fixed, known in advance (thanks to an amortization table) and reimbursed on a fixed date (for example the 5th of each month). Your monthly repayment is then composed of a portion of capital and interest which constitute the remuneration of the bank for having made the funds available to you.