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Personal Loans in France, All You Need To Know:
Take a quick read to learn how to compare the best personal loan offers and everything you need to know before signing up for an option. FUNDGECKO is out to help you through the whole process, from choosing the right product to contracting it.
The current market for personal loans
We get the most recent and relevant news concerning consumer credits and everything that might be affecting the offer at the moment. Find out in a minute:
- According to the European Central Bank, the bank lending rate in France decreased by 0.04% in February. The ECB announced that there would be a gradual increase in the rates amid the adversities of the Russia-Ukraine war.
- While French banks survived through the pandemic and proved more stable than in other countries, their stability is not so promising with the ongoing Russia-Ukraine war because of the extremely negative impacts of the war such as high inflation of prices and the disruption of the supply chains.
- It is expected that with the persistence of the ongoing Russian invasion, the French government will take serious steps to salvage its financial and banking systems just as it did through the Covid-19 pandemic.
How to compare between online loan offers?
If in search of the best possible loan offer in the market, the best criterion to use is the comparison of the most attractive offers you find. Working with more than two offers will help you end up with the best option and be content with it for having spent less in exchange for crazy deals.
There are certain parameters you’ll need to use during comparison such as cost of the loan, repayment terms, size of the loan, installments, commissions, and interest rates.
How to use FUNDGECKO to get personal loans
FUNDGECKO incorporates a group of professionals that are out to help you through the whole loan application process. We start by feeding you with the required information about loans – their characteristics, operations, and their terms and conditions. With a rich background of information, the user will be able to make the right financial decision.
How to use FUNDGECKO:
- Make a free comparison of the different loan options you’re attracted to
- Read between the lines of the contractual form to get a hang of the loan’s terms and conditions
- Use the FUNDGECKO forum for free to clear your doubts and have your unanswered questions tackled.
- Start the application process by clicking on “contract.” This will lead you to each of the bank’s websites from where you can proceed with the contracting process.
Our website also includes a comment section where you can help other users by adding a comment about your experience with us
Why do you look for personal loans?
A personal loan may come in handy when you need to clear a debt, finance a vehicle, or renovate your home, among others. What purposes do personal loans cover?
- Financing your vehicle
- Financing your degree course
- Financing your wedding
- Consolidating debts
- Furthering your studies
- Financing your vacation
- Financing a smartphone
- Making big purchases
- Financing your project
It’s noteworthy that different purposes may have different conditions. Hence, it’s important to know which loan type is best for your purpose. For instance, if looking to further your studies, a student loan could be better than a personal loan.
How to apply for a personal loan?
While an application for a personal loan mostly happens online, some entities will require the applicant to visit the entity for an in-person application. Either way, here are the steps you’ll most probably follow:
- Consult loans from several lenders either online or in-office. This allows you to make a good financial decision after comparing three offers and landing yourself an offer with better conditions.
- Fill out the blank fields on the application form with the most honest and accurate information about yourself and the conditions of the loan (amount, term, and purpose) before submitting it to the entity either online or in-person.
- In the online application, you’ll receive a pre-approval notification instantly and after a few days for the in-person application.
- Submit the required documentation either through scanning, uploading a photo, or email for the online application or dropping it at the entity’s office.
- Upon approval of your request, you’ll receive pre-contractual information where all the information about the loan conditions (amount, term, interest, commissions, etc) are detailed.
- If you agree with the conditions of the offer, sign up for the contract either through digital signature or in-office.
- Receive the funds in a few minutes or after 48 hours, depending on the entity.
Requirements for personal loans in France
After getting a loan offer that best suits your situation and knowing how to ask for financing, you’ll need to know the requirements you need to meet before your application is approved. Personal loans have fewer requirements and a faster application process than other loan types. However, failure to meet even a single requirement might have your application disapproved.
- Be of legal age. While many entities will finance you at 18-years-old, others will require the applicant to be at least 21-years-old.
- Have a residence in France. You’ll be required to provide a permanent residence card if you’re a foreign applicant.
- Have a stable source of income. This will help the entity to assess your ability to repay the loan. The lender will hesitate to finance you if you collect an unreasonably lower income than what’s required to repay the loan.
- Your creditworthiness. The entity will check into your creditworthiness before financing you. Hence, it’s important to clear a loan before taking out another to avoid over-indebtedness.
Before taking out a loan, it’s important to assess your financial situation to determine whether you’re in real need of the loan and whether you can find financing from alternative sources. Taking out a loan is a commitment and may not do you good if you fail to repay it.
Documentation for applying for a personal loan
Your entity will require the following supporting documents that prove that you meet the above-mentioned requirements.
- Your national identity card or any valid form of identity.
- The last three payslips that show your income.
- A bank statement that shows income and expenses of the previous months
- Documents showing your last income tax return
- Send a proposal that indicates the loan purpose and the budget of the project
Who grants personal loans in France?
In France, the credit market has thrived since the 2008 financial crisis when many private lenders rose to the occasion to provide credits. Over time, the lenders have grown into large entities which are now competing with banks.
Entities that grant personal loans:
- Bank entities
- Credit Financial Institutions (CFE)
- Private Lenders
- P2P Lending Platforms
Getting a bank loan
✔️ Generally low interest rates
✔️ Fewer eligibility criteria than other providers
✔️ Flexible loan amounts
✔️ Long repayment periods
❌ Long application process
❌ The seniority of the applicant required
❌ Collateral required
❌ More commissions
Credit Financial Institutions (CFE)
✔️ Fast application process
✔️ Applicable for a variety of purposes
✔️ Fewer commissions
✔️ Attractive interests
❌ Strict eligibility criteria
❌ Operates through stores or dealerships alone
Loans from online private companies
✔️ Fast application and concessions
✔️ Less strict eligibility criteria
✔️ No seniority required
❌ More expensive compared to other providers
❌ Can grant loans even to applicants with negative credit score
Loans through P2P Platforms
✔️ Top loan conditions
✔️ Fast online application process
✔️ No related products
❌ Slow concessions
❌ Strict eligibility criteria
FAQ: Frequently Asked Questions
What is a personal loan?
A personal loan is an amount of money that a borrower receives from a bank or lender intending to repay later with the accrued interest and any other costs. Mostly, personal loans have higher interest rates than other loan types. Their payments are mostly done once after one month. The conditions of a personal loan vary with an entity and the purpose, among other factors. For instance, an entity might charge higher interests while others charge lower interests for the same amount.
Moreover, a personal loan taken out for higher studies may be bigger in amount than one taken out to finance a trip. However, before taking out a personal loan for a certain purpose, consult with the entity to find out whether it offers loans specifically designed for that purpose.
Why don’t you give me personal loans?
Personal loans have fewer eligibility criteria than other loan types. However, when your application is discarded, the lender will not let you know the reason. Your creditworthiness might be of question, you might have a lower income than what is required for the loan size, and your documents might be conflicting with the information you filled out in the application form, among others.
Hence, it’s important to first assess your documents and the details you fill out in the application form to avoid such mistakes. Many borrowers have their applications discarded because of their poor credit history.
What is the INE form for a loan?
The INE form is a document that we receive from a lender or loan provider. The document contains all the details of the loan from its amount, interest rates, commissions, repayment time, installments, insurance, etc.
What is the binding offer of personal credit?
The lender will give you a document that indicates the terms and conditions of the credit you’ve chosen. This happens before you sign up for the loan contract. The lender is required to give you 14 calendar days to decide on whether or not to accept the loan offer.
Can personal loans be paid in advance?
The French Law allows borrowers to pay the whole loan amount with the interests and commissions or part of it before the required time. Some entities will charge you early repayment fees which they let the borrower know before making the early repayment.
What if I take out a loan online and then regret it?
You may want to withdraw your loan soon after applying for it. That’s acceptable in France if it happens within the 14 calendar days during which the French law allows applicants to withdraw their applications without attracting any penalties. However, you may attract some penalties if you want your loan withdrawn after 14 days.
What happens if I don’t pay back a personal loan?
Taking out a loan is a commitment that you’re obliged to. However, if you fail to take out a personal loan from a French bank, the bank will rank you as a “No” borrower which will hinder other banks or entities from financing you.
When to Apply for a Personal Loan
A personal loan is what you need when in need of funds for a project. You may be required to change banks and wait a little longer, since a lender may take a few days to finance you. You’ll land yourself a loan that’s very consistent with your needs with attractive interest rates and some good amount of funds to finance your project.
The banks we’ve recommended above are good lenders you can try out and have yourself a loan that’s specifically designed to suit your needs and their peculiarities.
When to Apply for a Fast Loan
A fast loan comes in handy during economic emergencies. You only take a few minutes to get funds and require little effort to apply for the loan.
Note: Many borrowers develop the habit to abuse fast loans without knowing that it may hinder their credit history and hinder them from getting credit in the future.
A personal loan can come in to bail you out of your financial hardship.
Loans can be good debts if they help to make your financial state better and if you don’t find it hard to repay them.
To maintain a good credit history, only take out a loan when you truly need it and don’t have other alternatives. Take out a loan only after clearing other loans.
Be sure to go through the contractual terms so you may be prepared for what you’re signing up for.
About this page, our methodology
What is this page for: the main aim of this website is to help you end up with the best available financial product according to your needs. We, therefore, take time to provide you with the most updated information about the available credits in the market, equipping you with skills to compare them before signing up for an option.
Source: Information about the regulations on online credit providers is sourced from Statista, and the French Law on Consumer credits, among other reliable sources.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About Us: FUNDGECKO is an online comparator website that specializes in personal finance and home economics products. Besides comparing the available options, we provide you with rich information that makes it easy for you to identify the most suitable option.
Note: There are no charges attached to any of our services, as FUNDGECKO obtains its income from advertising and its featured products.