A consumer loan is a loan granted to individuals by financial institutions to enable them to acquire consumer goods.
These are purchases of goods and services, such as large expenditures on capital goods (automobiles, household equipment, etc.).
Note that loans granted to legal persons are not consumer loans within the meaning of the regulations. Similarly, loans granted to individuals in the course of their professional activities (traders, craftsmen, etc.) are also not.
In France, consumer loan is heavily regulated by regulatory measures designed to limit overindebtedness.
The different formulas available from a consumer loan
A consumer loan can take the form:
An installment loan, when a sum of money is made available to you for a purchase of unspecified goods or services. It is a loan with a specified repayment term that must be honored at maturity.
A loan opening which is nothing more than a reserve of money that you use according to your needs, often thanks to a card.
A lease that allows you to rent a property for a fixed term. At the end of the closing period, you have the option of buying the property for the price set at the time of conclusion of the contract.
An installment sale that is used to purchase a particular property or to pay for a specific service. The repayment of the amount of this form of loan is made in several monthly installments.
Whatever form of loan you choose, the maximum repayment period is legally limited, depending on the amount borrowed.
The importance of a consumer loan
Consumer loan allows you to manage your budget more flexibly with the payment of a purchase or service.
The automotive industry, the furniture industry, the production of household appliances, etc …, are the most influenced sectors of consumer loan.
How to get a consumer loan?
Your bank or an approved financial institution may grant you a consumer loan. You can quickly perform a consumer loan simulation to guide your decision making.
Before you give loan, the lender must first collect some elements that allow him to assess your loanworthiness. You are required to answer correctly and truthfully the questions asked by the lender.
Then, the lender gives you the contract so you can analyze it to see if the content is right for your project.
Our comparator offers you to discover the mechanism of this type of loan. Consumer loan is a contract that binds you to a financial institution (bank, investment fund …). Through this contract, a lender gives you a sum of money for your purchases, over a period of time. The sum lent will have to be repaid progressively, according to a defined rate (monthly payment) at the time of the subscription of the contract. It is therefore a decreasing repayment for a period of at least three months. This type of loan is granted for the financing of all types of projects, except the construction or purchase of real estate or the coverage of your professional needs. Its amount can vary between 200 € to 75 000 €.
Choose the type of loan according to your project
Keep in mind that there are two models of consumer loan financing.
- the loan allocated: it is granted for the financing of a specific property (purchase of car, gift, …). You can always cancel the financing agreement for the property, if it is defective or if it has not been delivered.
- the unallocated loan: it gives you a certain freedom to dispose of the borrowed sum as you please.
The forms of consumer loan offered by our financial partners
- the depreciable loan (conventional loan) which is granted for the purchase of a good or not. For this loan, you will pay a monthly rate at a specific rate, over a defined period, until the total amount of the loan has been repaid.
- the loan allocated is granted in the form of a loan for the purchase of a car, motorcycle, etc.
- revolving loan or revolving loan, is a loan that you can use and repay at your convenience. It is often coupled with a loan card allowing you to use it for your purchases, one or more times. The loan granted is thus reconstituted progressively at the rate of your repayments. However, the amount of your purchases must not exceed the maximum allowed expenditure threshold.
Simulate your consumer loan
Calculate the repayment threshold of your consumer loan through our simulators. For this, it is important to take into account two essential elements: the overall amount of the loan and the TEG (overall effective rate). Depending on your project and your specific needs, you can then choose the appropriate type of financing.