The conditions for obtaining a mortgage or a consumer credit are not so far apart. The way to apply for credit is different.
But the decision to accept or refuse works on the same principle. It is mainly the debt ratio that prevails. So let’s see how to get a Pinjaman Peribadi, or rather give yourself the best chance of getting an immediate deal.
Each credit institution, bank or lender has its own acceptance conditions. They are also different depending on whether it is a credit without proof of use or a justified loan, such as car credit.
It is therefore not possible to have a unanimous truth for all requests or concerning all credit specialists. However, as we process hundreds of files every day, we have good visibility on the subject. Our credit comparator allows us to get an immediate response, by questioning several organizations at the same time.
Conditions for obtaining a credit: the law
In France, whether for an online credit application or in an agency with an advisor, a banking establishment has no obligation to grant credit. There is no right to credit. The lending organization is also not required to justify a refusal, unless the refusal comes from the examination of its internal file. This is the principle of freedom of contract. Fortunately, we know a little about the conditions for obtaining a credit. Let’s review the main ones.
The file
In the event of a problem of repayment of a credit or unpaid account on your bank account, we may be subject to a bank statement. There are two types of files, FICP and FCC. The FICP is the Personal Credit Credits Incident File. The FCC is the Central Check File which brings together people who are banned from a checkbook or bank card.
To get credit, you don’t have to be on file. All those who claim the opposite are charlatans. Never trust a loan without checking the FICP and FCC. This is almost one of the only reasons that credit agencies communicate to motivate a loan refused. If this is the case and we do not understand why we are on file, we must get closer to the Banque de France as soon as possible.
The debt ratio
There is no legal constraint giving a maximum debt ratio to refuse a loan. The debt ratio is therefore a condition for obtaining credit, but it is at the discretion of each credit institution. The choice of a credit amount corresponding to a bearable repayment period favors an agreement in principle.
Age
Age is a criterion for credit decision: you must be of legal age.
Nationality
There are no conditions for obtaining a nationality credit. You can absolutely get credit by being a foreigner. The important thing is to reside in France.
What are the conditions for obtaining a credit?
Now that we have seen the main principles for having access to credit, let’s move on to the conditions for obtaining a loan. These conditions come from the statistical evaluation that we observe on the files of our customers.
They are given as an indication and do not imply any definitive certainty as to the obtaining of an agreement. The main conditions for obtaining a credit are:
The employment contract: this is an essential factor. No tongue in cheek: getting credit without a permanent contract or without a job is almost impossible, unless the co-borrower is on a permanent contract.
Age: it is very complicated to obtain credit for young people under 25, even for consumer credit. And the situation remains complicated until 30 years. Likewise, after 70 years, we see a drop in agreements, which collapse after 75 years.
The debt ratio: to obtain a mortgage, the standard is 33% but the maximum limit is rather around 40% for high earners. In consumer credit, this rate can go up to 50% for good income, knowing that the rent generally comes into the debt rate.
Income: beyond the fact that you have to earn at least 1000 euros per month, income is not a condition as such. Rather, it’s the rest to be lived per person that counts. Remainder of living per person = (household income – household expenses) / number of people at home.
The condition for obtaining a credit is generally that the remainder to live per person is more than 200 euros.
These conditions for obtaining credit are not the only ones, but they are decisive.
All these criteria are combined together to calculate a customer score. This score is a score given to the credit file. If this score is not good and does not reach the sufficient level, the credit will not be accepted, even if the other conditions to obtain the credit are met.
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