Consumer credit: Fast online consumer loan request

Mainly governed by the Consumer Code, consumer credit is granted by various credit organizations intended for individuals. Its objective is to cover different types of private expenses. We can cite for example, the acquisition of a car or other personal projects with the exception of construction or the purchase of real estate. According to the different forms of existing expenditure, consumer credit is also divided into several types.

The different types of consumer credit

The different types of consumer credit

According to each need of individuals who subscribe to consumer credit, there is a specific answer. Two main categories are retained: loans allocated for the purchase of a property determined in advance and those which are unallocated, that is to say that you can use freely.

Personal loan without proof

It is the most basic form of consumer credit. It belongs to the category of unrestricted loans. It is essentially granted to an individual so that the latter can finance their various needs (eg travel, wedding project, furniture purchase, etc.). Each credit institution or bank can issue it without asking for supporting documents on how to use the money. Typically, this is a short-term credit with a fixed interest rate over the entire term of the contract.

Revolving credit or revolving credit

Revolving credit or revolving credit

This type of credit is akin to a reserve of money that the individual can use at any time, partially or completely. Of all consumer credit, this method of financing is surely the easiest to obtain. By subscribing, the borrower benefits from a private credit card. The reimbursement is valid within three years for an amount less than $ 3000 and within 5 years for amounts above this floor.

As the individual reimburses the sums spent, the reserve is replenished. Revolving credit is considered the most dangerous knowing that its interest rate is very high while it is very easy to use.

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