Because they have reassuring job security for banks, civil servants can claim a specific consumer credit: the special loan for civil servants. His particuliarity ? A preferential interest rate. Who are the establishments offering this type of credit? Is this the only gateway for a public servant wishing to make a loan or buy back a personal loan? Answers!
The personal loan for civil servants, how does it work?
The personal loan for civil servants is based on the exact same principle as a conventional personal loan: taken out for a period ranging from a few months to several years, it can be used as the borrower desires, however excluding any project immovable. This is called unrestricted credit since it is not used to finance a specific purchase. The loan amount can be used to finance consumer goods or services of any kind. The rate of a personal loan can be fixed or variable. As with any consumer or real estate loan, repayment is made periodically according to the terms defined in the contract. Most often, this reimbursement is monthly. The personal loan is subject to the Consumer Code. It allows free prepayment if the amount reimbursed is less than $ 10,000. Beyond this, the majority of banks apply compensation of the order of 0.5 to 1% depending on whether the period between the date of reimbursement and the date of termination of the contract is less than or more than one year.
The structures offering personal loans for civil servants can be public establishments, associations or even credit unions, also called cooperative banks or mutual banks.
Do I necessarily have to go through a credit institution specialized in the subject?
Very good question ! As mentioned above, the civil servants special personal loan is a consumer credit like any other. In fact, even if it does not specifically offer a personal loan to civil servants, a bank will still be able to accept the file of a civil servant. Because whatever it is, the profession he exercises will be taken into account, as well as his expenses, his resources and his living, in particular. The question can also arise for other socio-professional categories or statutes. For example, there are personal loans for the self-employed. And not surprisingly, the answer is the same!
The question is above all whether the official will benefit from a rate as advantageous as that which could be offered to him by a specialized establishment. As with any loan, it all depends on the bank to which it is addressed! This is why it is important for the borrower to make several requests for loan offer or loan repurchase, in order to compare the rates.
We talk about credit repurchase when all the credits are combined, in order to go from several monthly payments to one. This operation must relate to at least one consumer credit. The personal loan being a consumer credit, it is quite possible to integrate it alone in this operation.
On each offer, the borrower must also be attentive to the cost of the insurance possibly offered. For a personal or even real estate loan, this is not compulsory, but often required by banks. However, the borrower is entitled to take out insurance with an establishment other than that granting the credit. This operation is called delegation of insurance. To obtain the approval of the lender, the borrower will on the other hand have to choose a level of insurance equivalent to that which will have been proposed to him, if necessary.
So it is possible if I am a civil servant?
Absolutely! Even if we do not strictly speaking offer a special civil servant loan, we accept all classes of trades, without exception. To see what type of credit offer you can access, do not hesitate to perform a free simulation. At the end of your request, you will receive an instant reply in principle. Then, when you have completed your file and returned the signed credit offer, a response will be sent to you within 24 working hours only. The secret of such speed? Very advanced analysis technology, coupled with an intuitive and 100% digital interface.
For a credit or buyout of consumer credit at advantageous rates – and defying all competition up to $ 3,000 – have the reflex! With us, the repayment period varies between 6 and 84 months. To protect the borrower, it is defined according to his ability to maintain his financial situation. As a bonus, prepayment fees are free, regardless of the loan amount.