Minimum age to take out a personal loan?
If the subscription of the personal loan is open to all, there is however a minimum age. Indeed, only adults can apply for consumer credit.
Perfect for younger people who do not have large savings, the personal loan allows to settle down and enjoy many benefits such as fixed monthly payments and an interesting term.
Domiciliation in France for the subscription of the personal loan
Main obligation when you want to subscribe a personal loan, the borrower must have a current account domiciled in France. In fact, this condition must allow credit institutions or banks to directly withdraw monthly payments from the credit and to reimburse themselves in the event of late payments.
French nationality is however not mandatory when subscribing the personal loan, only the bank account must be French.
Obligations to be met when subscribing to a personal loan
The subscription of a personal loan requires a certain compliance with the rules of the Consumer Code, as well as several obligations claimed by financial institutions lenders.
The latter in particular provide guarantees to banks who want to make sure they can recover their money as well as the interests of credit.
The rules obviously vary from one bank to another, but always bear on the security of the amounts committed:
- The borrower must be solvent and prove his financial health. The credit institution is thus entitled to check this information with the Banque de France files. The borrower must also not be prohibited from banking to subscribe a personal loan.
- The borrower’s salary must be able to cover all the deadlines without hindering his daily life. Indeed, all credits, whether consumption or not, must respect the rule of 33% maximum of the overall income of the borrower.
- The borrower undertakes, in the loan agreement, to repay the entire amount borrowed, as well as the interest charged. In the event of late payment of the monthly payments, the lending institution gives itself the authorization to charge terms and conditions whose terms are set out in the personal loan subscription agreement.
It should be noted that, if it is not mandatory, an employment contract of indefinite duration will be favored when the credit is opened. Banks are looking for reimbursement insurance