March 4, 2020

Civil servant mini credit: instructions for use

 

The small amount of mini credit is a solution to finance small projects of people who have low income.

How does a mini credit work?

How does a mini credit work?

Mini credit, or also called micro credit, is part of the family of consumer bank loans. That is to say, it consists of a sum of money requested by an individual and released by a bank. The relatively small amounts loaned during financing with a mini official loan mean that it has the advantage of being able to be granted quickly, subject to eligibility.

A lending institution cannot grant a mini credit of a sum greater than 600 dollars. As for the repayment period, it is obviously quick and precisely determined according to the borrower’s income.

However, even if the loan is rather low compared to traditional credit offers, the borrower must still provide documents that the professional must study in order to validate the file. Indeed, it is impossible for an official to make a request for mini credit without proof since any banking establishment is under the legal obligation to verify the identity of the borrower and his capacity to repay the loan. For this, a proof of identity (CNI, permit, passport) is necessary accompanied by documents which provide information on the financial resources of the applicant for mini credit (salary slips, tax notice).

Who can make a mini credit?

Who can make a mini credit?

In addition, the legislation governing this type of financing is also specific since only people aged at least 21 and whose tax residence is established in the country can apply for a mini official loan, in addition to justifying at least 700 dollars of monthly income. There is no legal age limit for micro credit.

What is the cost of a mini credit?

What is the cost of a mini credit?

Finally, a micro-credit offer is calculated according to the same rules as for a consumer credit. In fact, the bank will affix an interest rate of a level corresponding to this family of credits. The rate cannot therefore exceed a certain threshold defined by usury, that is to say the maximum APR (nominal rate, insurance rate and additional costs) that a finance organization can offer to the borrower. To study their eligibility, an official must apply for a microloan on an online form. Subsequently, an adviser contacts him for more information on the project as well as on his personal situation.

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