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Consumer credit: do you need a deposit?
Publié le null - Directorate for Legal and Administrative Information (Prime Minister)
Are you thinking of taking out a consumer credit to finance the installation of a fitted kitchen? You should know that the bank can require a deposit. Public-service explains.
Consumer credit makes it possible to finance, outside commercial or professional activity, the purchase of consumer goods (furniture, household appliances, vehicles...), the provision of services (travel...) or to have a cash flow (personal loan, bank overdraft...), for amounts between €200 and €75,000 and a repayment term exceeding 3 months.
It concerns loans which are not intended for the purchase or construction of real estate and comes in different forms: personal loan, revolving credit (revolving), rental with purchase option (leasing), free credit, student loan guaranteed by the State...
If it is not mandatory toto have a deposit to obtain a consumer creditHowever, the bank can still demand it, and you will have to call someone (after verifying that they have sufficient means) who will commit to repay the loan for you in case of a problem.
It may be a natural person (even if they are not related to you) or a legal person (specialist business, health mutual society, etc.).
The security shall be made by a written contract which lays down the conditions under which the guarantor is to act. You will have an obligation to inform them regularly and up-to-date on the extent of your commitment.
There are 2 types of bonds:
- simple surety: the creditor must first bring proceedings against the borrower before approaching the surety;
- joint and several surety: the person who provides the surety is committed to pay the debtor's debt as from 1er payment incident.
FYI
The consumer who takes out a consumer credit is protected by the Consumer Code, which lays down, in order to protect him, a number of rules on the content and conclusion of the contract.
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