Personal microcredit
Verified 08 February 2022 - Directorate for Legal and Administrative Information (Prime Minister)
Personal micro-credit is a credit intended for people who are excluded from the traditional banking system (low income or fragile employment situation). It is used to carry out a personal project to improve the situation of the borrower. In this personal project, microcredit can be used to purchase goods or services. There is also professional microcredit. It is granted for the creation or development of a professional activity.
Personal micro-credit is a loan intended for people excluded from traditional bank credit (low-income people, beneficiaries of social minima, unemployed). But it can also be given to people who are not in that situation.
There are no defined income conditions, but it is necessary to have a personal project, aimed at social or professional integration.
For example, personal micro-credit is frequently used for the purchase or repair of a vehicle, which is necessary for the exercise of a professional activity.
But it can be used in other cases, for example to finance one of the following projects:
- Vocational training
- Driving license
- Health care not covered by social security or mutual insurance
Borrowed money is usually low and tailored to your income.
They are between €300 and €8,000.
The repayment period varies depending on whether the loan was granted for a personal integration project or for the creation or development of a company.
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Implementation of an insertion project
The repayment period is between 6 months and 7 years.
It is possible to repay the loan in advance.
Creating or developing a company
The repayment period is between 6 months and 5 years.
It is possible to repay the loan in advance.
The credit rate is set by the lender. It is generally between 1.5 and 4%.
Please note
there are no application fees.
The applicant for a microcredit should not go to a bank, but to a social support service, which will act as an intermediary.
The social worker is responsible for greeting the applicant for the loan, studying the project and helping him to prepare his file before presenting it to a licensed bank.
The following organizations may act as intermediaries:
- Maison pour l'emploi or center communal d'action sociale - CCAS (contact information can be obtained from your local council)
- Social purpose association
If the approved bank agrees, the applicant shall be granted micro-credit.
The latter will have to repay it in accordance with the terms of the contract.
The beneficiary has a right of withdrawal if he gives up on his plan.
This right may be exercised for 14 days following the date of signature of the contract.
To exercise this right, he must write to the bank that granted the loan.
A document template is available:
The social support network monitors the project throughout the duration of the loan repayment by the applicant.
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