Before obtaining a payday loan, certain legal conditions imposed by the credit institutions must be fulfilled. While some obligations are legal and general, others remain specific to the type of credit and to the creditor institution.
Legal conditions to subscribe to a loan
Common to all credit organizations, there are legal conditions to be met to obtain a loan, regardless of its type. When receiving a request, the lending institution must first check the creditworthiness of the borrower, as well as its registration by the Good bank: The applicant must not be registered with the FICP – file of the incidents of repayment Personal Credit – or the FCC, the central check file. Centralized by the Good Bank, these files identify payment incidents on loans subscribed by individuals for non-professional needs, as well as banking prohibitions. For a revolving credit, the organization will have to re-check the solvency every three years. It is also necessary to be of age, and without any obligation of nationality, one must be resident of the national territory for a credit subscribed in France.
Financial conditions and criteria
Except for the legal conditions, each bank establishes its own credit conditions and ceilings: To subscribe to a payday loan from Domofinance, the request must be greater than $ 1,500 and less than $ 75,000. On the other hand, to avoid situations of over-indebtedness, the creditor body assesses the applicant’s personal situation by some financial criteria. It first calculates the disposable income, namely salary, company dividends, retirement, rental income, unemployment benefits, allowances and compensatory benefits … The available income then applies the assessment of the monthly repayment capacity. It must be sufficient to repay the loan without affecting the needs and expenses of daily life. For the majority of loans, the average debt ratio is considered to be around 33%. Repayment capacity is estimated by deducting expenses from revenues. They include energy charges, real estate rent and monthly payments real estate loans, taxes and duties … Everything also takes into account the family and personal situation: number of children in the home, pensions to pay, tenant or owner, employee or independent …
Online subscription, documents to provide: the procedure of subscription to a loan
To get a payday loan, start with a simulation online, directly on our site. Amount, monthly payment rate , repayment period … you can find the credit that suits you. Once you have found the ideal solution, validate the simulation, and you will instantly receive an answer in principle. We then send you a contract, which you can fill in and send us back with the supporting documents that will constitute your file. You then have a period of 14 days to retract: your funds will then be paid.