Individuals can sometimes benefit from a consumer credit or mortgage without personal contribution. This case occurs if the lender is convinced that the borrower will have no trouble dealing with loan repayments under certain conditions. In order not to get lost in this context, it was necessary to know beforehand what a personal contribution is.
To benefit from a credit without contribution, what conditions?
Personal contribution is the non-borrowed amount contributed by the borrower to help acquire the property financed by the loan. In the case of fast credit with personal contribution, it is this which conditions the loan. In short, the personal contribution, if required by the funder, constitutes both a guarantee for your project and clarity on your profile. The credit institutions classify as best borrowers those who come with a significant personal contribution. That said, anyone can have credit without down payment. For this it suffices to present a good dossier.
What you should know that the donors closely monitor the borrower by defining certain conditions beforehand:
- Your profession must be permanent. Temporary or fixed-term workers find it difficult to take advantage of an undrawn loan. Unstable employment means, according to creditors, irregular reimbursements. They therefore favor workers on permanent contracts for a long time in the same company.
- The difference between the amount of your old rent and the amount of your future monthly payments must be insignificant.
- Your remaining living must, on the other hand, be significant after the payment of your monthly payments.
Consumer and real estate credit without personal contribution
Borrowers sometimes think that borrowing without personal contribution increases the borrowing interest rate. Rest assured, a loan with contributed or not does not change things too much. This just has an effect on the amount borrowed and rarely on the duration. It is thus possible to carry out without contribution your particular projects. But before you decide, it is always advisable to use an online credit checker to be sure to pocket the best deal.
In the case of the acquisition of a principal residence, a personal contribution is required most of the time. However, it sometimes happens that financial institutions grant this type of financing without the borrower bringing a particular sum to acquire the property. Young people are the main beneficiaries. That said, people who do not want to exhaust their savings or frequent investors in real estate can still benefit from it. The sites specializing in mortgage without contribution will guide you to find the offer more suited to your needs.