Affected credit: find the best rate and take advantage of it
A credit is a sum of money issued by a lender whether it is a bank or a financial organization. Restricted credit is a type of consumer credit. It implies that this sum of money is transmitted from the financial organization to the seller, a priori without passing through the customer, who will make the refunds. Everything you need to know about the conditions for obtaining a credit assigned to the best APR rate.
The advantage of an affected loan is that it is often less expensive than a personal loan, but this is not necessarily always the case, in particular for store credit. To find the cheapest credit (see cost of credit) on the market, just use our credit comparator. Thanks to our classification and our exclusive system, we get a first response in principle by the organization that offers the cheapest offer:
What is affected credit?
The allocated loan is intended to finance specific purchases, for example a car with a car loan or a new roof with a work loan . Some stores also offer earmarked credits, which are better known as “payments in installments” or in the form of a credit card. The sum of money delivered must only be used for these purchases, as proof of purchase must be transmitted in order to be able to benefit from this sum. As part of the car purchase or the money will be sent directly to the store under the store credit card. There is no credit without proof within the meaning of the supporting documents.
The subscription of an assigned credit is generally done in store or in concession, directly with the partner credit organization of the store. For example, garages offer assigned car loans through their financial partners, such as Credipar for Peugeot Citroën. These proposals do not prevent the signing of an assigned loan thanks to a “classic” credit institution like Bankate or Cetelem.
The credit affected is a consumer credit of an amount between $ 200 and $ 75,000 for a repayment period of more than 3 months and a maximum of 120 months which corresponds to 10 years.
Special features of the affected credit
An earmarked loan is less flexible than a personal loan (unrestricted) or a reserve of money, simply because the amount loaned can only be used to finance a specific project which must be justified. The sales contract (car, works, store purchases, etc.) and the credit contract are “unique”, that is, they are linked for an assigned loan. The loan depends on the purchase and the purchase depends on the loan. Thus the consumer code protects all actors, the lender, the seller and the customer.
If the sale does not take place, the assigned credit is canceled and if the assigned credit is not granted, then the sale is canceled.
Upon delivery of the good or service, the seller must have the customer sign the delivery slip or the service slip proving that the contract is eligible. Following this the credit will be launched.
If a deposit has been made and the affected loan is ultimately refused, the seller must repay all the amounts already received. But it is quite possible to make a loan without contribution.
Credit related issues
Different solutions are implemented in the event of difficulties in repaying the affected credit or any other dispute:
- In the event of difficulties in repayment of the credit affected, it is customary to warn the lender that the latter will be able to adjust the monthly repayments as necessary, however it is not obliged to accept in this case it is possible to appeal to a magistrate of the district court near you. Or if the lender accepts, he may require additional costs, also for delays or for non-payment of monthly payments, this is why it is advisable to discuss them beforehand.
- In the event of a dispute, it is preferable to contact the customer service of the lending organization. However, if the problem is not resolved, it is possible to call on a mediator, ie an independent person. Attention all banks and all credit organizations do not depend on the same mediators, to know the person to contact you have to dive back into your credit contract where a paragraph must be dedicated to it.
There is also an approved consumer association which can help customers in the event of a problem, to discuss or even negotiate on behalf of the customer with the lender.