Subscribe a credit without being on a permanent contract
Having a permanent contract (employment contract of indefinite duration) is not a condition sine qua non to obtain a loan. Borrowing when you are on a fixed-term contract (contrat d’travail), acting or even without employment is entirely possible. Concretely, how to get a credit without a CDI? Credistair, a specialist in amortisable credit between individuals, provides you with information on the matter.
First case: borrowing on fixed term
In many cases, the fixed-term employment contract is a precarious sign for banks and credit organizations. The latter nevertheless tend to adapt to this type of contract, which has been rising for several years. This is how some do credit without CDI their specialty!
Real estate credit requires having a job in fixed-term contract for at least two years without interruption. This can be the case, for example, when the borrower is hired as a senior fixed-term or as a fixed-term fixed-term (36 months maximum for both types of contracts). Another requirement: you will have to borrow from two, with a person who is on a permanent contract. In the loan file, then will be taken into account, according to the decision of the bank:
- only the incomes of the person on permanent contracts;
- both the incomes of the person on fixed-term contracts and those of the person on permanent contracts.
Note: not all fixed-term work contracts are equal
For example, a borrower on a fixed-term contract in the civil service has some job security: a situation that will allow him to obtain a mortgage without difficulty, because the bank equates this type of contract with a CDI. Sometimes, a specific offer may even be offered to the borrower, with guarantees and a lower rate.
Consumer credit remains more affordable for the borrower on fixed term. Simply, the borrowing rate will usually be a little higher than if it were on a permanent contract, this, because of the risk considered more important by the bank. In addition, the repayment period will be adapted to that of the fixed-term employment contract. The borrower will avoid being in a difficult financial situation once his employment contract ends.
The consumer credits a CDD borrower can claim are as follows:
- personal loan: it can be used at leisure by the borrower to finance a consumer good or a service (furniture, appliance, marriage, birth, travel …). No proof of purchase is required by the bank.
- the assigned credit: unlike the personal loan, the assigned credit is used for a specific purchase. It can be a movable property or a provision of services. For example, we are talking about car loans, motorcycle loans or work loans.
Second scenario: to borrow temporarily
Not surprisingly, banks remain cautious when a request for credit without a CDI emanates from an interim. But again, nothing is impossible!
In general, if the temporary worker has at least two years of continuous activity, he is considered as a permanent employee by the bank. His record is then likely to be accepted. Although as for the employee on fixed term, the borrowing rate will generally be higher.
Otherwise, the conditions for accessing credit are more rigid. For a mortgage, the temporary agency will have to:
- have at least 1,600 hours of experience as a temporary employee;
- to have a mission when he asks for his credit.
Whether in a situation like the other (more or less two years of continuous activity), it is better that he has, in addition, a good personal contribution. That can only tilt in his favor.
On the other hand, an interim worker will have easier access to consumer credit. For a personal loan as for an assigned credit of the auto type, he will have to:
- justify at least 600 hours of acting assignment over the last 12 months;
- be on assignment at the time of the credit application.
Good to know: as a temporary worker, you can benefit from FASTT support
FASTT (Temporary Labor Social Action Fund) is a non-profit organization. It intervenes with temporary workers, in particular by facilitating access to consumer credit, home loans and building loans. Other forms of assistance are offered: complementary health (interim mutual aid), housing assistance (temporary housing), home ownership assistance, financial assistance for schooling and children’s holidays.
Third and last scenario: borrowing when you are unemployed
What about a loan without a permanent contract when one is unemployed? Against all odds, even when unemployed, it is possible to borrow. The borrower, however, will have to provide greater guarantees to the bank. To support his case, two solutions are available to him.
1 – The deposit
In the absence of proof of its solvency, a first possibility is to take a deposit. Still called guarantor, it is a person who agrees to pay the monthly installments of the borrower in his place if the latter is no longer able to cope. This is called a personal guarantee. Of course, this person must have enough income to be able to bear his credit, if any.
2 – The real security
Real security consists, for the bank, in taking as collateral a good whose value is at least equal to the amount of the credit. If the borrower can no longer repay the loan, the bank can seize the property. It will be auctioned to cover the borrower’s debt. The value of the property provided as collateral will necessarily be estimated by an expert of the bank. The actual safety is particularly interesting in case of credit affected (auto credit, in particular). In this case, the bank takes as collateral the financed property.
If the borrower has no guarantee or still has his file refused, other remedies exist. Below, here is a preview.
The Family Allowances Fund offers assistance and solutions for low-rate loans to people in difficult financial circumstances, including unemployed persons. These credits remain subject to conditions. In general, the borrower must:
- have low resources: the family quotient must be less than a certain amount;
- have at least one dependent child;
- be able to finance part of his project, in some cases;
- to be already a beneficiary to obtain certain aids.
However, the conditions for obtaining credits and their amounts vary from one organization to another. It is better to find out from the CAF you depend on.
Among the credits offered by CAF:
- the loan of honor: the person wishing to borrow must first apply to a social worker. The latter will help him consolidate the necessary documents for the credit file. He will then submit it to CAF;
- the loan of movables: it allows the unemployed person to acquire furniture or appliances in order to live in decent conditions;
- but also the good holidays, the exceptional help, the help with the free time, the help with the payment of the rent, the preventive loan …
A social worker will be responsible for submitting the credit file to a bank. Frequently used for the purchase or repair of a car, microcredit can also be used to finance vocational training, a driver’s license, poorly reimbursed health care or consumer goods. The rate is set by the bank and the amounts loaned vary according to the borrower’s income. However, they can not exceed € 5,000.
Note: I am in a different situation
You are not in any of the above cases (not in fixed-term, temporary or unemployed)? Perhaps you are intermittent show, micro-entrepreneur or liberal worker? The bank will then be based primarily on your last fiscal years. Your file will of course be more likely to be accepted if your income shows some stability.
Can I redeem credit without a CDI?
This financial solution consists of consolidating several outstanding credits into one, with a preferential borrowing rate. It can act to bring together:
- a home loan and one or more consumer credit (s): this is the purchase of mortgage credit;
- or only consumer credit: it is the purchase of consumer credit.
Redeeming credit without being on a permanent contract is possible in some cases. If the borrowing rate is negotiated, the repayment term is revised upwards. This involves an increased risk for the bank. Before buying back the loans from the borrower, it will therefore require certain guarantees. This includes the fact of having:
- a co-borrower on a permanent contract;
- and / or a professional situation likely to evolve: a promise of employment, also called a contract of employment offer (in fixed-term contracts as well as in fixed-term contracts), is a real plus in a repurchase of credit.
Credit without CDI and credit redemption: why choose Credistair?
Credistair is the first retail credit platform in Europe to have a credit institution license with the ACPR (Prudential Supervisory Authority). In the event of a request for credit without a CDI or a repurchase of credit, we bring many guarantees to the borrower. Among these, let us remember:
- a precise assessment of his situation, making it possible to judge his repayment capacity (if the risk is too high, the file is refused so as not to jeopardize his budget);
- flexibility in the repayment term (6 to 84 months);
- a fair and competitive price, with no hidden fees;
- the absence of monthly payments (it increases the borrowing rate since the repayment term of the loan is extended).
Being on a permanent contract, in the interim, without a job or in a fragile professional and / or financial situation is not inevitable for those who wish to borrow. Once certain conditions are met, obtaining credit without a CDI is not impossible. Solutions exist for each borrower profile. In any case, it is highly recommended to compare different offers. Spend a few minutes doing a simulation at Credistair. Our rates are not only competitive, but above all unbeatable up to € 3,000. The guarantee of a serene future!
The three key points to remember about credit without CDI
- Anyone with an employment contract of indefinite duration, temporary or unemployed has the possibility to borrow;
- The purchase of consumer credit and the purchase of mortgage credit (mortgage + personal loan and / or assigned credit, such as car loans) are also possible;
- Offer after offer, always take the time to compare.