Unemployed consumer credit: what solutions?

It is very difficult to obtain a jobless loan, since all the organizations are obliged to check the ability to repay an applicant before accepting their file. However, when applying for a jobless loan, regardless of whether or not there is unemployment benefit, the guarantees are not sufficient. Are there alternative consumer credit solutions, or possible aid? What are the conditions for obtaining a loan without being an employee, in which cases? All the answers.

Unemployed consumer credit: an obstacle course

Unemployed consumer credit: an obstacle course

Unemployment credit is possible, provided you have stable and justifiable financial resources. The law requires online credit organizations and more traditional establishments to check the creditworthiness of each applicant. This verification makes it possible to protect the most “fragile” consumers financially, by limiting the risk of over-indebtedness. It also and above all allows specialists not to deal with arrears too often. This is the reason why it is also complicated to hope to obtain a credit agreement without CDI.

What about mini credit solutions?

The mini loan is an easy to obtain credit, but not systematically accepted. Organizations positioned on this market also check the creditworthiness of applicants. It is no longer a consumer loan in the eyes of the law, but these specialists do not lend money without guarantees. On the other hand, they are often inclined to accept a request from an individual for a fixed-term contract, whereas conventional organizations have more difficulty without the sesame of the CDI, or any other status guaranteeing a certain stability.

Unemployed credit: solutions exist

Unemployed credit: solutions exist

The purpose of this article is not to promise unemployed credit. Our experience as a credit comparator allows us to say that it is very difficult to obtain a favorable opinion on a request for unemployed credit. This is true for the bankless credit of organizations but also that of traditional banks. They will be reluctant to lend money to a client who has lost their financial stability, even if they hope to resume activity quickly. There are however unemployed credit solutions for the most delicate situations. Explanations.

Accompanied microcredit

The microcredit is an assisted money loan, intended to facilitate the return to employment. It is issued by a good part of traditional banks but also by credit organizations, on the condition of finding a social worker to carry out his project. This unemployed credit does not allow you to pay your debts or conventional charges.

It is however perfectly suited to the purchase of a used vehicle, to pass its license or to equip itself with household appliances. It is not a zero rate loan, but it is generally very low. The guide responsible for the file is responsible for helping to set up the credit contract, before finding the establishment ready to accept the financing.

Conditions of this unemployed credit

  • Amount: 300 $ to 3000 $ maximum
  • Duration: up to 36 months maximum
  • Fixed interest rate (APR)

How to start a request?

The https://www.france-microcredit.org site lists financial assistants in each region. It is also advisable to go to the town hall of your city, to discuss with a social worker. Municipalities know the subject and generally have an up-to-date list of associations allowing tailor-made support.

The Adie loan, to create an activity or facilitate reintegration

Adie (Association for the right to economic initiative) coexists with Pôle Emploi, to offer a jobless loan facilitating the creation or return to a professional activity. Here is what you need to know about this unemployed loan:

  • Aimed at any adult person in need of a credit refused by the classic system (young students, unemployed, intermittent, micro entrepreneur, etc.)
  • Maximum amount: credit 10,000 USD
  • Repayment period: 6 to 36 months (3 years)
  • 7.53% fixed rate
  • A zero-rate honor loan (up to $ 3,000) can be included in the total amount

A loan helped but not given!

The classic Adie credit system, which can go up to 10,000 USD, is subject to a fixed APR rate of 7.53%. This is a high rate, to which must be added 5% of the amount granted as a solidarity contribution. It is however possible to obtain for example a credit 5000 USD and to combine the loan of honor (maximum 3000 USD) with the remaining 2000 $ at the conventional rate. We advise you to limit yourself to the zero rate honor loan as much as possible, in order to avoid paying significant interest. Remember that this is a credit, not a donation. The borrowed money must be repaid in full on time.

CAF aid

The CAF (family allowance fund) offers a whole host of solutions for the most disadvantaged. Unemployed credit can very well take the form of a social loan granted by the State. Please note, the aid conditions are different depending on the CAF. It is therefore necessary to move to obtain details.

Here is a brief list of possible aids: 

  • Loan of honor (zero rate)
  • CAF real estate credit
  • Social car loan to facilitate the purchase of a vehicle
  • Loan for home improvement (works or improvements)
  • Rapid micro credit for unforeseen events (200 $)

To find out which door to knock on, the CAF website provides access to the nearest cashier.

Borrow from an individual

The loan between individuals can make it possible to obtain cheap or even interest-free credit, according to the conditions defined by the two parties. It is usually the family that we turn to for this type of credit. It is however also possible to canvass those around you, starting with trusted friends. No document is necessary as soon as the amount does not reach $ 760.00. Once this level is crossed, the credit must then be the subject of a declaration of debts. The document must include the following information to be admissible in the event of a dispute:

  • The name and surname, as well as the date of birth of the lender and the borrower.
  • The amount of the loaned amount.
  • The date by which the amount must be fully repaid.
  • The APR rate if this loan is subject to interest (rarely the case).
  • The date of the agreement and the signature of both parties.