Obtaining unconditional credit is not possible. You can get a loan without down payment, a credit without proof of use of money. On the other hand, it is impossible to obtain unconditional credit on the question of personal situation or income.
Unconditional credit, what are the main limits?
When you need money or want to finance a project, whether it is the purchase of a house, a car or even studies, we generally turn to credit. But credit is not available to everyone, be it consumer credit or home loans. Depending on the project to finance and the borrower’s file, financial institutions and banks will grant on average slightly less than one in two loans.
This is the reason why the comparison that we offer is not limited to providing the ranking of the best offers. It also makes it possible to obtain a response in principle and an assessment in real time of each financial organization requested. In this way, everyone can know what better rate they can actually get.
Unconditional credit cannot be obtained if:
- The borrower or co-borrower does not have a permanent contract (CDD or interim credit are accepted in exceptional cases)
- The household income is not at least 1000 USD (all types of income combined, including aid)
- Debt ratio is more than 50% (except for the repurchase of credit)
- The borrower or co-borrower is the subject of a bank record (FICP or FCC)
- The borrower is a minor
These credit conditions are not regulatory but it is simply the practice that has shown us that the files of our customers do not pass to the lending organizations in these cases. It is therefore not possible to obtain a credit without means test or a credit without proof of income.
Besides, the condition that we indicated (income of at least 1000 $) is really a bare minimum. It is generally supplemented by a minimum of available resources per person. In other words 1000 $ of household income is a condition for a single person. For a couple with a child, it will be around around $ 1,500.
Unconditional consumer credit
In consumer credit, there are two main categories: restricted credit and unrestricted credit. The difference between the two is quite simple. As the name suggests, the credit affected relates to a sale, a specific purchase. Unallocated credit is by definition an unconditional credit on the need for money. The credentials are not identical in the two cases.
Unallocated credit does not require having to justify the money made available. It is therefore a loan without proof of purchase. It is usually unrestricted credit that is involved when looking for an unconditional loan.
Our file on the personal loan without proof goes around the question.
There are two categories: revolving credit and amortizable loan. Without going into detail on each of them, we found in practice that for amounts less than $ 5,000, revolving credit is offered. Beyond that, it is a depreciable credit. For these credits without conditions of use, the rate is generally a little more expensive than for other credits, but they also benefit from a better acceptance rate.
This category mainly includes car loans and work loans. To get this ready, you must provide proof of work or purchase of the car. It is also necessary to provide a tax notice, credit without tax notice being reserved for the smallest credits.
Good to know : There is a particularity for used car credit. Indeed, some organizations accept it as an unconditional loan for the purchase of the car. It is that in reality, they will offer a personal loan and that it will be a little more expensive than the new car loan.
The car loan and the work loan are at slightly cheaper rates than the personal loan. Indeed, there is a little less problem of non-payment with this type of credit and in case of non-payment, there may be something to seize… You should also know that in some cases, the money from these credits is paid directly to the dealer or craftsman. This is generally the case if the credit is offered by the garage or by the company that does the work.
Reminder : Buying a car without contribution is absolutely not a problem with car credit while for a rental with option to buy, it can be much more complicated.
Unconditional home loan
Even more complicated than with consumer credit: finding unconditional credit to buy real estate. Indeed, for the mortgage, not only will there be constraints as we have seen (income, debt ratio, filing and employment) but there may also be conditions on the property or the financing.
Credit without contribution condition
Obtaining a mortgage without the condition of contribution is possible but it can be a bit complicated. First of all, in many banks, this can be a condition for obtaining a promotional rate. But having a down payment is often a condition for obtaining a home loan. And in particular for first-time buyers. For good files, it will be possible to obtain an unconditional credit, for others it will require guarantors and for still others it will require a contribution…
Credit without age condition
Age is only supposed to be a credit condition in terms of majority. Indeed, it is not possible to obtain a credit if you are a minor. But unconditional credit can often be a question when it comes to home loans. Indeed, never any organization will admit that a credit is refused for an excessive age, that would not be acceptable. But this data can weigh heavily in the decision. In addition, for mortgage, obtaining insurance may be an obligation. In this case, the refusal of insurance can prevent the agreement on the credit and be a pretext disguised. Know everything to get the best retired credit.
To avoid all these hassles concerning unconditional real estate credit and obtain an objective evaluation of each file, we have developed a specific questionnaire for real estate loans and we have extended the spectrum of our partners to the best brokers present throughout the territory.
Credit without debt condition: credit repurchase
Credit repurchase is an ultra-specific product that is aimed at those who have too many credits to repay each month. This should not be confused with the renegotiation of mortgage loans, which consists of trying to lower your mortgage loan rate.
Consolidating your credits allows you to take all your loans into one new credit. This new credit will have to be reimbursed over a sufficiently long period so that the amount to be reimbursed each month is bearable. This is why the buy-back is often called unconditional credit. It generally makes it possible to go from a debt ratio around 60% to a rate of 30%.