A distinction must be made between the proof of credit necessary for obtaining certain types of loan (work or car loan for example) and the proof of credit necessary to obtain the final agreement after studying the complete file. Indeed, work and car loans generally offer slightly better rates than personal loans. But to obtain them, you must provide proof of the work or the purchase of the car. The personal loan is a credit without proof of use of the money made available.
Proof of credit: consumer credit
Before even talking about proof of consumer credit, it is important to find the cheapest credit to finance your projects. Before filing your credit application, it is recommended to compare the rates. However, here again we must not rush. Indeed, between the banks which hold out very low rates which they hardly ever grant and organizations which make believe that it is possible to obtain a loan without documentary evidence, it is necessary to be wary.
But that’s not all. Nor should you trust any comparator. Indeed, some prefer their income to a real classification of rates. To avoid scams, check that the classification is based on the APR rate, this is the legal rate. To offer the best ranking of updated credit offers, we are constantly taking up all the offers from the largest organizations.
But that’s not all. To really get the best rate, we provide an evaluation for each file by the cheapest organization. This allows to know if the cheapest organization is ready to finance the file. There is no point in knowing who is offering the best rate if it is to get credit turned down. This system makes it possible to put all the chances on its side to obtain concretely the best rate.
The list of supporting documents to be provided precisely will be indicated by each organization in the credit request file sent after the online credit request questionnaire.
Mandatory proof of credit
It is the last law on consumer credit which fixed the supporting documents of credit to provide to obtain a loan:
- proof of domicile of the borrower
- Identity of the borrower
- proof of income of the borrower (pay slips and often the last tax notice)
This list of supporting credentials is a minimum, but credit agencies may request more. It is whatever happens always obligatory to justify its financial resources. There is no credit without document to provide. When an institution lends money, it is responsible for verifying that the borrower has the capacity to repay it.
A reduced list for small loans
However, it is for credits over 3000 USD that there is a mandatory remittance of these credit documents provided by law. It must therefore be considered that for a small loan such as a store loan of less than 3000 USD, the loan documents requested are generally:
- proof of address
Good to know : for an amount of less than 3000 USD, you realize that you can find credits without proof of income. This is the case for store credits but they are less and less granted under these conditions.
Proof of credit over 3000 USD
From the moment the loan requested is greater than a 3000 USD credit, then the credit documents to be provided are compulsory and in practically all cases are composed of:
- proof of identity : for the borrower and the co-borrower, front / back copy of valid identity document, passport or residence permit for foreigners
- proof of address : recent electricity, gas, telephone bill or receipt for rent
- Proof of income : latest payslips AND generally last tax notice * (same for co-borrower)
- bank proof : bank identity statement (BIC IBAN) AND generally last (and penultimate) account statement (same for co-borrower)
To obtain rapid credit, it is essential to prepare photocopies of these credit documents as soon as an agreement in principle is obtained after entering the file on the internet (or on our comparator). Because if you wait to receive the contract to prepare your file, you can easily lose a week, the time to find the right proofs of credit and make copies.
* Only the small revolving credit (amount of 4000 $ or less on our comparator) allows to consider a credit without tax notice.
Credit voucher for car loan or work
Car and work loans make it possible to obtain slightly lower rates than those of the personal loan without proof. However, to access these rates, it will be necessary to add proof of the work or of the automobile purchase to the credit application file.
To obtain a car loan, the credit documents that can be provided are a purchase order for the new car or a photocopy of the gray card of the used car.
Two important points for car credit:
- If you do not get the credit to finance the purchase of your car, you have the right to withdraw. This is the only case provided for by law. It should be mentioned on your order form that the car is purchased by credit.
- For a used car loan, there are generally no more advantageous rates, most people go through a personal loan without proof.
To obtain a work loan, the supporting credit that can be provided is either a quote from a craftsman, a specialized store or an order form.
Supporting documents for a mortgage application
For home loans, the list of supporting credentials is much larger. But in all cases, a broker or a banker is there to prepare the file and indicate all the necessary supporting documents. We have found an example of a document listing the credit documents required for a DENSA home loan.