Modification of the maximum amount of the personal loan
Previously, the maximum amount of the personal loan was € 21,500 . Since Christine Lagarde’s credit reform in 2011, this ceiling has increased to € 75,000 in order to make larger purchases with these funds.
Note however that most consumer credit organizations do not make personal loan if there is not behind a purchase to cover the loan as a car or an apartment.
In addition, the personal loan is also subject to a minimum and maximum duration, and this must last between 4 and 84 months, with rare exceptions. The shorter the credit period, the less expensive the credit will be!
A maximum amount of personal loan to protect the borrower
Note that there is also a minimum sum of 200 euros , otherwise the personal loan is also not protected by the Consumer Code.
Otherwise, the borrower will have to pay attention to the terms of his credit agreement , especially with regard to the withdrawal and the early repayment, because they can lead to financial penalties .
Only personal loans of less than 75,000 euros benefit from the Srivener law and its guarantees of security and protection such as:
- A withdrawal period after the signature of the loan offer. The latter is fourteen working days,
- A period of fifteen days following the date of issue of the loan offer so that the future borrower can think or compare with other offers on the market,
- Clarity of the loan agreement , with accurate information, such as the actual rate of the loan.
Maximum amount for personal loan and administration fees
If there is a maximum amount for the personal loan of € 75,000, the credit is also subject to a relatively low application fee . Indeed, these can reach up to 1% maximum of the total credit, or 75 euros for the largest.
To this may be added insurance which, although optional, may also raise the total price of credit. However, they are recommended because they offer significant protection for the borrower in case of health problems, death or dismissal.