Loan between individuals FICP: advantages and limits

Bank file by the Banque de France, your chances of obtaining a conventional loan are almost non-existent. Looking for a scam-free financing solution, turn to the loan from person to person, also called PAP or P2P. Getting money loaned when you are banned from banking is now possible in France. Discover how the loan between individuals FICP works, its advantages and its limits. You are also told where to find a borrower and the pitfalls to avoid.

What is the loan between serious individuals?

The loan between individuals proves to be a solution that is as profitable for the borrower as for the lender. For a banking ban, this is one of the only ways to obtain credit. Do you need some money? Someone lends it to you for interest. The creditor can just as easily be someone close to you or a stranger. The latter has money available and wishes to make it grow. The loan between individuals takes place completely outside the traditional banking system.

How does the FICP loan between individuals work?

The loan between individuals FICP concerns both small and large amounts. You can have one or more lenders, especially if the amount is large.

All loan terms are free. You determine with the creditor(s) the interest rate, the repayment period and the various maturities. However, the interest rate cannot exceed the usury rate, fixed each quarter by the Banque de France.

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Whether the creditor is someone close to you or not, he is important to formalize everything in writing. The essential document is called an acknowledgment of debt. Thanks to this document, the person who lends is sure to see his money again. This document must specify how the sum will be reimbursed. Keep the acknowledgment of debt carefully, it will serve as support in the event of litigation and can be presented during a legal action.

In case of sum equal to or greater than 760 euros, registration with the Tax Office is mandatory. The lender will have to provide the declaration of the existence of the loan as well as that of the interest paid.

FICP, advice to reassure a lender

The first and not least step is to reassure a lender. Play the honesty card by explaining to him that you are FICP. In the loan between individuals, transparency is key. To reassure him and show him that you are reliable, emphasize your commitment to honor your debts. Clearly explain to him the incident that led to your banking ban, and show him how you will go about repaying the loan. It is essential to provide a good file including your bank statements for the last three months. Make a balance sheet by contrasting income with expenditure.

Apply to several lenders and compete

Once the lender has been found, negotiate! Unless you come across an inflexible lender, it is very easy to negotiate in the case of a P2P.

When contracting the commitment, in addition to the acknowledgment of debt, establish an amortization schedule. It will allow you to track repayments month by month. This will help you see things more clearly.

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The advantages of a loan between individuals

The FICP loan between individuals has several advantages. A credit between individuals proves much less constraining than with a traditional bank. You will not be asked for the same documents in the event of a credit contract. You will not have to prove your solvency or your ability to repay. The only documents to be provided are proof of residence (gas, electricity bill, etc.) and proof of identity (identity card or passport).

The grant conditions are more flexible than in a traditional bank. It is also much faster. You will be able to have a sum very quickly. Convenient when you need money urgently. In the case of a loan between individuals, the decision belongs to only one person. The PAP, an ideal solution in case of unforeseen events.

The limits of a FICP loan between individuals

Generally, the interest rate is quite high. Lenders are looking to make their money work. Consequently, the interest rate is often over 5%.

In order not to have too much interest to pay, the solution is to go through a person around you (a family member, a friend, a colleague, etc.). This person will be more inclined to give you a loan with low interest or no interest, in the best case. However, it is always tricky to “claim” money from someone you know.

The pitfall to absolutely avoid are the scams that abound on classified ad sites and on social networks. Don’t trust anyone just because you are FICP.

Loan between individuals, where to find a borrower?

To find a loan between serious individuals, turn to credit platforms. These websites specializing in loans between individuals connect borrower and lender. They serve as an intermediary between the two parties and offer a legal framework as well as guarantees in the event of disputes.

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To avoid taking the risk of being scammed, always go through these credit platforms. Beware of other sites that simply post loan offers without verifying them. Scams sometimes turn out to be very well established.

As FICP, be careful. Do not accept offers of credit with an interest rate that seems suspicious to you. No lender (a stranger, of course) will offer you a loan with 0% interest. On the contrary, refuse loans with an exorbitant interest rate.

Last advice, as a borrower, you will never be asked to advance money to cover application fees. If so, run away! Finally, be careful not to reveal your banking information to the first comer.

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