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How long does it take to buy a loan?


Prepare your file

Prepare your file

When too many credits paralyze a household’s budget, it is interesting to move towards a pool of loans. A financial transaction that is not done lightly because it can take time.

First of all, to make a request, it is essential to build a solid file. The more complete it is, the faster the response will be. Criteria such as the debt ratio, the professional profile of the borrower, or the composition of his household will affect the study time of the file.

The validation period for a purchase of credits depends on several actors, which is why the presentation of all the supporting documents is an asset for a borrower. It will be necessary to provide the lending institution with documents such as:

  • proof of the family situation of the client (the family record book, the marriage contract, the pacs or the divorce decree)
  • documents proving the level of income (latest tax notices, payslips, retirement pensions or annuities)
  • the state of the bank accounts (RIB and statements of accounts of the last three months)
  • all the supporting documents concerning the previous credits contracted (amortization tables, balance certificates, etc.)

On the other hand, to be eligible for a purchase of credits, an individual must not be registered in the Check File (FC) and must reside in France.

Once the file is forwarded, it will be necessary to wait for the bank or the lending institution to make an offer.

Waiting for the offer of the organization

Waiting for the offer of the organization

To make a decision, the lending institution will conduct a rigorous financial analysis of the request. An agreement will be given only after consultation and a vote by an internal committee of commitment to the organization. To make a decision, the latter may request additional information and additional supporting documents. The period of instruction of a file of repurchase of credits is variable. Generally, this period is between ten days and two weeks to obtain a purchase of personal loan or consumer credit.

On the other hand, in the case of a mortgage, the study of the file may take longer. It will take three to four weeks to get a proposal. Indeed, in some cases an estimate of the value of the property and its expertise will have to be realized.

A period of reflection for the borrower

A period of reflection for the borrower

Upon receipt of the offer, the borrower has a maximum legal period of ten days to accept or reject it. Prior to the actual signing of the loan consolidation contract, the agreement and the proposal remain provisional.

This ten-day period allows customers to think carefully before committing themselves and also to accurately compare other competing offers. The goal is to find the one that best suits cash needs.

After acceptance of the offer and signature of the contract and in application of the code of consumption, the borrower has a withdrawal period of 14 days and 10 days in the case of a mortgage.