Getting loan as new resident

Hello. I just moved to France. And I would like to get a loan < 10.000 euros, but I find it hard as I just made a bank account here and I am a non-EU citizen. (I lived 2.5 years in Germany prior to this)
Does anyone know if some banks/platforms would even consider giving me a loan? By proving my financial situation by my CDI contract?

I really don’t know but IMO banks here are conservative and some sort of credit rating would be required. A bit catch 22 I know, to get credit you first need a credit rating but how to get a rating if you have never had credit.

I’d suggest gathering together a couple of years bank statements, credit card statements and proof of any other short or longer team loans you have had and presenting those as evidence of your creditworthiness. If they offer you a loan less than you have asked for take in nevertheless, when you have paid part of it off you could “upgrade” it to the amount you need.

It can be challenging to secure a loan as a non-EU citizen with a newly opened bank account in France, but it may be possible to find a bank or platform willing to consider your financial situation and CDI contract.

Credit rating doesn’t really exist in France. Instead the loan organisation will use the taxe d’usure. This is set by Bank of France to define the maximum rate that will apply. That plus your dossier will govern what you can borrow.

It’s the way banks work out what is an acceptable loan - both for you to be able to afford and for them to have confidence you can pay. The taxe d’usure changes according to the type and length of loan, and your profile.

It will not be easy if you are newly established here, but the CDI will help.

Hello @exoduss373 and welcome to the forum.

As you have an Employer, why not ask them if they have any schemes to aid their Employees.

although it might well depend what you want to spend the loan on…

That makes sense.

Hi @Circl3mania, welcome to the forum. We’d love to know more about you and your connection to France.

Your post doesn’t seem to add much - do you have experience getting loans in France?

Typo for taux d’usure I think?

@exoduss373 Certainly the bank would want to see a full dossier of supporting documents including the CDI, this is always required. When you say you have just arrived in France, is that weeks or months or years? Banks assess the risk factor so I imagine ahat in any case the bank would want to be confident that you are not going to borrow 10k and then immediately leave France and vanish into nature. Beyond that they will make the decision based on your earnings and your outgoings such as your rent and any other loan repayments.

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Hi @billybutcher Thank you for the warm welcome. Sure, I’d be happy to share more about myself and my connection to France. I actually lived in France for a couple of years during my studies and fell in love with the culture, the people, and of course, the amazing food!

Regarding your question about loans in France, yes, I do have some experience in that area. I had to apply for a loan when I was living there to help cover my tuition fees and living expenses. It was a bit of a process, but with the help of some local friends, I was able to navigate through it successfully.

I’ll do my best to share any insights or experiences that might be helpful. :slightly_smiling_face:

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