What is an assigned credit?
Assigned credit is a form of consumer loan designed to allow the borrower to purchase a specific item, such as a car, household appliance, etc. It can also be used for specific services, such as home renovation work.
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What is the purpose of an assigned loan?
Once your project is defined, you can apply for an assigned loan from a credit institution. A credit contract, binding the seller, the bank, and you, must therefore be signed. Thus, the credit institution will often directly transfer the funds to the seller, ensuring that the loan granted is used for the purpose indicated at the time of signing the contract. In cases where the loan is not repaid, the financial institution reserves the right to seize the item purchased with the borrowed money. Thanks to this security, interest rates tend to be lower compared to other types of loans. Finally, note that the beneficiary of the assigned loan has 14 days to withdraw, without additional fees, after signing the contract.
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