Free credit or instant mini-loan
A free loan, also called a mini-loan without interest, is a loan generally granted for a period of 3 months and at an interest rate of almost zero. In reality, it is a cash facility to quickly resolve a temporary situation. Given its very short repayment period, at most 90 days, the amount granted is not as high. It can be between 200€ to 3000€ and is reimbursed in 3 monthly installments.
What happens if the deadline is not met?
If the repayment period is exceeded, the free credit is transformed into personal consumption credit. From this all the criteria of a personal credit are implemented.
The free credit is a credit at an interest-free rate, no optional insurance costs but the administrative costs are compulsory, which are equivalent to 1% of the amount requested.