Wednesday, November 30, 2022
HomeLoansMortgage: how does it work?

Mortgage: how does it work?


Being a pawnbroker means lending money to a borrower, who in turn deposits an object of value that will serve as collateral in the event of default. In France, Crédit Municipal has a monopoly on this activity.

Municipal credit and pawnshop business, how does it work?

In France, a pawnbroker can only be found in Ma Tante, au clou or Mont-de-Piété. In fact, these names all denote the same organ, viz Municipal Credit. To become a pawnbrokeris it therefore necessary to join this organization, which since 1804 has had a monopoly on pawnbroking in France. Municipal Credit is administered by the mayor of the city in which it is located, whether in Paris or in one of the 50 regional agencies.

Municipal credit and personal loan, what is the difference with the pawnbroker?

A pawnbroker is a person who agrees to lend money to a borrower in exchange for something of value that serves as collateral. When a user needs cash quickly, he can bring a jewel, a rug, an art object or even a precious item in exchange for a sum of money equal to 50/70% of the value of that item. This amount is then given to him for a period of six months to one year, after which the borrower must repay the loaned amount and the interest.

If he cannot honor this repayment, the contract signed with the pawnbroker stipulates that the deposited object will be sold at auction. The proceeds of this sale will allow the pawnbroker to reimburse himself. If it is higher than the value of the loan, the difference is paid to the borrower. In order to take out a loan from a pawnbroker, it is necessary to present proof of address that is less than three months old and an identity document.

Mortgage lender: where to find the list of municipal loans in France?

To find a pawnbroker and the agency Municipal Credit closest to home, the Pretsurgage.fr site offers listing from all the regional offices. Generally, a central unit is of Mont-de-Piete is located in the capital of the region, and smaller agencies are scattered throughout the territory.

Private pawnbroker, is it possible?

Pawn shops are intended for individuals who can use the services of a pawn shop, in this case Crédit Municipal in France. On the other hand, in France a person cannot become a pawnbroker. If he wants to work in this field, he must be employed by Crédit Municipal.

Can you create a pawnbroker online?

Mortgage loans can per definition not done online. In fact, to get a pawnbroker, you have to deposit an item as a pawn. It is therefore necessary to go to one of Crédit’s municipal institutions.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

%d bloggers like this: