Most popular questions – Borrowers
1 Why should choose the credit Loan Union?
Ready Union offers the most competitive market rates, but not only that!
Ready in Union, you have all the advantages of an issued credit from your bank or other credit institution on the internet …
– Security: Ready for Union credit institution authorized by the Prudential Control Authority (authority backed by the Banque de France): Make it 1-click on the site of the Bank of France.
– Speed: Your money is paid within 48 hours after final acceptance of your file and in compliance with the statutory period for withdrawal.
– Flexibility: you can make a total or partial early repayment at any time (and no cost to lower prepayment or equal to € 10,000!).
– A single contact with you: Union Loan is your sole contact. Our consultants (all based in France!) With you in choosing your credit, considering your loan application. Union loan then provides the funds, and takes credit installments. You are of course never in contact with individuals from whom Investors-Lenders Ready Union raised funds.
… But you avoid all the inconveniences of the banks:
– You do not fatten the banks: all the monthly payments of your credit after being charged by loan from Union, are instantly donated by Union Ready to Retail Investors, Lenders who have entrusted their savings! You thus participate in the development of a healthier and more transparent banking system.
– Simplicity: Ready Union is the only credit institution in France will offer only one type of credit, depreciable fixed and constant monthly rate. No risk to take out a revolving credit without your knowledge with us!
2 How is Ready Union to offer me rates (APR) so low?
Ready Union offers credit rate (APR) extremely low.
This is possible because:
– Investors-lenders from whom we collect savings (that we use to fund your credits) are not as greedy as banks and other credit institutions. Put simply, when we offer credit to an APR of 5%, Investors, Lenders will charge a 4% fee (equal to 5% less 1% of the outstanding impact). This is certainly high, but remains lower than expected margins by banks and other credit institutions!
– We are a young and modern company, using maximum internet and phone to allow you to take out loans quickly. So we did not luxurious headquarters to maintain, or bank branches to maintain state. However, all our staff, available by telephone, is based in France!
– Our only two activities are to grant you the loan and collect savings. We do not have to pay traders, or complex speculative activities to finance: our costs are nettements lower than those of our competitors.
3 If my credit application is pre-approved, that happens next?
If your loan application is préacceptée following our web form, your credit agreement will automatically be sent by mail (no need to make the request!). You can also download the form either end or at any time on your account.
One of our consultants (unlike some of our competitors, they are all based in France!) Will then contact you to answer all your questions.
You will then send back your signed contract and accompanied by the necessary supporting documents (without freeing your fold: the shipping costs are free!).
Then it is extremely fast: we study your file, and you receive the funds within 48 hours after final acceptance of your file and in compliance with the statutory period for withdrawal.
4 Who can borrow at Union Loan?
To borrow from Union Loan, the borrower and any co-borrower must comply with the following 4 conditions:
– Be aged (s) 18 to 70 inclusive;
– Reside in France (we are not present in the DOM / TOM);
– Not be part (s) or FICP nor the FCC;
– Proof of stable income professionals.
These conditions are of course in addition to the analysis of the creditworthiness of each borrower: Union Loan ensures that every borrower has a healthy financial situation before granting credit. We have to be at least as demanding as banks and “traditional” credit institutions on the solvency of borrowers.
5 What evidence must I provide?
Ready at Union, we prefer the simplicity:
– We are not asking originals, which are documents that you often want to keep with you: you will simply provide photocopies.
– We do not ask for an estimate or invoice in the case of work, buying car or other equipment.
Ready Union asks the supporting documents required by law or consistent with the practices of banks. The precise list of supporting documents that we ask is shown on page 2 of the credit agreement offer that is sent via email and postal mail you after your credit application.
Note that we simplify the procedures for borrowers who have had a first loan of credit Union! This is our best way to thank you for your loyalty and offer you a more seamless and simple customer experience.
All these parts are studied in a secure and confidential manner, in accordance with banking secrecy rules and requiring Loan Union under its authorization of a credit institution authorized by the Prudential Control Authority and Resolution (body Bank of France).
6 When the first monthly payment is taken?
Union loan offers advantageous mechanism: to relieve your budget, your first monthly payment will be taken 4 of the second month following the availability of funds.
For example, if the funds from your credit paid April 12, 2013, your first monthly payment will be taken on June 4, 2013. However, if the funds from your credit is paid on May 1, 2013, your first monthly payment will be taken on June 4 2013.
It therefore flows between 30 and 60 days between the provision of funds and the removal of the first monthly payment.
7 Can I have the amortization schedule of my loan?
Your amortization table (or schedule) is available on your account! You can access 24h / 24 and 7/7 using your email address and password that was sent to you after your credit form.
8 To what age can you take out the insurance?
Popular issues – Investors
1 What are the levels of expected returns?
Union loan offers a range of five funds that finance the real economy:
– The funds Conservative Court: investing in the maturity of credits 2 years and 3 years granted to Class A borrowers; the expected gross return of 4.0% a year (before the impact of defects credits estimated at 1.0% per year).
– The fund Long Curator: investing in the maturity of credits 4.5 and 6 years granted to Class A borrowers; the expected gross return of 5.0% a year (before the impact of defects credits estimated at 1.0% per year).
– The Fund Balanced Court: investing in the maturity of credits 2 years and 3 years granted to Class B borrowers; the expected gross return of 6.0% a year (before the impact of defects credits estimated at 1.3% a year before and 0.4% management fee).
– The Balanced funds Long: investing in the maturity of credits 4.5 and 6 years granted to Class B borrowers; the expected gross return of 7.0% a year (before the impact of defects credits estimated at 1.6% annually and 0.4% management fee).
– The Dynamic fund: investing in the maturity of credits 2, 3, 4 and 5 years granted to category C of borrowers; the expected gross return of 9.0% a year (before the impact of defects credits estimated at 2.4% annually and 0.6% management fee).
Ready Union has implemented a risk scale defined by scores A, B and C for borrowers. A score of borrowers have a higher level of solvency to score B of borrowers who themselves have a higher level of credit score for borrowers C.
They are capitalizing investments: the monthly installments paid by borrowers are reinvested every month, and are added to the value of each Fund.
2 How to register and start investing?
Here are the steps to become an Investor in Union Loan:
1 – Complete Site Ready Union an account opening application form
2 – Complete and sign investor account opening application
3 – Attach to file the required supporting documents (two-sided photocopy of ID, bank details, proof of address and categorization application form as a professional investor)
4 – Send the file by email or by post
5 – Funding your account investor by check or by transfer
6 – Once the account is validated by our teams, you can start investing!
3 What are the fees?
Ready Union does not charge account opening fees, custody or account closure.
Union loan fee management fees on balanced funds and the vibrant funds, which are reflected in the value of the share of proceeds. The return statement every month is net of fees.
Ready Union has set up a penalty system for requests for redemption of units involved in the first year (2% of the amount of units redeemed if demand repayment occurs within 6 months of their subscription and 1% of the amount of units redeemed if the refund request takes between 6 and 12 months of their subscription). Beyond 12 months Ready Union no commission bill.
4 Does Is there a minimum investment?
To open an account on Investor Ready Union will require you to make an initial payment of € 1000 minimum on your account. Subsequent investments are free amount.
You can either send a check payable to the Union is ready to make a transfer to the account whose bank details are on your account opening documents.
5 What are the requirements to become an investor?
Individuals (resident in France or abroad and corporations (holdings, corporations, foundations, etc.) can become an Investor in Loan Union.
If you are an individual, you must be an adult and have an account at a bank in a country of the European Economic Area. It is not necessary to be French resident or having an account in a bank in France.
Also, you must apply to be categorized as a professional investor (as the investment product is intended for adult audiences).
To be professional investor, observe 2 of the 3 conditions set by the AMF, namely:
– Be an “active” investor on the stock markets on own account or on behalf of others (first condition)
– Have worked at least one year in a position related to corporate finance (accounting, audit, management control, treasury / cash management), market finance, banking or insurance (second condition), which lets you justify a knowledge of financial investments.
– Hold financial assets (unquoted securities or securities account sides + + + life insurance booklets + current accounts + AEP + units or shares of listed or unlisted company, REITs, innovation funds, SCI + others …) at least € 500,000 (third condition).
If you are a corporation or a tax resident abroad, do not hesitate to contact our Investor Service by email (email@example.com).
6 After an order, how is the confirmation of this order?
Orders for fund units subscription are run once a week on Tuesday ( “fixing”) with value date for the following Thursday (J). The value of units subscribed is known D + 2.
Pending the fixing, fund shares are “waiting for subscription.”
Furthermore, Ready Union connects an application (the Borrowers) with an offer (the Investors). If we do not have enough requests Borrowers side, we do not perform all fund units subscription orders therefore remain in “standby underwriting.” To “choose” Investors who see their subscription orders executed and therefore their money invested, we use the rule “first come, first served” (as for any stock of order book). Orders for fund units Subscriptions are valid for 90 days.
7 The Offering is it liquid?
Investment products offered by Ready Union are not liquid as bank books.
Liquidity is ensured by monthly repayments from borrowers.
Each month, borrowers pay a monthly fee to their credit (consisting of interest and principal), this represents thousands of samples, and between 3 and 5% in value of each fund.
So every month the samples are transferred into the fund; This cash contribution can:
-either To settle reimbursement claims from investors shares
-In Case of lack of demand for repayment, the cash is reinvested in new loans
In the extreme case where all investors ask to redeem their shares at the same time, shares of reimbursement orders would be executed pro rata, and each investor would recover between 3 and 5% each month until full repayment.
In practice, investors who wish to leave can apply for a full or partial redemption of their investment on their investor space, to be implemented after a notification 30 days.
For more information regarding liquidity conditions, please consult the documentation of funds.
8 Can we remove the uninvested cash from his account?
An investor can make a withdrawal / transfer from the Investor Account Loan Union into his personal bank account by going to the “withdraw funds”.
This withdrawal is only possible on the uninvested cash in your account (see question on liquidity)