5 solutions to borrow without a CDI

Posted on June 20, 2020
credit solution without cdi

Obtaining a loan while working on a temporary basis: a challenge? It is true that compared to a person on CDI, banks and other traditional financial institutions may be a little more reluctant to grant a loan to an employee on CDD or temporary . However, don't panic, there are a few solutions.

Solution 1: present a good profile

First and foremost, any lender will ensure your repayment capacity by comparing your profile to the acceptance rule and the scores:

  • Regarding the acceptance rule, if you are unknown to the National Personal Loan Repayment Incidents ( FICP ) file of the Bank of United States, you will appear as a person capable of managing their budget and therefore, of paying their debts. You can take out a loan.
  • The notion of employment contract comes into play in terms of scores. So, of course, you are not employed on a permanent contract, but the fact that you are still on assignment on the date of your application and have always worked during the previous 18 months - 2 years can constitute a solid argument in your favor.

As a temporary worker, you will also be more likely to get a positive response if you have always worked for the same employer (s). It is the same if you work in "dynamic" sectors, such as IT or accounting, etc. because these fields are hardly ever short of employment.

Solution 2: present guarantees or a personal contribution

In particular with traditional financial institutions, your request can be supported by the situation of your spouse: if the latter works on a permanent contract or as a civil servant, his professional stability is a good point for you.

That someone can stand surety for you will also reassure your future creditor. Moreover, if you arrive with a certain contribution (for a mortgage in particular), your file will be considered more solid.

Solution 3: claim dedicated formulas

Some traditional financial organizations include in their operating policies loan offers to people on fixed-term contracts or temporary work. Indeed, their collaboration with the Temporary Work Social Action Fund (FASTT), this 1901 law association representing the financial organization of temporary workers, means that the risks are shared.

Solution 4: borrow from FASTT

Like any financial institution, this association offers various services, including loans, to which you can claim depending in particular on your number of working hours.

For example, you can consider a car loan if, in addition to meeting the usual conditions for a loan, you are still on the assignment and have already worked at least 600 hours (nearly 18 weeks of 35 hours) during the past year.

For a mortgage, you must have been on a mission for more than 30 days, have accumulated 1600 hours (or about 46 weeks) over the past 2 years and not have a main residence.

Solution 5: consider a loan between individuals

Given the interest rate often higher than that charged with traditional financial institutions, some people choose to put their savings for the benefit of others privately.

Moreover, this practice has become even more democratized today, the procedures being more secure thanks to dedicated platforms on the internet.

The final word

If solutions exist, a credit remains what it is: debts which must be paid conscientiously. So he should be motivated by a good reason. Moreover, a consumer credit contracted for a vacation will go less easily than a loan for a car necessary for work or even a basic household appliance, so moderation remains in order.