Public Credit: Public Service Special SolutionsOn July 29, 2019 by Joel Simmons
Benefits to the demand for credit
As a public servant, job security provides benefits to the demand for credit. For example, dedicated organizations offer auto loans or real estate loans specially designed for public service workers. But this facility to get credit for a setback: the officials are the most indebted workers.
Job security can lead to imprudent credit.
- Banks for civil servants
- Real estate loan for public servant
- PTZ and civil servant: public service rate 0 credit
- Assisted Loans for Civil Servants
- Auto loan
- Purchase of credit for FICP official
- Credit for public service contractors?
Find a government loan at the best rate thanks to our simulator
Civil servants generally have modest incomes, given their qualifications, but have the immense advantage of having a job for life. Credit is therefore a particularly useful financial tool when working in the public service.
The main strength of the “official credit” is to simplify a loan over longer periods. A bank lends more easily when it knows that the borrower is not likely to lose his job until retirement. Where a 30-year credit might have denied a “typical” employee, it may be accepted for a public servant.
Densacs was a cooperative bank dedicated to teachers. It is now part of the Bank Popular network, and has been open to the entire public service.
Its members benefit from a points system, allocated according to the savings of its customers. The longer you save, the more you earn points. These points then make it possible to obtain credits at more advantageous rates. These points are transferable, which can be obtained via parents or children.
Densacs is especially competitive when the borrower is a long-time customer, with substantial savings. For new customers, the offer is immediately less interesting.
Take advantage of the entire general society offer and the benefits offered by the bank, more than 1.2 million customers already trust us.
I think this old excerpt from the bank website is clear and precise! The official loan of Banque Fédérale Mutualiste is nothing more than a product of general society, with personalized advice, with offers dedicated to military, hospital or teaching staff.
What will determine the advantages of taking a “credit function” at SocGen will be the gains that can be obtained by not paying fees, having insurance that is not overpriced, and being able to benefit benefits associated with PAS loans, such as entitlement to APLs, Personalized Housing Assistance.
In addition, since each general society agency has at least one bank advisor, it is easier to get an appointment closer to home with someone in the flesh.
Social Credit of Officials
The association CSF (Social Credit of Officials) is a 1901 association, created in 1955 to help officials, who often had no guarantee, to obtain credit. The association aims to provide a solution above all for sureties for the youngest or the lowest civil servants, thanks to a system of mutual guarantee.
Since then, the association has developed and provides comprehensive solutions to the various financial problems that a public servant may encounter throughout his life. In 50 years, 2 million civil servants, who have a public service mission, have joined the CSF, according to their commercial argument.
In addition, the numerous partnerships established with public sector actors allow the CSF to offer dedicated benefits. Present in the main cities of France, the CSF has few agencies, but many “meeting points” (by appointment), where it is possible to meet a consultant.
The CSF is mainly aimed at the poorest or the youngest civil servants, those who are lucky to have higher incomes have more advantages to go through a more traditional banking institution, which anyway will always see welcome the job security that an employee presents as a guarantee.
Unlike bank or Densacs, the CSF is independent of major banking institutions. This allows him, at least in theory, to offer the best offer to their customers, among the banks that work with the CSF.
In 2014, CRESERFI, ” Credit and Financial Services “, a subsidiary of CSF specializing in financing, obtained the approval of the ACPR as a financing company. This forces him to a higher quality requirement. It must be said here that the CSF was not very good press before this approval, proposing variable rates that could cause many problems to borrowers when rates went up. Now, with fixed rates historically low, variable rates are no longer justified.
Some countries offer mainly variable rates to their citizens
As is the case mentioned in our article on credit in Portugal: variable rates are the norm, indexed to European benchmark. These variable rates so much criticized in the past are now a boon for all those who made a loan a few years ago: their loans have almost zero interest rates today!