The municipal credit of Paris lowers its rates and increases its allocated amounts up to 60% of the value of the property deposited. Customers will now also be able to come in the morning without an appointment. Mont-de-Pit is changing its terms for granting loans.
The Crdit Municipal de Paris is reviewing its loan terms. If the concept does not change, the rates are revised downwards. To benefit from a loan at the Crdit Municipal de Paris, customers deposit an asset whose value is estimated by an auctioneer. Once the property is appraised, they leave with a loan ranging from 30euros 5million euros. Once the pawnbroker is paid off, they can get it back.
Since April 4, pawnbroking borrowing rates have been on the rise. 15% drop over a year. While the lowest rate, 2%, only concerned loans ranging from 30 to 300 euros, it now applies to loans up to 500 euros. And that’s not all. In addition to its more advantageous rates, the Crédit Municipal de Paris has decided to increase the amount allocated in relation to the value of the property. We explain to you: previously the amount of the loan was on average 54% of the value of the property, today it represents 60% of its value.
Examples:
Before April 4, a person depositing a jewel worth 680 euros would have obtained a loan of 370 euros with an interest rate of 7.80%. Today, she can benefit from a loan of 410 euros 2%.
Before April 4, a person depositing a work of art worth 21,700 euros would have obtained a loan of 11,718 euros with an interest rate of 4.90%. Today, she has a loan from 13020 euros 4.60% interest rate.
In a press release, Frdric Mauget, director of Crdit Municipal de Paris explains: In 2022, Crdit Municipal de Paris adopted a new Strategic Plan, which we wanted to be particularly ambitious. These initial measures reflect our determination to strengthen the institution’s social mission and affirm our role as a committed lender to all Parisians and Ile-de-France residents.
The morning without an appointment
In addition, access to the pawnbroking service has been agreed since Monday. Parisians and Ile-de-France residents can now go to the Crdit Municipal de Paris without an appointment the morning. Those who wish can, however, continue to make an appointment.
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Since June 2012, the Crdit Municipal de Paris has also marketed the Solidarit term account as well as a passbook account called Livret Solidarit. At the end of 2018, the brand also launched the Livret Paris Partage. At the end of 2020, outstanding savings reached €149.2 million (€106.6 million on passbook accounts and €42.6 million on term accounts).