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is 3.50 or 4% loan good from Credit Agricole?


searcher30
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i went into Credit Agricole today and told them that needed to look into loan to do up a gite and our main house - anything from 20k to 70K . he asked about income and i said main income is from gite business (maybe tea room too with other things). so was told if got some quotes together he would try and get something through for me at the above rate with little or no penalty? this sounds quite good as an option but has anyone else used the loans from gite de france or any other schemes such as ANA (which is run by maison de l'habitat I believe) and what are your thoughts on it?
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You should be just as wary of " too good to be true " offers from French banks as we've all learnt to be of UK banks. If you were to take up this offer and your various businesses took off then you'd end up paying loads of income tax and maybe wealth tax also if everything goes really well.

Just be careful out there.

Benjamin

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Er..... I don't quite follow the point you are making here, Benjamin.

Regardless of whether they're English or French, banks do not offer "too good to be true" offers. Their offers are always "true" and are always transparent in their terms.  The UK and French financial regulations and national banking codes ensure this.

Furthermore, I think you'll find that any business which takes off and goes really well will end up paying loads of income tax and maybe wealth tax, regardless of whether it was on the back of a bank offer or not.  After all, the whole object of going into business is to make money - hopefully loads of it.

 

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So, Sunday Driver, you missed the recent UK TV program, together with recordings of actual conversations with telesales personnel employed by certain large financial organisations, regarding the mis-selling of Payment Protection Insurance.

There wasn't a lot of point in my posting except to take the p*ss out of someone who enjoys wasting everyone's time with their inane questions.

Benjamin

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Sorry Sunday Driver, but I agree with Benjamin.  In the "too good to be true offers" the small print may include a number of nasty clauses which okay are transparent but many people still do not read the small print.  Hence the warning 'be careful out there'. 
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We have just taken out a mortgage with Banque Populaire - 15 years fixed at 3.75% - which we were very happy with.

There is a 3% penalty for capital payments but this is

negotiable.  My understanding is that if you want to make lots of

small capital payments then the fee applies but if you want to make a

large payment say when an investment matures or you receive a lump sum

on retirement / inheritance etc then the fee will be waived. 

Hastobe

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I agree with Sunday Driver. I fail to see any connection between taking out a bank loan and paying tax. I would be delighted to pay loads of income tax and wealth tax - it would mean I have been succesful.

All Banks have to operate to a code of practice and, yes, they all have small print. It is surely up to us to read it deal with it. There is no compulsion to accept their loan after all.

I have not yet borrowed from a French Bank, although had a loan set up with one for a Leaseback opportunity which did not take off. The process was straightforward at around the rates quoted in the original post. Not with Credit Ag (who my main accounts are with) as I obtained competing quotes for the business from a number of lenders, some of whom I rejected because of terms which, to me, were unacceptable. How did I know that? I read the documents! Not exactly rocker science. As hastobe found, there was an early repayment penalty on mine but it only existed for the first few years anyway during which time the mathematics showed I would not be in a position to make a lump sum repayment.

I really have no complaints about Banks generally - if you don't like the service/cost move Banks! I really cannot understand people who glibly sign papers that they have not read/understood and then complain later that they have been badly treated. Caveat Emptor.

Andy

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8 - The moderators have been in contact with the originator of this post and have temporarily banned them from the forum and locked this thread until such time as they receive a satisfactory response after which the ban and lock may be removed.

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