Lenders, panel and loan offer
FISE: the only document that makes two loan offers truly comparable
The FISE aligns two loan offers item by item. The reading order that avoids false discrepancies, and the three sections where the price is hidden.
The FISE, or European Standardised Information Sheet, is a personalised and free sheet that the lender or the intermediary provides at the latest when the loan offer is issued. Each institution completes it using the same template: two sheets can therefore be compared item by item, starting with the loan characteristics before the APR. It informs without binding: only the loan offer binds the lender.
By Sandy MASCART, mandataire d'intermédiaire en opérations de banque et en services de paiement ORIAS 26000541 sous le mandat de CDV PATRIMOINE & ASSURANCE (ORIAS 14005573)
Key points
- The FISE is free, personalised and provided at the latest when the offer is issued: it is the document designed for comparing two proposals.
- Two APRs can only be compared if the amount, the term, the interest rate type and the amortisation structure in section three are identical.
- A lower APR may simply indicate a lender who overlooks a fee and has therefore not included it in their calculation.
- In the intermediary section, look for who they are, whether they advise, how and by whom they are paid; what is missing should be requested in writing.
- The FISE binds no one: it is the loan offer that binds the lender and opens the cooling-off period, not the sheet provided beforehand.
The FISE, the European Standardised Information Sheet, makes two loan offers comparable. Place two sheets side by side, item by item: the actual difference appears. It is part of the documents provided by the lenders, along with the loan offer and the repayment schedule.
What is the FISE, and when should you receive it?
A personalised sheet, provided free of charge on a durable medium, at the latest upon the issuance of the offer. Its purpose (Article L. 313-7 of the Consumer Code): to compare offers and decide with full knowledge of the facts.
- Free of charge, stated in plain text.
- Personalised: it quantifies your application, it is not a grid.
- Based on a single model (Article R. 313-4): item 6 of one sheet refers to the same thing as item 6 of the other.
The fifteen items, and what to look for in them
- The lender.
- The intermediary, and their remuneration.
- The characteristics of the loan: amount, term, type of interest rate, amortisation, total amount to be repaid.
- The interest rate and fees: the APR.
- The number and frequency of payments.
- The amount of each payment.
- The indicative repayment schedule.
- Additional obligations: property insurance, domiciliation, linked products.
- Early repayment and its fees.
- Options: transfer, modulation, pause.
- Your rights: reflection period, withdrawal, portability.
- Complaints.
- The consequences of a default.
- Additional information.
- The supervisory authorities.
Is item 8 or 9 silent, even though your application involves obligations or exit fees? Request in writing where the information is located.
Comparing two FISEs without making a mistake
Section 3 first, then 4, then 6. Two APRs can only be compared if the amount, term, interest rate type and amortisation are identical. Otherwise, have a new sheet prepared.
Taux annuel effectif global
Sur un crédit immobilier, écrire « taux effectif global » ou « TEG » est une dénomination périmée : le code impose « taux annuel effectif global ».
- En vigueur depuis le
- Source
- Article L. 314-3 du code de la consommation — Légifrance
Calcul actuariel par méthode d'équivalence, intérêts composés
Multiplier un taux mensuel par douze ne produit pas un taux annuel effectif global.
- En vigueur depuis le
- Source
- Article R. 314-3 du code de la consommation — Légifrance
- Variable rate: ask for the assumptions behind the displayed rate. See the variable rate clause.
- A lower APR may hide fees that the lender declares it does not know about: read this line in Section 4 before the rate.
Section 2: what the intermediary receives
Who they are, whether they advise, how and by whom they are paid. Is a response missing? Request it in writing.
These fees are included in the APR. See the intermediary fees and the fees published.
The three sections where the real price is hidden
- Section 4, for what it excludes from the rate.
- Section 8: account domiciliation, property insurance, savings, card. For each: term and cost, especially outside the APR.
- Section 9: require a maximum amount or a worked example of the penalty, not a reference to the general terms and conditions.
How long the price holds
Read the sentence around the validity date: if it reserves the rate, the date does not cover the price. Ask in writing until when the rate is maintained. A FISE is neither an agreement nor a commitment to lend.
FISE and loan offer: what informs, what binds
The FISE informs, the loan offer binds the lender. If the loan offer differs from the sheet, it must arrive with a new FISE (Article L. 313-24 of the Consumer Code).
- Délai de réflexion de l'emprunteur 10 jours
- Maintien minimal des conditions de l'offre 30 jours
Le délai court à compter de la réception de l'offre, qui compte comme jour zéro. C'est un délai incompressible, et non un délai de rétractation.
- En vigueur depuis le
- Source
- Article L. 313-34 du code de la consommation — Légifrance
Missing sheet: the request in one sentence
Write: “the European Standardised Information Sheet corresponding to the proposal sent on [date], on a durable medium, in accordance with Article L. 313-7 of the Consumer Code”. Ask each institution for it, date the receipt, and keep the version that was used to decide.
Two sheets and an unexplained discrepancy? Have them read back by telephone before the end of the cooling-off period.
Create your file: compare sheets on your actual file.
Sources
Read next
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- Loan offer: cooling-off period, validity, and how to avoid starting over The cooling-off period is counted to the day, the validity of the terms, and the modifications that require a reissue: accept your offer without losing time.
- Capped variable-rate loan: what the clause says, and what the cap does not protect against Index, frequency, margin, cap: read the variable-rate clause of a mortgage in four lines, and identify what the cap does not protect against.
- Reading a mortgage rate: nominal, APR, usury threshold, and the gap between Lyon and the regions Nominal rate, APR, TAEA, average effective rate, usury threshold: what each figure covers, where to read the official reports, why yours will differ.
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