What is Crédit Municipal de Paris (CMP)?
Crédit municipal de Paris (CMP), formerly known as Mont-de-piété or "Ma tante", is the oldest financial institution in Paris. The main activity of the caisses de crédit municipal is to grant pawnbroking and short-term loans (two years).
Since 1637, the establishment has been offering pawnbroking, a form of credit that involves pawning a valuable object (jewelry, silverware, paintings, sculptures, tapestries, glassware, musical instruments) in return for an immediate loan representing 50-70% of the object's value on the public auction market. The money is paid out immediately, once a contract has been drawn up. The item can be recovered at any time, by repaying the loan amount and interest. The cost of the loan currently varies between 9% and 15%, depending on the value of the item. There is no maximum term, as long as the customer pays the annual custodian fees.
Crédit Municipal decides that items can be put up for sale when customers, despite reminders, fail to pay the charges. They are generally sold three months after the due date.
Pawnbroking is therefore a short-term means of accessing liquidity and recovering assets, provided you can pay the sometimes high fees on time.
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