Legal Definitions - credit mobilier

Definition: Credit Mobilier is a company or association that operates a banking business by providing loans based onpersonal property as collateral.

Example: A person who needs money urgently can approach a credit mobilier and provide their personal property, such as a car or jewelry, as collateral for a loan. The credit mobilier will then provide the loan amount based on the value of the collateral.

Explanation: Credit mobilier is a type of banking business that provides loans based on personal property as collateral. The example illustrates how a person can obtain a loan from a credit mobilier by providing their personal property as collateral. The credit mobilier will then assess the value of the collateral and provide the loan amount accordingly. This type of loan is useful for people who need money urgently and do not have other forms of collateral, such as real estate.