Consumer credit: comparison of the best rates

The consumer credit also brings out the auto loan, credit work, personal loans and debt consolidation. To find a quick online consumer credit and cheap, compare the best rates and APR succeed in getting an agreement. We went around the market to find the best deals.

Consumer Credit: definition

Consumer Credit: definition

The consumer credit, as designated officially falls all credit operations:

  • between 200 $ and $ 75,000
  • lasting higher reimbursement to 3 months
  • for individuals
  • intended for financing other than real estate

To learn more about the technical definition of consumer credit, it must refer to the website of the French Government.

Getting the best credit consumption

Getting the best credit consumption

To obtain cheap credit, you have both the best deal suited to their needs and get a deal. Indeed, in terms of consumer loan, there are many refusals. Between 50 and 60% of applications are denied.

On the other hand, in order to make the offers of the various consumer credit organizations and banks comparable, the law provides for the obligation to communicate on a single rate: the taeg . This Global Annual Effective Rate includes all the costs directly linked to the credit, including the administrative costs if there are any. In other words, the credit offers are therefore very comparable.

NB: Only the LOA, which is yet officially part of consumer credit, has no reporting obligation on the legal rate. This is also what justifies his rise to power because if the rate were displayed, most customers would flee concessions!

 To be able to offer an objective comparison of cheap consumer credit, we have developed a ranking that allows us to obtain the best offers from the largest organizations sorted by rate. But in addition, it is possible to obtain a first principle immediate response from the lowest corresponding to body needs. This way everyone can know if he can claim the best consumer credit rates. If the folder does not pass, it is possible to query a single click ranked the second body and so on until a first agreement in principle at the best suitable rate on record.

Consumer finance: financial institutions

Consumer finance: financial institutions

consumer credit offers have multiplied in recent years. Among the companies that offer it, we can distinguish these categories:

  • Consumer credit agencies: These are the best specialists like Bankil, Yoabank,… They propose overwhelmingly the best consumer credit rates and above all they have the best sense of the market rate.
  • Traditional banks : The consumer credit of traditional banks is mainly limited to offers dedicated to customers with long service and a large portfolio .
  • Car dealers : very active on the car credit market, they represent real competition for traditional organizations even if they are a little more expensive except during promotional rates. Warning: be very wary of LOA or LLD which ultimately costs potentially much more than car credit.
  • Large distributors: especially active on the revolving credit market for credit cards, they are usually allied with traditional consumer credit agencies to provide these store deals to their customers.
  • Online banks : the latest to arrive on the consumer credit market, online banks are starting to offer offers but they are not really competitive yet .

The different credit offers conso

The different credit offers conso

Personal loan

The personal loan is the best known consumer credit. The personal loan is a loan that can allow any type of funding. It is not dedicated to a particular project. Unlike the others, it is proof of credit without using money made available. Its main features are generally:

  • Amount: $ 5000 to $ 30,000
  • Duration: 12 months to 60 months
  • Fixed taeg rate: from 1% to 7%
  • project without proof consumer credit

The auto loan

We distinguish the new car loan for used car loans. Indeed, the new car loan is a bit cheaper and it must always provide a car purchase receipt. For second-hand car loans, this is not always the case. Second, be aware that more than half of car purchases are subject to a consumer credit or lease. The main auto credit characteristics are:

  • Amount: $ 5000 to $ 50,000
  • Duration: 12 months to 84 months
  • Fixed taeg rate: from 1% to 7%
  • Consumer credit with proof

The works loan

 The work is a ready consumer credit that requires proof of work. This is an appropriation for a specific project. It must provide signed quote or purchase order to be able to get but it is a cheap consumer credit. Its main features are generally:

  • Amount: from $ 5,000 to $ 75,000
  • Duration: 12 months to 84 months
  • Fixed taeg rate: from 1% to 7%
  • Consumer credit with proof

Revolving credit

Revolving credit has a special place in the field of consumer credit. Indeed, it is not subject to a fixed rate as other products but at a variable rate. In addition, it is possible to make prepayments without charge. The credit is replenished as and extent of reimbursement and can be reused. This is why it has long been called a money reserve. Finally the cost of the borrowed amount is above f unction of the chosen repayment rate. Its main features are generally:

  • Amount: $ 500 to $ 5000
  • Duration: 12 months to 60 months (36 months for less than 3000 $)
  • Revisable taeg rate: from 5% to 20%
  • project without proof consumer credit

The repurchase of credits

 Credit redemption is a very specific consumer credit. It allows you to combine your credits into one new loan . It is particularly used from the time when the debt starts to be difficult to bear. All debts will be grouped together in a single new loan, the duration of which will be extended, thereby making it possible to reduce the monthly payment. But the duration being lengthened, the credit generally costs more (it should not be confused with the renegotiation of loan).

In our case it is the consumer credit redemption but it is possible to resume mortgage lending and consumer credit. In this case, we talk about mortgage redemption. The main conditions for buying back consumer loans are:

  • Amount: 5 000 $ to 100 000 $ (Article L311-3 2 of the code of consumption to exceed $ 75,000 in the case of consumer credit redemption)
  • Duration: 12 months to 120 months
  • APR fixed rate from 4% to 7% (note that there is often an application fee for this type of loan)
  • Consumer credit with proof

Online consumer credit

Online consumer credit

To get credit rapid consumption, online credit offers have multiplied. But it still takes at least a good week between obtaining an agreement in principle and the arrival of funds on his bank account.

The principle of online consumer credit is a system that evaluates the application documents after filling a questionnaire. This provides an initial assessment of principle, facilitate getting a quick loan. But it will confirm the personal information stored by sending credentials. Because if you can get a consumer credit without proof of project, it is impossible to get a loan without proof of identity, income, bank and address.

Although the technology for scanning vouchers, even signing his contract electronically, consumer credit law requires a cooling off period to prevent the release of funds before 7 days of signing the contract.

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