Online personal loan: all about this consumer credit

Online personal loan is offered by all credit agencies, but also conventional or online banks. Without proof of use of money, the personal loan allows you to freely carry out small and large projects. We wondered where to find the best loan online, but most importantly how to make sure the application is accepted.

What is an online personal loan?

What is an online personal loan?

The online personal loan is a consumer credit without proof of use of money, which can be obtained 100% on the internet. Very developed, it allows you to finance a long trip as well as to buy gardening equipment. The major credit organizations have made every effort to obtain it by simplifying the procedures. Update on the main features of online personal loan:

  • Loan without proof of use of money
  • Fixed APR rate
  • Amount: between $ 200 and $ 75,000
  • Repayment period: generally 12 to 60 months (more or less in some cases)

Online personal loan rates

Online personal loan rates

Personal loans are a classic of consumer credit. The fact that it generally does not involve any proof of use makes it one of the preferred credits of the French. Online organizations are fighting a constant battle to offer the best personal loan online. Thus, it is possible to find a personal loan of $ 8,000 over 24 months at the best APR rate at Cofidis. But also to note that it is a competitor who is positioned at the top by selecting a different repayment period. Our example of an online personal loan for an 8,000 USD loan application over 48 months allows us to realize the significant differences in APR rates between several of the best personal loan offers online.

 

Personal loan simulation $ 8,000 over 48 months
Fixed APR rate
Monthly fees
Total cost of credit
Best Credit Organization
3.69%
179.31 $
606.88 $
Second best offer
5.77%
186,50 $
952,00 $
Third best offer
5.93%
187.05 $
978.40 $

 

How to know if it will be accepted?

There is no point in getting the best rate if your personal credit application is denied. Our credit comparator has been designed to provide an immediate response in principle to each loan request. If the file is refused at the first organization, it is possible to query the following two best offers in one click. Or as many chances to get a first immediate favorable opinion.

Good to know: the conditions for accepting a loan differ from one organization to another. This is the reason why it is important to use a comparator connected to specialists when you are looking for a cheap personal loan.

The Benefits of Personal Loan Online

The Benefits of Personal Loan Online

The advantages of online personal loan are numerous:

  • Quick to get
    It is possible to get a quick personal loan notice. You just have to select “personal loan” on our form, implying the start of a form. Five minutes are enough to get a first response in principle from the organizations.
  • Simple
    The online personal loan is an easy credit. The fixed APR rate clearly indicates the total cost of the loan, as well as the monthly payments. The credit contract obtained after agreement in principle has no pitfalls. It is also easier to take time to read a credit agreement obtained online than when you are faced with an intermediary.
  • Accessible
    Our credit form can be completed at any time of the day. It is thus possible to simulate a personal loan online anytime, as long as an internet connection is available.
  • Free
    Applying for credit online is free, which is rarely the case over the phone, given the cost of customer service calls.

Alternatives to online lending

Several conventional methods also allow you to apply for a loan.

By telephone

Credit agencies have their own telephone line. It is possible to inquire about applying for credit by telephone, but most lines are chargeable. Our advisers are also available (03 20 88 52 11 – Monday to Friday from 9 a.m. to 8 p.m., 9 a.m. to 4 p.m. on Saturdays) to support each loan request.

Directly in branch

Some credit organizations have their own physical agencies. It is possible to obtain a Bankate personal loan directly from the group’s largest brands.

Personal loan online banking: a good formula?

Personal loan online banking: a good formula?

The vast majority of online banks offer credit solutions, but not always a personal loan without proof. In addition, it is most of the time necessary to be a customer of online banking to hope to obtain a credit. Almost all online banks offering a personal loan formula condition its obtaining by having a current or joint account. However, changing banks is far from the priority when you want to obtain credit.

Finally, the APR rates charged by online banks rarely compete with the best offers from specialist organizations. Despite everything, they are more interesting than those of traditional banks.

Classic banks lagging behind

The rate of personal loan conventional banks are generally unattractive, as shown in our study of the staff savings bank loan or the loan staff Banktire. Unfortunately, this is not the only negative point of credit in traditional agencies. Lagging behind on most of the criteria for a good personal loan, conventional banks also lag behind in the way they process files. The only advantage of the personal loan within a traditional bank is finally to have the possibility of exchanging in branch with an adviser, which is impossible in the case of a personal loan online.

How to get the best personal loan online?

How to get the best personal loan online?

With a few simple steps, you can identify the best personal loan online, but also make sure you receive a favorable opinion.

  1. Identify your need for money and the ideal repayment term by performing a personal loan simulation online. This first step makes it possible to sort out the best APR rates adapted to your situation.
  2. Organizations connected to our credit comparator are able to provide an immediate response in principle to each request. In the event of an unfavorable response at the best rate, it is possible to question the following two specialists with one click.
  3. Once the online personal loan contract has been obtained, all that remains is to check the conditions and supporting documents before signing. The most reputable credit organizations now offer the possibility of signing the contract electronically, in order to save time.
  4. Once the credit contract has been received and approved, the organization can pay the money from the 8th day, depending on the duration of legal receipt of consumer credit. The validation of the contract also leads to the start of the withdrawal period, fixed at 14 days by law ( see here ).

Good to know: you should not overestimate your monthly repayment capacity when applying for credit. It is better to opt for an easy-to-amortize online personal loan than to jump on a 12-month credit offer at a promotional rate.

Is the best consumer credit a loan at the best rate?

We all tend to think that better consumer credit is synonymous with better rate and this is very true in most cases. This is also why we have based our system on a comparison of the best rates expressed in APR, a standard established by consumer credit law.
We will also see that to benefit from the best consumer credit, you have to be careful with your repayment capacity even if you do not always benefit from the lowest rate.

Defining the best consumer credit

Defining the best consumer credit

If we have to stop at financial analysis, getting the best consumer credit is getting the best APR rate for the same amount and the same duration.
To do this, you simply need to use our credit comparator which very regularly records all offers for all amounts and over all durations of the largest credit organizations. You will get the ranking of the best consumer credit, from the cheapest offer to the most expensive offer.

To optimize the means of obtaining the best consumer credit and circumvent the problem of organizations which display low rates but which only grant them to 5% of the best customers, we have developed a specific questionnaire. In fact, not only will you get the ranking of the best consumer loans based on the taeg rate, but in addition, you will have a non-binding assessment for the organization that offers the best rate. You will thus know if it is not preferable to fall back on the second and third best rate.

We use the APR, the annual effective annual rate, which has been defined by the law on consumer credit as being the reference rate including all costs (including administration fees) and which must be communicated by the credit organizations. .

But to get the best rate, you will seek to decrease the repayment period because the lowest rates are for the shortest durations. However if you reduce the repayment period, your monthly payment will increase. If you take too large a monthly payment, you will find yourself in the red at the end of the month and we will no longer be able to talk about better consumer credit!

Best consumer credit: lowest rate

Best consumer credit: lowest rate

To get the lowest rate, it’s very simple, just one solution, use our credit comparator which gives you the ranking of all the offers from the largest credit organizations.

You will see for yourself, the lowest rates are for the shortest durations. Generally 12 months. But these rates are call rates because if you take credit for 12 months, the monthly payments are going to be astronomical. For example, for a credit of 10,000 USD over 12 months, the monthly payments will be around 900 USD per month !! It is probably the best consumer credit but only for those who can afford it !!!

If you ever want to go check in the bank if they are able to match the best consumer loan (which is unusual, as we explained in our article on banks and consumer credit that you can find it through our search engine in the right column), we advise you to find the best consumer credit on our site first and to complete the online credit questionnaire, it’s not engaging, you will just get the best online consumer credit among the largest credit organizations. You will then receive an offer which you can show to your banker and which can serve as a basis for negotiation. You will see if it can line up or not and you will therefore have every chance on your side to obtain the best consumer credit.

In conclusion, be objective about your repayment capacity so as not to put yourself in the red at the end of the month, you might not get out of it, a credit does not deserve that, even the best consumer credit! If banks and credit organizations advise to have a debt that does not exceed 33%, it is not for nothing.

Best consumer credit and lowest rate: the right compromise

Best consumer credit and lowest rate: the right compromise

In conclusion, be objective about your repayment capacity so as not to put yourself in the red at the end of the month, you might not get out of it, a credit does not deserve that, even the best consumer credit! If banks and credit organizations advise to have a debt that does not exceed 33%, it is not for nothing.

This debt ratio will allow you to determine the maximum monthly payment for which you can borrow. Then, to find the best consumer credit at the lowest rate, it’s very simple:
In our simulator, start by filling in the amount you need and select your type of project. You then choose the duration suited to your maximum monthly payment. The calculation is done automatically, you will find this monthly payment in the table of results. You just have to click on the best consumer credit and do not forget to fill out our questionnaire, it is not engaging and it lets you know if you will be accepted at the best rate.

It is only when you return your signed contract with all the documents that the organization will decide whether or not to pay you the money.

Cautions You Should Take When Making Payroll Loans

It is better to be safe than sorry, says our saying so wisely. In every action we take, we need planning and risk assessment. It would be no different when hiring any loan because in doing so you may be successful or fall into a difficult trap to get rid of just because it is a long term loan.

Thus, today’s article will seek to clarify some doubts about hiring this type of service. So here are five precautions you should take when making payroll loans!

Do not hire unknown companies

bank

The first caution seems obvious, but it is still a frequent case. When you are considering making payroll loans you first need to make sure that the company has good repute and credibility in the market. The most suitable institutions for this situation are banks or financial institutions registered with the Central Bank.

Therefore, check this requirement before hiring a loan. In the case of Payroll, there is one more factor for you to pay attention to – the company you work for must have an agreement with the bank or financial institution in order for you to be eligible for this type of credit.

Do not sign anything without reading

Even a central bank-registered financial institution can generate some headaches. This is because each company has its interest rate and its conditions and, as your signature is your commitment, make sure you have all the clauses and all the details of that action. Of course these days, with online and encrypted hiring, the risks are lower. However, they have not been extinguished and attention to what is being hired is still extremely necessary.

Don’t hire more than you need

bank

Financial education is critical when applying for a payroll loan. It should be noted that 30% of your budget may be committed over the next few years to the installments payable on your financing and this may directly affect your routine. However, if the contractor takes responsibility and keeps up with the installments, it will be much easier to take out a new loan if there is another need.

Also, plan all the steps that will be taken with the loan, know where your money is going. This is a great way to get him to surrender and not fall into another debt.

Do simulations and don’t hire the first bank

bank

Sometimes when we are in a difficult situation we make hasty decisions. However, it is these moments that demand the most awareness and clarity in action. This way, never contract with the first bank or financial institution you find. Calm down, look for simulations, most offer this service online, and see which one is right for your pocket.

Check entry and discount values

After hiring the service you must always be aware of your procedures. Always check the money that has been deducted from your revenue and the money that has been deposited in your account. Check that everything is in accordance with the contract and if not, call the creditor financial institution immediately.