Consumer loan: the best rates for each project

The consumer loan designates all credits over $ 200 not affected by real estate. It can thus be either a personal loan without proof as a small revolving credit, or even a car / work loan. Let’s define what a consumer loan is. We can then work on finding the best rate for each project.

The consumer loan explained

The consumer loan explained

A consumer loan is easily identifiable:

  • Its amount is between 200 $ and 75,000 $
  • Its duration is between 12 and 120 months
  • It is always associated with an APR rate
  • It concerns all non-real estate loans

How to recognize a good consumer loan?

How to recognize a good consumer loan?

Always use the APR rate to compare the different consumer loan offers . It is the only element of comparison to clearly distinguish a cheap loan from another to be avoided. Present on all credit proposals, the APR indicates:

  • The cost of interest on the consumer loan
  • Additional costs (booking fees)

Our credit comparator is only based on the APR rate to establish its ranking of the best consumer credit at least attractive.

Where to apply for a personal loan?

Where to apply for a personal loan?

The major credit organizations (Sofinco, Cetelem, Cofidis, etc.) generally still offer inexpensive consumer credit solutions. Starting an online credit process offers several advantages, namely:

  • The ability to compare the best rates without obligation.
  • Access to simplified rapid credit procedures, such as the immediate response in principle.
  • Very competitive APR rates, most of the time better than those of banks, dealers or other lenders

Our credit comparator is directly connected to the best online consumer loan specialists. This translates into an immediate response in principle, without commitment, facilitating a rapid consumer credit approach. Going through a comparator with immediate response is now the best way to increase your chances of finding the cheapest loan possible.

Which consumer loan project is right for me?

Which consumer loan project is right for me?

Choosing the best consumer loan depends on your situation and your need. We will see that it is possible to get better rates by comparing the different offers, but especially thanks to his choice of the right type of credit. Update on all solutions.

Personal loan: for a need for money without justifying yourself

The personal loan is a credit without proof of use of money. A real all-purpose credit, this loan is both in great demand, but above all distributed by a large number of players.

Best personal loan rates $ 10,000 over 48 months Fixed APR rate Monthly fees Total cost of credit
Organization n ° 1 3.30% 222.45 $ 600.20 $
Organization 2 3.30% 222.45 $ 600.20 $
Organization n ° 3 4.10% 302.51 $ 890.36 $

The personal loan in brief:

– Amount: $ 1,000 to $ 75,000
– Duration: generally 12 to 60 months
– Fixed APR rate
– Credit without proof of use of money

This credit is very competitive, as evidenced by this simulation of online consumer credit in the amount of 10,000 USD over 48 months.

Car credit, with compulsory proof

It is necessary to provide a vehicle purchase order to the lender to obtain auto credit. When this is impossible, as when buying a second-hand vehicle from a private individual, you must turn to consumer credit without proof.

The car loan in brief:

– Amount: $ 4,000 to $ 75,000
– Duration: generally 12 to 60 months
– Fixed APR rate
– Credit with compulsory proof (order form)

Remember that LOA (rental with option to buy) is also a consumer loan in the eyes of the law. This solution is on the rise, but costs more than a conventional car loan. The LOA is a consumer credit, but, in cont. Our opinion on the LOA gives an unflattering assessment of this solution. Let us take an interest in order to easily project ourselves to the barometer of the rates of the consumer loan for new car.

Statement of the best new car loan rates Best APR rate from our comparator Monthly fees Total cost of credit
$ 10,000 over 48 months 2.89% 220.69 $ 593.12 $
$ 15,000 over 60 months 3.00% 269.26 1155.60 $
$ 20,000 over 60 months 3.00% 359.01 $ 1540.60 $

Revolving credit, for a small need for money

Revolving credit is a product adapted to a small need for punctual money. This consumer loan is different from the others, because of its reusable nature. The revolving credit indeed grants a reserve of available money, from which it is possible to draw at any time. Its revisable, non-fixed APR rate indicates that it may be different from one use to another, depending on the conditions of the contract.

Revolving credit in brief:

– Amount: from 500 $ to 3000 $, sometimes more
– Duration: 36 months maximum up to 3000 $
– Revisable APR rate
– Consumer loan without proof and reusable by express transfer or with an associated credit card

The works loan: not without proof

The work loan falls, in the same way as the car loan, in the category of credits with compulsory proof. The amount of a works credit can reach significant sums, especially when it comes to carrying out energy improvement works. When a loan concerns a large amount and a long repayment period, the cost of credit between two organizations can range from one to three. Comparing is the key word when talking about a consumer loan for work.

The work loan in brief:

– Amount: $ 1,000 to $ 75,000
– Duration: 12 to 120 months (sometimes longer)
– Consumer loan with proof (quote, craftsman’s invoice)

Statement of best loan rates Best APR rate from our comparator Monthly fees Total cost of credit
$ 10,000 over 48 months 2.89% 220.69 $ 593.12 $
$ 15,000 over 60 months 2.70% 329.81 830.88 $

The case of buying back credits

The loan buy-back is a full-fledged consumer loan. Its interest lies in the fact of grouping several monthly payments of credit in only one. A credit consolidation involves a new APR rate, and new monthly payments. We have developed a dedicated buyout form, offering different solutions adapted to each situation.