One may need a loan of money to carry out a project, or simply manage the unexpected of daily life. How much to borrow? How much to repay each month? What rate of money loan is acceptable? These are the three basic questions to ask when you want to borrow money.
Personal loans now allow you to access money without having to justify its use. Let’s go through the different conditions to get credit easily.
Money loan, how much to ask?
The best credit agencies all offer at least one loan of money in the form of personal credit. Without proof of use of funds , it allows to realize all conceivable projects. The amount of the money loan should be as close as possible to the actual need.
Too much credit will imply higher monthly payments, or a less advantageous rate in the event of an extension of the term. It should be borne in mind that the amount and duration of credit are the first two criteria that will determine the rate, and therefore the total cost of credit . The cost is also calculated using the APR, the benchmark indicator for any consumer loan. Credit specialists are connected to our comparator. Playing on the amount and duration on our tool therefore allows you to systematically obtain the best money loan.
Money loan of 5000 $ or more, which one to choose?
It is usually through a personal loan that one usually obtains a credit of 5,000 USD or more . Who says popular formula implies a certain competition. Credit organizations without a bank (Bankate, Yoabank, etc.), conventional banks, online banks: everyone has a personal loan up their sleeve.
Personal loan: the rate lottery!
You can find everything about personal loan rates. Our credit experience allows us to say that an online credit simulation for a loan of money of $ 5,000 can sometimes be three times more expensive than the best offer. Certain conventional banks are notably very expensive. If the physical presence of an advisor can reassure, it certainly does not guarantee personal credit at the best rate. Here is a perfect illustration of the differences in rates that can be seen between several credit players.
The best credit agency is three times cheaper than the second! For the same cash loan of $ 5,000 over 36 months, the total cost of credit can therefore drop from $ 330.88 to $ 969.88. Monabanq is in between. Unfortunately, it is not very competitive with the best organizations. Better to prefer online credit to get money without paying too much interest. This simple comparison shows the importance of a comparator.
The affected loan alternative
A number of organizations have developed affected loan formulas. It should be understood in this term that the loan of money is justified by a purchase within the credit contract. The work loan and the new or used car loan are the two most telling examples. Present on our comparator, the affected loan is often offered at more advantageous rates than those of the personal loan. The applicant will however be obliged to provide proof of purchase.
Best credit for a small loan
It is revolving credit that best adapts to a money problem or exceptional need . It differs from personal loan on several levels. Once the contract for the loan of money accepted by the organization, the applicant sees his wallet being renewed over the repayments.
Revolving credit rates are generally higher than personal loan rates . It must be said that this formula allows a really interesting flexibility of use. Once you have a first contract, it is possible to use a new loan of money at any time, depending on what has already been repaid. If the time to obtain the credit money during the initial subscription is at least eight days, that of the following uses is zero. We can speak in this case of immediate credit.
As in the case of personal loans, revolving credit is a formula offering a multitude of rates. The same logic applies: you have to compare in order not to get “rolled” . On our comparator, a need for money or personal loan of less than $ 4,000 will redirect to revolving credit offers. This small loan is the most accepted on average: some requests for credit without CDI even lead to an agreement in principle.
Small credit, use sparingly
small credit does not come under the legal framework of consumer credit. The law tells us in particular that any credit of an amount less than $ 200 and / or of a duration of less than 90 days is not subject to the same laws. Certain organizations such as Cashper have therefore made their nest in this sector. The offer is simple: you can request up to $ 200 in 24 hours, provided that the request is made early in the day.
It is a simple and quick money loan, but it has a significant cost . Calculated on annual rates of around 20%, it represents a costly advance. The cost of the small credit may seem low as it is usually paid back in a few weeks. We will only pay a USD or two over the period, but the bill can be more salty when the amount becomes larger. Now that we have made use of the small credit, it is tempting to use it again. Adding up over the long term can be a big deal. We prefer the solution of revolving credit rather than resorting to microcredit for a loan of money.
How to get a suitable money loan
We have seen that there is not a king money loan but several solutions adapted to everyone’s needs. The classic personal loan is the most common formula. It makes it possible to obtain a credit depreciable over more or less long durations, while profiting from advantageous rates. Modular and reusable several times without having to reconstitute a loan file, revolving credit is an alternative to consider to manage temporary or unforeseen expenses . We can finally opt for a mini loan when we want to obtain less than 200 $ in the space of two days maximum.
The bottom line is that you can easily pay up to three times more interest on the same loan . The same loan can cost three times more from one organization to another. This is why the rule of thumb for getting a cheap money loan is to compare all the offers.