You have to know how to go about it and where to apply for the cheapest personal credit: the one with the lowest APR rate. Who among credit organizations, banks or other consumer credit players offers the best personal credit? Let us detail the characteristics of personal credit. We will then see that it is possible to obtain an answer in principle at the best rate in a few clicks.
What is personal credit?
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Personal credit – or personal loan – is a consumer credit without proof of use of money . Simple and effective, it allows you to freely enjoy a sum ranging from $ 1,000 to $ 75,000, and generally reimbursed over 12 to 84 months.
This very classic loan is offered by all credit organizations (Bankil, Yoabank, Bankate, etc.). Banks and certain insurers are also able to offer it, most often only to their customers. The very large offer makes comparison difficult. It is currently difficult to identify the cheapest personal credit without using a credit comparator.
Cheapest personal credit = lowest APR rate
The cheapest personal credit is by definition the one with the lowest APR rate (annual effective annual rate) . We must always use the APR, the benchmark for consumer credit, to compare several offers of personal credit on an equal footing. This personal credit rate brings together all the costs of a credit, namely interest and any additional costs (administration fees, etc.). The APR rate is always fixed in the case of a personal loan, allowing you to calmly calculate your monthly payments. Our comparator is only based on the APR rate to distinguish the cheapest personal credit from the most expensive.
Least expensive personal credit: comparison of APR rates
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Do not rush headlong towards the first proposal for personal credit, at the risk of paying too much. There are indeed differences in APR rates between the various players in consumer credit, under similar borrowing conditions. We used our comparator to find the best personal credit rates online (request of $ 10,000 over 48 months), before surveying several large banks, as well as two well-known insurers. Who offers the cheapest personal credit?
The cheapest personal credit is, unsurprisingly, that of credit agencies . This observation is the same during the vast majority of credit simulations carried out over time. We note, however, that there is a difference between the offers of organizations, including between the best and the second. Our comparator includes the best specialists, guaranteeing the obtaining of cheap personal loans.
Banks overtaken by credit agencies
Our search for the cheapest personal credit leaves no room for doubt regarding the banks’ rather poor supply. Consumer credit is not the priority of traditional financial institutions. Let’s list the main disadvantages of personal loan from banks:
- You generally have to be a client and have your income domiciled to benefit from it.
- TAEG rates are generally high
- Application fees are sometimes applied
- It is difficult to get an immediate policy response
- Processing of files is slower than in organizations
Banks offer personal credit simulations incorporating an indicative APR rate, but are only rarely able to offer an immediate answer in principle. Whether it is the question of fast personal credit or the level of APR rates, organizations (Yoabank, Bankil, Franfinance, Bankate, etc.) are difficult to beat.
How to get the cheapest personal credit?
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There is no point in knowing who is offering the best rate on a consumer loan if the credit request is answered in the negative. Now that we know that the cheapest personal credit is – with some exceptions – that of online organizations, let’s see how to get a favorable opinion. Connected to the main organizations, our request form offers the best rate, but above all provides an immediate response in principle. There are three simple steps to get the cheapest personal credit.
- Start a search for the cheapest credit by entering “personal loan” on our credit form, the desired amount and the ideal credit duration.
- The questionnaire is completed in less than five minutes, after having filled in several classic pieces of information (situation, income, etc.).
- The best organizations are interviewed, allowing us to estimate the real chances of receiving a positive opinion. Acceptability above 80%, as in the example below, indicates that the organization concerned (here Yoabank) has all the guarantees to give its agreement.
Organizations whose opinion is favorable will make a loan proposal within 24 hours, by email. It will only remain to target the best APR rate, before submitting the proposal by sending the usual credit documents (identity document, proof of address, salary slips and at least the latest tax notice).