Opting for online consumer credit increases the chances of getting a quick and cheap loan. We will see why it is important to compare consumer credit. We will finally see how to easily obtain an immediate agreement in principle, at the best APR rate.
What is online consumer credit?
Online consumer credit means any consumer loan over 200 USD and / or repaid in more than 90 days, with the exception of the mortgage.
Mainly issued by online organizations, consumer credit is also offered by banks, certain insurers, dealers – and professionals automotive – or even craftsmen, in the case of a work loan. We will see what types of loans are best suited to each need, and how to identify the best credit without getting it wrong.
The APR rate, benchmark for comparing online consumer credit
The quality of a consumer credit offer is measured by its APR rate (annual effective annual rate). The consumer credit rate is the basic indicator in a search for cheap credit. It makes it possible to calculate the real cost of the loan, taking into account the amount of interest as well as any administrative costs. Our online consumer credit comparison is only based on the APR rate to rank the different offers.
Comparison of online consumer credit rates
The best offers of cheap consumer credit are generally found online, whether it is an all-purpose loan like the personal loan, a car loan or a work loan. Let’s use our comparator to realize the possible differences between several of the best offers. Our comparison is based on a 10,000 USD loan without proof (loan for all projects) in 48 monthly payments.
|Best personal loan $ 10,000 over 48 months||Fixed APR rate||Monthly fees||Total cost of credit|
|Organization n ° 1||3.30%||222.45 $||677.60 $|
|Organization 2||3.80%||224.61 $||781.28 $|
|Organization n ° 3||5.70%||232,82 $||1175.36 $|
What about consumer credit from banks or concessions?
The banks do not have control of the credit organizations on the question of consumer credit. They find it much more difficult to control the risk factor, and struggle to accept the files. Banks also generally require applicants to open an account before considering their credit application. Finally, you almost always have to go through an agency meeting to discuss the project. They generally do not offer real online consumer credit.
Concerning the car loan in concession, the main danger is to be coaxed by beautiful promises. The sellers are in a strong position in front of their smart cars and ready to be tested. They do not hesitate to offer alternative solutions, such as LOA, when conventional auto credit is inaccessible. However, we have already seen that rental with option to buy is generally more expensive than a conventional car loan.
The advantages of online consumer credit
Online consumer credit offers several advantages:
- The guarantee of a credit that is easy to compare, anywhere and anytime, without having to go to a bank branch or car dealership.
- Immediate response in principle and rapid credit once the agreement in principle has been obtained.
Online consumer credit: projects in detail
There are several online consumer credit projects. Let us take a look at the conditions and particularities of each loan.
Personal loan for all projects
Personal loan is a type of credit without proof of use of money. It is in great demand, and offered at rates sometimes at odds. It is not uncommon to find yourself paying two to three times more interest between two solutions from the best credit agencies. Using a credit comparator is essential in the search for a personal loan.
Car or motorcycle loan
Auto credit occupies an important place in the online consumer credit market. The APR rates are more attractive than those of consumer credit without proof. However, you must justify your purchase from a lender, using an order form. This proof is requested by the majority of credit organizations but also by banks or specialist insurers.
Revolving credit, small loan easy to obtain
Revolving credit is the easiest online consumer credit to obtain. Its amount rarely exceeds 3000 USD, and the APR rates are generally higher than those of any other consumer credit.
This credit, on the other hand, is very flexible to use, since it grants a reserve of money. Reserve in which it is possible to draw at any time, on simple online request. The transfer then takes place immediately, without any supporting documents. This credit displays an adjustable and not fixed APR rate. This is due to its reusability. The rate obtained when this credit is first opened will therefore probably not be the same as that of re-use.
The small revolving loan is suitable for amortizing purchases over short periods of time, or even giving oneself some financial support in difficult times. It is also sometimes offered in certain stores, to pay for a good or service directly on credit.
Any request for credit 4000 USD or less on our comparator offers the best revolving credit solutions.
Good to know: our online consumer credit comparison is based on the APR rate but also displays in priority the organizations accepting the most requests.
The works loan
The work loan responds to the same principle as the car loan: proof is generally required. It is generally an invoice issued by a professional or a quote. The rates of this online consumer credit are very low in return. The works loan can also be contracted over very long periods, sometimes reaching 10 years (120 months).
Online credit redemption
The repurchase of loans is part of the range of consumer loans. It is a product allowing to group several credits in a single monthly payment. The takeover offers are very competitive, and the amounts are generally large. You have to select “Credit repurchase” on our form to get an evaluation of the possibilities.
How to get the best consumer credit online?
Our credit comparator is connected to the best organizations. It therefore makes it possible to obtain, on the basis of a single form, several immediate responses. Here’s how to get the best online consumer loan:
- Properly assess the type of credit suited to your request, as well as the amount and duration of repayment desired.
- Perform a credit simulation on our comparator.
- The credit organization offering the best APR rate corresponding to the request provides an immediate response in principle. In the event of a loan being refused (acceptability <5%), the following two can be queried with one click.
- In the event of a positive opinion, the organization questioned confirms the request by email within 24 hours.
- Once the non-binding credit contract has been obtained, it can serve as an excellent basis for comparison. It is then that it is interesting to inquire
Our experience allows us to say that online consumer credit is often better than that of all the other players.
Online consumer credit: what the law says
You should know that any online consumer credit grants a legal withdrawal period. This deadline is fixed at 14 days in all cases (see the law). A schedule to cancel your credit on time is provided with the organizations’ contract. A simple explicit request on free paper and sent by registered mail also allows you to withdraw.