Consumer credit defines all loans excluding real estate whose amount exceeds $ 200 and / or reimbursed in more than 90 days. Our consumer credit guide answers all questions related to consumer credit products:
- Auto credit (new or used)
- Personal loan
- Revolving credit (credit card or small credit)
- The works loan
- Redemption of credits
Consumer credit guide: why different credit for each project?
Not all consumer loans are subject to the same conditions. There are offers of credit without proof, others implying on the contrary to provide a little more evidence to consolidate your project, etc.
There are also certain generalities according to a type of credit. New car credit and work credit involve, for example, most of the time providing the lender with proof of credit (invoice, order form from the dealer or craftsman). The consumer can, in return, hope to obtain a better rate than that of a credit without proof (personal loan or need for money). In this case, we are talking about a credit allocated to a very specific project.
Our comparator, ultimate guide to the best credit
The huge differences, however, do not concern the documents to be supplied, but rather the level of rates. The main credit players (online credit organizations, banks, insurers, dealers) stand out by offering very different APR rates on each project, amount or duration. Promotional rates also regularly shake up the hierarchy.
This is the reason why we have set up a credit comparator. Our tool guarantees two things:
- A classification of daily rates among the largest online credit organizations, specific to their project (type of loan, amount and duration)
- Obtaining an immediate and non-binding response in principle from each of the three best organizations
Our file on online credit provides a good understanding of the challenges of a comparator and compares the solutions of organizations vis-à-vis those of banks or other market players (dealers, car insurers, craftsmen or building professionals, for example).
Consumer Credit Guide: the APR rate explained
The APR rate is associated with all consumer loans. The law effectively requires all financial players to display this indicator on their consumer credit offers. The APR integrates the interest on the credit, but also all the ancillary costs, such as administration fees.
In the case of a loan without interest or fees, as is sometimes the case in certain stores (special promotions), the APR rate is then 0%. A zero rate means that the store has taken over the cost of the credit.