It is not always easy to achieve the projects we want by simply relying on our own income or personal savings. However, there are different credit solutions in order to be able to release funds quickly and be able to access the realization of your project. Find the one that best suits your situation and your needs!
The personal loan
This type of loan is a consumer credit that helps finance various projects, even if you have no personal contribution. The repayment period and the amount lent are often within narrow ranges. The faster you commit to repay, the lower the cost of your loan will be. With the personal loan, you freely dispose of the funds lent to you.
You are not required to use it for a particular project, as required by a car loan. Indeed, to obtain a personal loan, you will not have need to provide supporting documents concerning the use of the sums received. With the same capital, you have the possibility of buying a car, doing work or financing the purchase of foodstuffs.
You know the terms of the loan before signing the contract that binds you with the credit agency. Thus, no unpleasant surprises throughout the duration of the credit agreement. The amounts and duration of your repayments are precisely indicated.
The immediate loan
The immediate loan: reality or sweet utopia? It is true that this type of loan can be quite tempting. The request can be made online on specialized websites. Unlike banks that offer traditional loans, no questions related to immediate loan applications. It’s a real time saver if you’re really in a hurry or it’s an emergency. Indeed, with an immediate loan, the waiting time to get a response is really fast. Count on a validation or a refusal in a few hours or within 48 hours maximum.
The immediate loan is ideal for dealing with an unforeseen event or for carrying out a life project such as a trip, a wedding or even the start of work in your home. Immediate credit is an unrestricted loan. Again, you will not have to justify the expenses you will make with the allocated sum. But don’t get caught up in the game! Easy access to this type of loan can also generate an accumulation of refunds that will be difficult to meet. To find the best immediate credit offer, don’t hesitate to run the competition and think about the comparison you can make with Rate.com. So you benefit from the best loan conditions and reduce the costs associated with this credit.
The assigned credit
It is also a consumer credit, but it is allocated to a well-defined project before signing the contract. The assigned loan can only be used to finance the purchase of real estate or a service such as the purchase of a car or the performance of specific work.
Moreover, to draw up the contract, the lender will need to know the information relating to the property purchased or the service that will be provided. You do not have the possibility of using the sums lent to finance another project. The assigned credit offers additional protection, in the event that the sale or performance of the service is cancelled. Likewise if you have signed for a good and you do not obtain the credit, the contract of sale is void.
The operation of a revolving credit is quite simple. It is also called « revolving credit ». The lender validates the loan with a sum of money that you can use whenever you want and without having to provide supporting documents.
When you use the money available, you agree to repay regular monthly installments to replenish the cash reserve. Once the reserve is fully replenished, you can once again access the amount you want. It is for this reason that this financing solution is called « revolving credit ». It is a quick source of financing, but one that must be used wisely. The terms of the revolving loan are often flexible, but you have to accept that the rate is also variable, which can sometimes be disadvantageous.
Really free free credit? This is a free credit which is repayable over a defined period and which does not generate no fees or interest refunds for you. We also talk about zero interest loan.
If it exceeds the repayment period of 3 months, it is considered a consumer credit and it is then accompanied by a withdrawal period of 14 days. It is often practiced by shops, car dealerships or craftsmen linked to franchises. Very attractive, however, you have to be careful before signing this kind of credit. Do not hesitate to compare the offers by checking the price and the credit-related services. You must note that the amount repaid is equivalent to the amount lent.
A few tips before signing your loan
Play the competition
The banker or the adviser of the credit organization are merchants above all! It is absolutely necessary to compare before committing. This part will be easier to do on an online comparator than by going from bank to bank. By negotiating, you often have the possibility of obtaining better conditions.
Find out about subsidized loans granted by the state or zero-interest loans to invest in real estate. They can complete another loan application and reduce the amount of the cost of your main loan.
Don’t just look at the credit rate
You should also pay attention to the annual percentage rate of charge (APR), which is a good indicator because it includes the interest rate and additional costs.
Check the possibilities of refund modification
Perhaps you will have more substantial cash inflows at certain times… Some loans make it possible to modularity of maturities at no additional cost. Thus, you repay more quickly, but make sure before signing the contract that you will not have early repayment indemnities by negotiating the removal of the clause by your banker.