The personal loan is the most known and requested consumer credit. Without proof of use of money, this loan differs from car or work credit, which mostly involve providing quotes and invoices. Very different according to the organizations, the best personal loan rates are difficult to identify without going through a comparator.
Personal loan: for which projects?
The personal loan is a credit without proof of use of money. It is actually possible to carry out all kinds of projects with a consumer loan, without the lender having a say.
Here is a non-exhaustive list of the main reasons for applying for a personal loan:
- Cash requirement for different personal projects
- Organize a trip, get married or finance any other event in life
- Buy a vehicle from an individual
|Detailed sheet of the personal loan|
|Amount: $ 500 to $ 75,000|
|Duration: 6 to 84 months (sometimes longer)|
|Rate: fixed APR|
|Type of loan: without proof of use|
|Supporting documents requested: identity document, proof of address, tax notice, latest salary statements (2), RIB + sometimes a recent account statement|
Good to know: the personal credit is not always the best option to realize his project. The rates are indeed less attractive on average than those of a work loan or a car loan. The borrower should however expect to provide supporting documents for his project, while the personal loan offers a great deal of freedom. Our comparator also integrates new car projects (- 2 years) or used (+ 2 years) as well as work loans, but also the best revolving credit solutions (for an amount less than $ 4000).
Where to find the best personal loan rate?
There are many establishments able to offer a personal loan:
- Online credit organizations
- Traditional or online banks
- Certain insurers
Some organizations offer project loans that can give the impression of accessing a personal loan, when it is actually a credit with proof. It is always important to check the terms of a loan carefully before committing, at the risk of wasting time. The choice of “personal loan” or “loan for all projects” on our comparator always really corresponds to a personal loan without proof of use of funds.
To compare, we always look at the APR rate
The APR rate (overall effective annual rate) makes life easier for borrowers. Mandatory on all consumer credit offers, it clearly defines the real cost of a personal loan. Once the loan conditions have been entered (amount, duration), the best APR rate always corresponds to the best personal loan. Our comparator finds the best rates from organizations on a daily basis. It is therefore impossible to miss a promotional or temporary offer.
Comparison of personal loan rates
The best personal loan rates are mostly those of online credit agencies. These specialists have made consumer credit their specialty. Subsidiaries of major banks, all these organizations offering online personal loans take advantage of their experience (efficient processing of files) to offer the lowest rates. A quick simulation of 10,000 USD personal credit integrating all these players gives an idea of the differences in rates.
There is a very significant difference in APR rate between the different players. The compared banks offer notably much less attractive rates than those of the best organizations in our comparator. Interest ranges from simple to double in this example. It is not uncommon to find even more significant differences between a cheap personal loan and one to avoid, including between the best specialists online.
How to apply for a personal loan?
The use of a credit comparator is essential in the search for an excellent personal loan rate. Personal credit offers are extremely numerous. Above all, we have already seen through a brief comparison that the rate differences can quickly generate two to three times more interest, for a single loan.
Use our comparator in 3 steps
Our personal loan comparator does several things:
- Compare the offers of the best organizations on the sole criterion of the APR rate
- Get an answer in principle at the best rate
- Question each of the three best organizations in one click in case of personal loan refused at the best rate
Our comparator is also declared to ORIAS, the register of insurance, banking and finance intermediaries. Updated daily according to special promotions from organizations or other operations at a discounted personal loan rate, it allows you not to miss out on an unmissable offer.
Please note: some comparators do not offer a personal loan classification based on the APR rate actually offered by the organizations at the time of the request. Concretely, it is common that certain simulations of personal loan bring out in an arbitrary way the lenders guaranteeing them important commissions. It is not the credit captain policy.
What information is requested during my request?
It is important to fill in your real information during an online credit simulation, whether it is a credit form filled out from our comparator or a request directly on a site or from any other lender.
The most important information that can change the decision on one side or the other concerns the professional situation, income stability over time as well as personal situation (housing, status, etc.).
Personal loan: how long to get the money?
Here is the ideal scenario for a quick personal loan application :
- Credit simulation from our comparator and immediate response in principle (5 minutes)
- Reception by email of pre-accepted requests on our form (24h)
- Reception of the contract by post (2 to 3 days)
- Reading / signing of contract and return (2 to 3 days before acknowledgment of receipt)
- Final response from the organization within 72 hours on average (sometimes faster)
- Beginning of the waiting period before payment of funds (8 days) from the day of signing the contract
- Transfer on the RIB indicated in the personal loan contract (24h to 48h)
A quick personal loan application can get the money in 12 to 15 days on average. In no case may this period be less than 8 days from the signing of the contract, since this is the minimum reflection period provided for by law.
Supporting documents for the personal loan
A classic list of supporting documents allows you to build your loan request. Here is an example of the supporting documents requested for a Bankate personal loan.
- Proof of recent residence
- Latest pay slips (usually the last two)
- Latest tax (or non-tax) notice
Depending on the specialists, the list may be more or less important. Some require, for example, the delivery of a recent account statement.
Personal loan and the law
The personal loan is one of the loans not allocated in the range of consumer credit. The legislation governing this product is therefore equivalent to that of consumer credit. It allows several things in particular:
- Early repayment of your loan without penalty when the principal owed is less than $ 10,000
- The possibility of retracting for 14 days from the date of validation
- The optional credit insurance option at an additional cost
To understand everything about this consumer loan, it is interesting to read the personal loan sheet from the National Institute of Consumer Affairs.