The Relevance of Credit Comparison – Online Loan Comparison
Conducting an online comparison of consumer credit is a real time saver. Moreover, it is both free and without commitment. By comparing consumer credits, the borrower is sure to have a quick response for his project as well as an attractive credit rate.
To make the comparison of consumer credit, the borrower will have to enter a few fields on the consumer credit comparator. He begins by choosing the type of project he wants to finance. Then, it specifies the amount of the consumer credit that he wants to request as well as the repayment period or the desired monthly payment.
Online Fast Credit Application Comparison Screened
To make the quick credit comparison online, some information about the borrower will be requested. They are :
- the family situation (married, pacsé, divorced, single …),
- the professional situation,
- monthly net income,
- the profession,
- the type of contract (CDI, CDD, public sector …),
- seniority in the company,
- accrued expenses (loans in progress, rents, pensions, etc.),
- bank seniority.
All information and contact details are to be entered in a secure area.
The consumer credit rate, the capital element to compare
To make the best choice in consumer credit rates, the borrower must be interested in the APR (annual percentage rate). It is obligatorily present in the proposed credit offer. This includes the various costs inherent in the loan (interest, bank charges, insurance and others). The APR varies from one bank or lending organization to another. It is the key element to know the total cost of credit.
Other criteria to be taken into account when comparing consumer credit
Apart from the APR, several other criteria must be taken into account. These are the total cost of credit and the monthly payments to be repaid. Thus, a comparator can compare the monthly payments for free, the APR and total cost of credit in each institution, in less than 3 minutes.
Also, the comparator works to find for the borrower the best rate among banks and lending institutions. The borrower can make up to 3 credit applications at one time and choose the cheapest credit. The latter is defined by its correspondence to the expectations of the borrower and its ability to repay. In short, before taking out a loan, the borrower must compare the existing offers, to benefit from the most advantageous offer.