The use of a credit is sometimes essential to finance the purchase of a service (work, marriage) or a good (furniture, car, motorcycle …), to do this the offer proposed to the individual is called credit to the consumption.
There are different types of consumer credit with rates more or less advantageous, the one that will interest us in the context of this article is none other than the famous personal loan.
What is personal loan?
Definition of the personal loan:
Bank product that allows the individual to finance the purchase of goods or services. The amount, the duration of the credit and the monthly repayments are determined at the time of subscription to the personal loan.
These conditions can not be changed thereafter except in the case of an early repayment of the credit.
How a personal loan works:
Each month during all the duration chosen at the signing of the contract, the beneficiary of the personal loan, reimburses part of the money that has been loaned to him, including the interest inherent in his loan, also determined on the basis of the sum borrowed and the duration of the loan at my signing of the contract.
How to contract a personal loan:
In France, as in Belgium, there are many institutions or subscribers to a consumer credit, starting with banks offering their customers (and others) many credit offers ranging from mortgage credit to credit redemption. going through the personal loan. There are also institutions specializing in personal loans such as Cofidis or Cetelem, which are generally banking subsidiaries. Finally, credit brokers are also at your disposal to help you find the best loan.
Find the best personal loan offer
Belgium as in France, lenders are relatively numerous and sometimes offer drastically different conditions. Difficult to find among the different offers and especially as lenders tend to present their offers on their best days to borrowers, whether banks or credit brokers (which are more or less commissioned depending on the credit they are selling you).
Therefore, it is important to compare different offers and to analyze the specific conditions of each of them. It is recommended that you do this at home and not at the bank or the broker.
Remember, although they are professionals, brokers and bankers are also traders (even see commercial), so they will do everything to influence your decision to break the offers of others.
If you want to make your own idea and not be influenced by the lender’s business case, one of the solutions is to compare personal loans online, the terms are usually as good as offline and you can compare offers credit at your ease and without being influenced by anyone.
Some specialized sites allow you to compare different personal loan offers online without influencing you and putting at your disposal a credit guide to help you understand the different offers and barbaric words like “TAEG”, “affected”, “no assigned “who do not speak especially to the uninitiated, but who are essential to understand the offers of different lenders.
Some tracks to compare offers.
– The total cost of credit: The first thing to do when looking at a credit offer is to determine the total cost of the personal loan, ie how much it will cost you when you have finished repaying it, with interest and other expenses. Comparing the total costs of the various offers is undoubtedly the main indicator to take into account.
– Monthly repayments: look on each offer how much you have to pay back monthly.
-The possibility of early repayment: a refund before the term is it possible, if yes with or without fees?
-The fees: are they offered? Are they included in the total cost of credit?
-Personal contribution: Does the loan offer require a personal contribution?