The personal credit rates without proof have been falling for several months. A product allowing you to borrow without having to justify yourself, the personal loan is offered by all major credit organizations, but also the majority of banks.

We will see that if the best credit rates are at the lowest, not all are attractive. Comparison of personal credit rates and advice to obtain an agreement in principle without commitment.

Personal credit: its rates and conditions of obtaining

Personal credit: its rates and conditions of obtaining

Personal credit – or personal loan – is the most popular product in the consumer credit family. It owes its success to the absence of proof of use of the loaned money.

It is concretely possible to request a personal loan for all projects, all desires. However, be careful not to miss out on a more advantageous offer, such as a car loan or a work loan. Personal credit rates are mostly a little higher than those of other consumer credit rates. This is explained by its all-terrain character. The institutions check the creditworthiness of the applicant but do not really know where the money will end up.

How do you compare personal credit rates?

How do you compare personal credit rates?

No need to venture into all the credit agencies to get lost in endless personal credit simulations. Connected to the best online credit specialists (Bankate,Bankil,Yoabank, Franfinance, etc. personal loan), our credit comparator provides the best rate of the day . The service doesn’t stop there. Once the best APR rates have been identified, the tool is able to provide an immediate first opinion.

The best organization is in fact questioned immediately. In the event of a positive response (acceptability> 50%), the positive opinion triggers a confirmation by email within 24 hours. The added value of the comparator is that it makes it possible to obtain the opinion of the 2nd and 3rd organization in the event of a negative opinion (acceptability <5%) of the first in our ranking. The account is good: three chances to get an immediate first notice without commitment at the lowest rate .

The rate, always in fixed APR

The rate, always in fixed APR

The personal loan rate is always expressed in fixed APR. This is a legal requirement for consumer credit: all credit organizations must post it. It includes both the cost of interest, but also that of any administrative costs.

Once the duration of the credit has been defined and its amount, it is thanks to the APR that the real cost of a credit can be calculated. Our comparator only ranks on the basis of the APR, whatever the formula chosen.

Personal credit simulation: who offers the best rates?

Personal credit simulation: who offers the best rates?

Let us lend ourselves to the game of a personal loan simulation, in order to more easily compare its rates. We used our credit comparator to simulate a 10,000 USD loan over 48 months, and another 15,000 USD over 60 months.

This ranking confirms that the rates are very different from one organization to another. The best bankil rate on an amount may very well be outside the top3 by modifying even slightly the duration or the amount. It is interesting to see how much interest can go up, for the same loan of 10,000 USD.

What about bank credit?

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Our comparison excludes the rates offered by banks. It must be said that banking establishments are still far behind in terms of consumer credit. Their APR rates are often very high . Above all, it is most of the time necessary to be a customer of the bank, and rather a good customer, to have access to personal credit offers .

All our comparisons of bank credit against that of organizations ended in a final victory for online loan specialists. Nothing prevents, however, to inquire about his borrowing possibilities from his personal adviser, or on his online portal when his bank is 100% online.

Trends in personal credit rates

Trends in personal credit rates

The average rate of depreciable loans (car loan, work loan rate, personal loan) has been falling since 2012. We note that it has been rather stable since 2016, confirming that this is an ideal period to take advantage as low a rate as possible.

Our different comparisons, however, indicate still very large disparities between the different credit offers. The good reflex to have to ensure that you get a principled response at the best rate is to perform a simulation without commitment.