Good situation to finance your projects with consumer credit

Posted on January 5, 2017 by Marion

100,000 new workers thanks to the return to employment due to falling unemployment in United States. A new category of consumers was born. The situation is favorable for carrying out projects linked to everyday life by contracting a consumer credit .

Types of credit available

Consumer credit ranges from US $ 500 to US $ 75,000 depending on your project.

The personal loan is the most prominent. Your lender will give you the money requested in full and by transfer, without proof of use. You can use it freely for your desires: vacation, purchase, work, studies.

The affected loan is reassuring. It is linked to your project. Like buying a car or repairing a roof. If the project is unsuccessful, the loan will be canceled.

Renting with LOA purchase option is an opportunity. You rent a car of your choice for a fixed period. The contract includes the option to buy at the price of its residual value.

Revolving credit is convenient. Also called revolving credit, this loan without proof is a reserve of money, at a fairly high rate, however, given by a lender, bank or department store, for his daily purchases. It goes with a credit card.

Good credit, better rate

The interest rates offered on the loan market vary between 1.50% and 10%. You have to choose for your loan, always the lowest rates.

You can do this by comparing the rates according to the Annual Global Effective Rate APR which includes all charges and the credit rate called the nominal rate. The rates vary depending on the type of loan, the project, the duration, the amount borrowed and fees and the margins taken by the banks.

Credit simulation required

You must absolutely carry out the credit simulation to have a good loan, that is to say to the extent of your financial situation including the real repayment capacity. The shorter the term, the larger the amount granted, the lower the rate.

Borrower insurance is optional in consumer credit.

Never settle for a credit offer

Thanks to the simulator, you will have several credit offers. It is necessary to carry out several simulations to have the best offers. You should never settle for just one offer. Evaluate offers and compare them with the help of a broker for an important project.

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A loan commits you and must be repaid. Check your repayment capacity before you commit