The best cheap credit rate online, how to find it?
While it is very easy to find cheap credit in the market, getting the final deal is another. Also know that there are very effective ways to find the cheapest consumer credit on the market. Here are some useful tips that will weigh a lot when it comes time to apply for credit online.
Where is the best place to find cheap credit?
Who says cheap credit often says online credit. Indeed, online brands such as Sofinco and Cofidis have made this type of credit a major asset to attract an increasingly large and varied clientele.
Specialized in consumer credit, these institutions innovate. They compete in creativity to offer faster and faster credits with increasingly easy obtaining conditions . So for many, a cheap loan is a loan that comes with the best possible APR rate.
As a reminder, this rate includes both ancillary costs and interest. This is actually the real cost of credit. So for your information, if you compare two credit offers, the cheapest is the one with the lowest APR.
Is the credit comparator a reliable tool?
A credit comparator is an online tool that allows you to have in your possession all the costs and necessary information relating to a credit. Indeed, it is a way to find the sign that offers the credit adapted to your finances.
A credit comparator allows you to obtain:
- A ranking of the best offers on the market according to the APR
- A possibility of discussion with the three brands offering the best conditions
- An immediate response in the event of an online request
What is more, if your file does not go through the organization which offers the best offer, you can always request the second on the list and so on. With this mechanism, you thus increase your chances of obtaining a quick loan .
The comparator to play the competition?
Indeed, to be sure to benefit from cheap credit, the most effective way is to compete. The concern is the large number of organizations and collecting all the rates for all the offers and credit options on the market will quickly be complicated.
Once again, the credit comparator quickly turns out to be a very practical tool. Indeed, once you have in sight the basis of the best rate online, it is armed with this crucial data that you will go to physical banks to negotiate your credit.
The monthly payments and the duration of the credit influence the cost of the loan?
This is one of the tips for getting the best rate on the market. You must therefore find the right compromise. Find the most efficient duration possible and the most solid monthly payment. Note that the longer the term of the loan, the higher the monthly payments and interest payable.
It is therefore a parameter that must be taken into account. However, do not reduce the duration too much, as this will increase the monthly payment to be paid. If your monthly repayment exceeds 33% of your debt ratio, the financial company may very well refuse your request. To illustrate this, see the following table, based on a loan in the amount of 8000 US dollars.
|For a personal loan of 8000 US dollars||Best APR rate from a comparator||Monthly payments||Total cost of credit|
|12 months||1.00%||$ 670.27||$ 43.24|
|24 months||3.29%||$ 344.70||$ 271.80|
|36 months||3.89%||$ 235.56||$ 480.16|
|48 months||3.90%||$ 180.03||$ 641.44|
|60 months||4.39%||$ 148.43||$ 905.80|