Works credit comparator
Whether you are a tenant or owner and whether you have a contribution or not, you can benefit from a work loan to finance small or large work in your home. This loan can cover both a major renovation (amount greater than € 30,000, such as financing structural work) as well as a small decoration from € 3,000. The work loan can also cover the construction of a swimming pool, insulation work as well as the purchase of a veranda or materials to do the work yourself. The repayment period of this type of credit generally extends over a period of 12 to 84 months.
The work credit is often cheaper than the personal loan because it is an affected loan . That is to say that you must systematically provide quotes and invoices for your purchases. It also means that the credit agreement is automatically canceled if the project is canceled. In addition, if you have a dispute over your work contract, you can request, under certain conditions, the suspension of the reimbursement.
It is imperative to play the competition in order to obtain a maximum of proposals and only a methodical comparison will allow you to target the offers best suited to your project. Be aware that rates can vary from single to double or even triple. Compare also allows you to verify that the amount borrowed can be repaid over the desired period. Some organizations offer extended repayment terms that reduce your monthly payment and allow certain projects that are automatically rejected by other establishments. In general, an effective comparison often leads to unblocking a file by configuring it differently or by contacting an interlocutor who uses more flexible funding criteria. There are many credit institutions and each retains its own loan policy based on extremely variable criteria. It is for this reason that we advise you to use a work loan comparator which will allow you to group together the most advantageous offers and the most suited to your needs.
What is the principle of work loan comparators?
The work loan comparator is a calculation tool that allows customers to simulate their credit according to the amount they need. It is generally made available to users of credit brokerage work sites online and on the sites of lending institutions.
The work credit comparator searches among all the available loan offers and compares all the results from the different banks to determine the credit that is the most interesting for you according to different criteria:
- The interest rate: This index varies according to the amount and the duration of the loan. Expressed as a percentage, it allows you to have a clear vision of the overall cost of your loan: repayment of capital, interest, insurance and administration fees. In other words, it indicates the total cost of the credit This is called the Global Effective Rate (TEG) or the Annual Global Effective Rate (APR). It is a determining element to compare the different offers which are proposed to you, it is imperative to compare the TEG or APR of the various credits offered by the banks. Indeed, it is thanks to this rate that the borrower will have a global vision of the cost of the loan. On the other hand, the TEG or APR does not take into account the qualitative aspects of the loan, that is to say the repayment terms: duration of repayment, possibilities of modification with or without costs ect.
- The total cost of credit: it indicates the amount you must repay in addition to the amount of the loan obtained. In other words, it is the difference between the amount borrowed and the sum of all monthly payments. And this is calculated from the APR.
For the same amount requested, choose the credit with the lowest total cost.
- The amount of monthly payments: you must make sure that the monthly payments offered by the organization are not too high for your budget. The higher the monthly payments, the shorter the repayment period. Namely, if you have other credits in progress, the total of your different monthly payments must not exceed 33% of the amount of the borrower's income.
- Insurance: this is not compulsory but it is nevertheless strongly recommended in order to compensate for possible incidents of life. It generally covers death, invalidity, temporary incapacity for work and sometimes loss of employment.
What Are the Benefits of Online Work Credit Comparison?
The work credit comparator allows you to perform credit simulations that will help you get an idea of what to expect once you have taken out the work loan. You are asked for various data, such as the amount to borrow and the desired repayment period and depending on the answers provided, he selects the offers corresponding to your criteria. This tool gives you the possibility of quickly calculating your monthly payments or your repayment capacity. This is a solution that saves you from tedious calculations and you can usually redo calculations with different data until you find the results that you think are most suitable for you.
Once the results have been validated, the comparator provides you with the list of offers from lending organizations corresponding to your needs. All you have to do is compare and choose the offer that will best suit your project and cost you the least. We can therefore say that this system certainly allows savings to be made, but that is not its only advantage.
Generally speaking, online work loan comparators are very easily accessible. All you need is a PC or a Smartphone, an internet connection and you can start comparing work loan offers. Moreover, not only are they easy to use, but also the interface of the web pages is quite user-friendly. We can therefore say that it is an efficient and fast comparison tool since it can be done in a few clicks.
In addition, using a works credit comparator is a solution that saves you any telephone and physical approach to the various lending organizations. And another significant advantage, the online work credit comparator is accessible 24 hours a day, 7 days a week.
In other words, using a work credit comparator allows you to finance your work with complete peace of mind. By indicating precisely the amount requested for your work and the duration over which you intend to commit, you allow the work credit comparator to provide you with fully personalized loan proposals. A summary of the offers of the various organizations is refined according to your needs, and the best offers of the moment are proposed to you, avoiding long procedures and making appointments with financial advisers.
Nonetheless, an important thing to keep in mind is that using a work credit comparator only serves you as a comparison tool. It allows you to find the offers that best suit your needs among all those offered on the loan market, but you have no assurance that your credit application will be accepted by the lender. In other words, using a work credit comparator is not synonymous with accepting your credit application even if, we must admit, by using a work loan comparator, you increase your chances of financing, since it This allows you to send a request to several organizations.
In all cases, to apply for a loan, you must present a complete file consisting of the following elements:
- A photocopy of your ID
- A bank account number
- Proof of address
- Your latest pay slips if you are salaried
- Your last tax notice if you are self-employed or retired
- The estimate and various invoices for your work (purchase of equipment or materials, performance of work carried out by a craftsman or a company, etc.)
This file will be studied and it is the credit organization that will decide whether or not you are eligible for the credit you coveted.
Likewise, it is imperative to establish a precise and detailed estimate before the start of your work in order to avoid unpleasant surprises and to ensure that the amount requested really corresponds to the final amount of your work.
In conclusion, given the multitude of work credit offers on the market, we can say that work credit comparators are a reliable source for anyone wishing to find a fully personalized and low cost credit work offer. It is a saving of time not to be neglected for any household not having the possibility of prospecting each bank branch or loan organization. In the majority of cases, recourse to the works credit comparator is completely free and without obligation, which makes it, at present, an essential research tool, before committing to a works credit project.