There are many credit agencies online, but how many actually offer a loan that is fast, reliable and inexpensive? Our comparator integrates several of the best consumer credit organizations. Above all, it provides an immediate principle response at the best APR rate. This article deals only with the consumer loan and therefore excludes real estate.
Online credit organizations: how to choose?
Credit organizations have taken over from banks to deliver loans that are ever simpler and faster. Today there are more than a dozen online credit organizations. So how do you choose to obtain a personal loan, a car loan or even a small revolving loan? Only a credit comparator can sort it out.
The main criterion for evaluating an online credit organization is the level of its offer, namely its APR rates. All credit offers must include the overall effective annual rate. Once compared with the amount of consumer credit as well as the repayment period, the APR makes it possible to calculate the real cost of the loan. This is also the only criterion allowing our credit comparator to classify the different offers.
The second criterion is the acceptance rate for funding requests . Some credit organizations display attractive rates but accept only few applications. There is nothing more annoying than receiving an offer different from that made initially, during an online simulation. This is the reason why our comparator offers an immediate response in principle to any request . No unpleasant surprises on arrival, the immediate opinion concerns the simulation carried out on our tool. A completely free service, only intended to avoid going through the credit box accepted then refused to study the file.
Online Credit Organizations: Comparing Rates
Let’s use our comparator to simulate a 10,000 USD personal loan over 48 months. The goal is above all to realize the differences in APR rates between the best online credit agencies.
The first two organizations in our ranking offer a substantially identical APR rate. It is however possible that the first provides a favorable response in principle but that the second is reluctant. That’s the interest of a comparator with immediate response. The offers ranked in 3rd and 4th position are much less attractive. However, these are very popular online credit organizations.
Online credit organizations facing banks: two different worlds
Credit agencies outperformed banks on most benchmarks, starting with the level of APR rates. It is indeed very rare to be offered a more attractive consumer credit offer than that obtained from online credit organizations. Above all, banks generally only lend to their customers. They are less able to manage files and need to have some control over demand. Online credit organizations have more experience in this area, as well as a better ability to assess repayment capacity.
What about online small credit organizations?
Some online credit organizations have made small loans their specialty, such as Cashper or Finfrog. These organizations offer quick small credit solutions ranging from $ 50.00 to $ 600.00, provided they repay within 90 days (30 days for Cashper). These solutions do not fall within the legal framework of consumer credit. Our comparator only includes consumer credit offers, from 500 USD.