Whether you rent or own and you have a contribution or not, you can get a work loan to finance small or large jobs in your home. This loan can cover both a major renovation (amount above € 30,000, for example to finance the structural work) and a small decoration from € 3,000. The loan works 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 for this type of credit generally ranges from 12 to 84 months.
The credit works is often cheaper than the personal loan because it is an assigned 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 refund.
What is the principle of loan comparators works?
The job loan comparator is a calculation tool that allows clients to simulate their credit based on the amount they need. It is usually made available to users of credit brokerage work sites online and on the sites of lending institutions.
The credit comparator searches for all the available loan offers and compares all the results from different banks to determine which credit is the most interesting for you according to different criteria:
- Interest rate: This index varies according to the amount and duration of the loan. Expressed in percentage, it allows you to have a clear vision of the overall cost of your loan: repayment of capital, interest, insurance and fees. In other words, it indicates the total cost of the credit. This is called the Global Effective Rate (TEG) or the Global Effective Annual Rate (APR). It is a decisive element to compare the different offers that are proposed to you, it is imperative to compare the TEG or APR of different credits offered by banks. Indeed, it is at this rate that the borrower will have a global vision of the cost of borrowing. On the other hand, the TEG or TAEG does not take into account the qualitative aspects of the loan, that is to say the repayment terms: repayment duration, possibility of modification with or without costs ect.
- The total cost of the 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 the monthly payments: you must make sure that the monthly payments proposed by the organization are not too high for your budget. The stronger the monthly payments, the shorter the repayment term. 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 mandatory but it is still strongly recommended to mitigate possible incidents of life. It generally covers death, disability, temporary incapacity for work and sometimes loss of employment.
What are the benefits of comparing work credit online?
The credit comparator works allows you to perform credit simulations that will help you get an idea of what to expect once you have subscribed to the loan work. Various data are required, such as the amount to borrow and the desired repayment period and depending on the responses, it selects the offers corresponding to your criteria. This tool gives you the opportunity to quickly calculate your monthly payments or your ability to repay. 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 best for you.
Once the results are validated, the comparator provides you with the list of the offers of the lending organizations corresponding to your needs. It only remains for you to compare and choose the offer that will best suit your project and which will be the cheapest. So we can safely say that this system saves money, but that is not the only asset.
In general, loan comparators work online are very easily accessible. You just need to have a PC or Smartphone, an internet connection and you can start comparing the job loan offers. In addition, not only are they easy to use, but also, the interface of the web pages is rather user-friendly. We can therefore say that it is an efficient and fast comparison tool since it can be done in a few clicks.
Using a credit comparator works allows you to finance your work in peace
In addition, using a credit comparison works is a solution that avoids any phone and physical approach to different lenders. And another significant advantage, the online credit comparison works is available 24/7.
In other words, using a credit comparator works allows you to finance your work in peace. By accurately indicating the amount of money you are requesting for your work and the length of time you intend to commit to it, you enable the credit comparator to provide you with fully customized 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 offered to you, avoiding long process and making appointments with financial advisors.
Nevertheless, one important thing to keep in mind is that using a credit comparator works only serves as a comparison tool. It allows you to find the most suitable offers for your needs among all those available on the loan market but you have no assurance that your credit application will be accepted by the lender. In other words, using a credit comparator works is not synonymous with acceptance of your credit application even if, you must admit, using a loan comparator work, you increase your chances of financing, since this- This allows you to send a request to several organizations.
In all cases, to apply for a loan, you must submit a complete file consisting of the following:
- A photocopy of your ID
- A bank account number
- Proof of address
- Your last pay slips if you are salaried
- Your last tax notice if you are self-employed or retired
- The estimate and the various invoices of your works (purchase of equipment or materials, realization of work done by a craftsman or a company etc.)
This file will be studied and it is the credit agency that will decide whether you are eligible or not the credit you coveted.
Similarly, it is imperative to establish an accurate and detailed estimate before the start of your work to avoid unpleasant surprises and ensure that the amount requested actually corresponds to the final amount of your work.
Conclusion:multitude of credit offers works on the market
In conclusion, in front of the multitude of credit offers works on the market, we can say that credit comparators works are a reliable source for anyone wishing to find a fully customized and cost-effective job credit offer. This is a time saving not to neglect for any household not having the opportunity to prospect each bank or lending agency. In the majority of cases, the use of credit comparator works is completely free and without commitment, making it, at the present time an essential research tool, before committing to a credit project work.