Credit works: what is the best rate that can be found?

You want to do work in your home and need financial help? Find out how to find a credit works at the best rate. fleshes this out

Renovation work, development work or expansion… Whatever your project, you can take out a work loan at the best rate by comparing offers. What are the characteristics of the credit works? What are the tips for finding a financing solution quickly? Answers.

Why take out a work loan?

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Many individuals want to renovate or improve the comfort of their main or secondary residence by doing work. Banks and credit institutions offer several types of work loans.

The appropriated appropriation

The borrower who subscribes to an assigned credit must use the capital received to finance a specific project. The bank is entitled to claim quotes and invoices issued by the professional selected for the site. This type of credit offers greater security to the subscriber. Indeed, if the provider does not respect its commitments, the borrower can terminate the corresponding loan agreement.

The unallocated personal loan

More flexible than the appropriated credit, this type of loan gives the borrower the possibility to use the capital freely without having to justify the allocation of funds. It is primarily intended for people who wish to undertake work without going through a professional. The unassigned personal loan can be obtained quickly. Indeed, the funds are made available when the credit application is accepted.

The revolving credit

Borrowers who opt for revolving credit benefit from a permanently available pool of money from which they can draw at will. This reserve is reconstituted as the amounts consumed are repaid.

The credit allocated and the unaffected personal loan are the most requested by individuals. In both cases, the capital lent may not be less than 200 euros or more than 75,000 euros. The rate is generally between 2.5 and 7.75%, depending on the borrower’s profile.

Credit works: what is the best rate?

Credit works: what is the best rate?

Credit institutions only publish their rates for information purposes. To effectively compare rates, consider:

  • Your income
  • Your professional and family situation
  • The characteristics of the loan (nature, amount, duration).

By 2019, the best rates that borrowers can find are below 3% for any loan application that is less than 50,000 euros paid back in 5 years or less.

To benefit from a competitive credit rate, do not hesitate to use an online comparator. The main criterion to be taken into account is the annual percentage rate of charge. The APRC includes all costs related to the loan, including interest, fees and insurance costs. Remember that in the context of a consumer credit, the subscription of a borrower insurance remains optional. However, it is advisable to join to be covered in case of death or accident.

If you want to benefit from an accompaniment in your search for credit jobs and save time, you can hire a broker. This professional uses his network of partners to find you the best offer while respecting your budget. This intermediary is most often directly remunerated by the bank as a provider of business. In this case, you are exempt from any brokerage fees.