A renovation, expansion or development project in sight? To find the necessary funds, the loan works can be a suitable solution.
In the same theme
- Consumer credit quote
- Cheap consumer credit
- Calculate your consumption credit
- What is a work loan?
- Loan rates works
- How is a credit rate calculated?
- Simulate your loan rate works
- How to get the best loan rate works?
- Compare to find the best loan rate works
What is a work loan?
You want to do work in your home and need money? The loan works can be the appropriate solution. The work loan – or work credit – is no more than a type of consumer credit, granted by a bank or credit organization to help you carry out your project.
The loan works can concern any type of work in your apartment or your house: expansion, renovation, insulation, development … As for any consumer credit, the bank grants you a certain amount, you repay with interest. The rate of the loan work is therefore important: the lower it is, the more the total cost of credit is interesting, and vice versa.
Loan rates works
The loan-to-work rate is an essential indicator when you take out a work credit: it determines the total cost of the loan. What are the average loan rates for the works credits?
Comparative table rate loan work
Do not confuse the different loan rates works
Looking for a credit work at the best rate? Be careful not to confuse the different rates that can be filled on a loan offer. Indeed, there are two types of credit rates:
- The annual percentage rate of charge , or APR. This is the proposed interest rate inclusive of all fees, excluding insurance;
- The borrowing rate , also called the nominal rate. This is the proposed borrowing rate excluding ancillary costs and loan insurance.
To find the loan works at the best rate, better to refer to the APR! This indicator includes all fees, which gives you a better idea of the total cost of the loan.
Note: we also differentiate between fixed and variable rates. A fixed rate remains unchanged throughout the life of the loan, while a floating rate may move up or down depending on the price of a benchmark. Most work loans are offered at a fixed rate, but there is also a floating rate.
How is a credit rate calculated?
Each bank (bank, credit institution) is free to set its credit rates. The rate of a work loan therefore varies according to the lending institution, the borrower’s profile, the duration and the amount of the loan.
However, banks and credit organizations can not offer credit rates above the usury rate . The rate of wear (UT) is set every quarter by the Banque de France: this is the maximum legal loan rate allowed in France. For credit works as for any credit conso, banking institutions have a maximum limit to be respected.
On 1 January 2019, the wear rate applicable was 21.20% for a loan not exceeding € 3000, 12.49% for a loan than 3 000 € and less than or equal to 6000 € and 5.96% for a loan over € 6,000.
Simulate your loan rate works
To get a first idea of the loan rate works you could benefit from, the ideal is to do a loan simulation work . To do this, simply go to an online credit calculator work and indicate the amount of your loan and the duration or amount of monthly payments.
The loan simulation allows you to estimate the credit rate of work that could be proposed to you. So you can vary the scenarios, by changing the loan term or the amount, to see the impact on the credit rate works. Thus, you will see for example that by reducing the duration of your credit, your monthly payments will be logically higher, but your loan rate works lower.
Attention: the loan simulation has no contractual value. The credit rate of your work will only be final once the bank or credit institution has made a loan offer and you have signed it.
How to get the best loan rate works?
Each bank or credit institution freely sets its working loan rates. However, institutions generally offer more attractive credit rates under certain conditions:
- For loans working on short terms : the shorter the credit, the less risk the credit institution takes. Logically, you can therefore benefit from a better credit rate work if you decrease the duration of your loan;
- For earmarked loans : Loan rates are often more competitive for loans than for personal loans or revolving loans. If your loan is for Mr. Motor a specific expense, think about it! ;
And of course, to find the best rate for its loan work, a recommended solution is to compare loans work!
Compare to find the best loan rate works
To get the best loan rate work, do not hesitate to play the competition! With a consumer loan comparator, it is very easy to compare the different offers available to choose the one that will make you enjoy the best rate. Just fill in some simple information about your project and your profile before accessing a set of personalized quotes and apply for a loan.