What is an online loan?
For many years, the development of the Internet has enabled various financial organizations to offer their credit offers directly online. Online credit offers significant advantages, Mes Allocs explains everything.
Online credit is a financing solution that allows anyone aged eighteen or over and whose tax area is in France to borrow money to finance their needs or to deal with various unforeseen events, such as example the purchase of a vehicle or a need for cash.
You can take out credit online with the various market players (banks and specialized organizations) or opt for credit between individuals.
The amount of online credit is calculated according to various characteristics and is between €50 and €75,000 depending on the type of credit chosen.
Indeed, it is possible for you to contract various consumer loans via the Internet, such as:
An assigned consumer credit (car loan, work loan, etc.);
Unallocated consumer credit (revolving credit, personal loan, etc.);
A mortgage according to the organization chosen.
Read Also: Immediate credit without proof: is it possible?
How to take out a loan online?
To take out a loan online via the customer service area, you must first meet the conditions for obtaining it, namely:
Justify regular income;
Not be registered with the Banque de France or banned from banking;
Do not exceed the debt ratio of 33% on all of your credits.
If you meet these conditions, you can apply for credit online directly on the website of the chosen financial institution after first using an online credit comparator.
The online simulator
The online credit simulation allows you to obtain an estimate for your online credit in just a few minutes.
The selected simulator will tell you:
The duration of the credit;
The total amount due;
The number of monthly payments;
The borrowing rate.
With an online simulation, in addition to saving time, you can compare current offers and rates in order to choose the financing solution best suited to your needs.
Online credit application
To take out a loan online, you must go directly to the website of the chosen credit agency.
There are many, for example Cetelem, Cofidis or Younited Credit.
You will then have to fill in various information on your profile, namely:
Your address ;
Your expenses;
Your income.
Once the various supporting documents requested by the organization have been sent, you will receive an immediate response in principle. Subject to acceptance of your file, you will then receive a loan offer that you will need to sign and return, if you accept it, to receive the borrowed funds in your bank account within 48 hours on average.
For your contract, you will have to carefully check the possible administration fees, the optional insurance that may be required of you and the interest rate. These are the parameters that define your repayment term.
Also read: Personal credit: how to get the best credit?
Online lending: saving time and speed
With online credit, you will no longer need to carry out costly and endless prospecting at traditional banks because you save time and gain speed.
The first advantage of online credit is obviously the fact that you can complete your request completely online and thus stay at home without depending on bank schedules. It is very often difficult to make an appointment with your banker because banks generally have the same working hours as yours.
In addition, it will be easy for you to have access to all the credit offers via the online simulation and to be able to compare them by taking all your time. You will find the most economical solution for your needs while avoiding round trips between your home and the lending institution.
With these simulators, you will be able to estimate whether the amount of your online credit should be revised downwards or upwards and you will be able to build a solid file that will suit your borrowing profile and your repayment capacities.