Criteria loan work to be taken into account

Criteria ready work to remember

In order to better choose a loan work, we must look at several characteristics. These are the loan ready criteria. The list includes: The global percentage rate or APR, the fixed or variable rate, the borrower insurance…

The annual percentage rate of charge or APR

The annual percentage rate of charge or APR

It takes into account all the costs related to the loan, from the subscription until the expiry of the contract. It includes not only the interest rate agreed in the agreement, but also the various expenses related to the preparation of the files. In some cases, it also includes insurance fees if the lender offers this option. With this in mind, it is wise to consider this item before applying for the credit.

Fixed or variable rate

Fixed or variable rate

The loan in question may be subject to a variable or fixed rate. The first option seems perfect because it allows you to pay a lower interest rate right from the start of repayment. However, the bank or credit institution may increase this percentage depending on the situation. The second alternative, as for it, gives the possibility of avoiding bad surprises. This is the case because the rate is fixed as soon as the contract is signed. It remains unchanged until the end of the refund. We must therefore check this detail before formalizing the loan.

The borrower insurance

The borrower insurance

This cover is not mandatory in the case of a work loan. However, some lenders offer basic covers to avoid problems. For example, they suggest disability and death insurance. Note that the owner of the house to renovate can also subscribe with an insurance company independent of the bank. This initiative is perfect to find a tailor-made offer, especially if the amount involved is important.

Use an online comparator

Use an online comparator

The other alternative to better choose an offer is to use an online comparator. The latter is a web page that provides relevant information about the different suggestions for credits for work accessible on the trade. The data it presents is reliable because it is up to date. Moreover, this kind of website does not collaborate with credit institutions. It is characterized above all by its simplicity of use.

Even a computer novice can handle it easily. Indeed, just fill out the form available on the site. This one is usually on the homepage. Be sure to provide authentic information in order to benefit from an appropriate suggestion.

After validating the questionnaire, the user must wait a few moments before receiving a response. Obviously, the comparator team offers just a proposal but the final decision is up to the user.