General advice for choosing a loan

Some simple tips for knowing how to read between the lines of credit offers or advertisements. This section will be supplied according to the various marketing findings of our bankers and other financial establishments!

Read the little lines !!!!

Even if the law now imposes a minimum size of characters concerning the offers and conditions of credits, it happens that important texts are relegated to the bottom of the page, in gray, and in small ... This is also true for a press advertisement , an advertising letter or on a website. Another tip commonly used on the Internet: all text is written in the same font size. The important mentions are therefore drowned in a magma of text where only the elements written in bold or in color stand out ...
It's difficult, but you have to read the texts to the end!

Watch out for the 3 words: "from" ...!

An ad like " Rates from 1.52% "! is certainly very attractive ... but by reading the legal notices, we often discover this type of conditions: Financing of a new car, for a minimum amount of 10,000 us dollars, for a maximum period of 12 months! ...
To be able to take advantage of this offer you must still be able to reimburse 800 us dollars per month ...! Suffice to say that this offer is there to attract the eye with a rate ... which ultimately is not very accessible: do you know a lot of French people who finance their car over a year? !!
It can also be a way for the bank to elegantly warn you that the promotional rate is not accessible to all, and that if your profile is less good you will pay more.

Gifts " ?

To make you take out a loan, some do not hesitate to offer you a telephone, a coffee maker, a suitcase or even a check for 30 us dollars ...
These practices are from another marketing age and we still wonder who could be fooled by such a low-end offer. In this case, you must be even more vigilant: a gift of any value necessarily hides an offer more expensive than the market ...

Beware of small monthly payments!

The smaller the monthly payment, the longer the loan term will be! In addition, the total cost of credit (the premiums) will be disproportionate to your credit.
(see the section The choice of reimbursements ).

A credit without formality?

A "formal" loan is a loan for which the lender does not verify the information you provide. This type of offer especially attracts bad payers and gogos ... With this kind of practices the lender (the bank or the financial institution) makes up for "on the mass of customers" by having rates that border on usury ...

First of all, we recommend that you perform a credit simulation.

A loan commits you and must be repaid.
Check your repayment capacity before you commit.

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