The project loan is widely used by credit organizations. However, it does not always have exactly the same meaning for everyone. Most of the project credit will be used to finance a specific project. In this case, the conditions for obtaining a credit oblige the supporting document to be added to the file. But for some, the project credit or “all projects” is on the contrary a credit without any proof of use.
Project loan: main features
Even if all credit agencies do not apply exactly the same rules to this type of loan, project credit is generally:
- A credit with proof of the project
- Amount: $ 500 to $ 30,000
- Duration: 12 to 72 months
- Rate: 1 to 7%
Within our credit comparator, it is included in the category designated “Loan for all projects” or “personal loan” . It is used equally for travel credit but also to finance studies, a move or even marriage credit or other similar events (birth, leisure, etc.).
Other credit categories for all projects
The project loan can therefore be used to finance many events or desires. But for very specific projects, there are specific credits.
- New car loan
Credit agencies and banks offer types of loans dedicated to financing new cars . They usually have lower rates . You must absolutely provide proof of purchase of the car to obtain this credit. The designation “new car” generally also covers used cars less than 2 years old which may be financed by this credit. It also serves as a new motorcycle loan.
- Used car loan
Again, this type of funding is specific to used vehicles over 2 years old . The rates are generally of the same order as the project loan rates. Proof of purchase is not systematically requested upstream. In particular to be able to manage the purchase of cars between individuals .
- Works loan
The work loan can only be used for carrying out work . But we can go from a simple decoration to the creation of an extension through a swimming pool credit. Proof of work must be provided.
- Personal loan
It is the type of credit most requested in terms of consumer credit. Unlike the project loan, it is not necessary to provide proof of use of the money that will be made available.
Compare project credit
From one financial institution to another, the spreads can be really large. To be able to offer a comparison of the objective project loan, the APR rate must be taken into account. It is the overall effective annual rate defined by the Consumer Credit Law which incorporates all costs , including administrative costs if there are any.
The other important point with the project loan is to take into account the acceptance rate . Indeed, nothing helps to know who offers the best rate of project credit if it is for his file is refused. It is in response to this problem that our credit comparator is unique. We provide the ranking of the best offers. But in addition, the request is automatically sent to the cheapest organization. Our customers receive a first response in principle in real time . If the project loan request is refused, just ask the organization offering the 2nd best offer in one click. .