How to finance your projects with a personal loan?
Do you have a project in mind that you would like to carry out but do not know how to finance? Know that the personal loan can help you finance all or part of your project. To subscribe to your bank or any other credit organization, the personal loan has many advantages.
1. Understand the personal loan.
The personal loan is one of the consumer loans. A consumer can make a request to his bank or to an external credit broker to finance a personal project. This credit request is said to be “unassigned” because the lender does not have to request proof of the use of funds.
From the moment the financial institution grants this consumer credit, the borrower uses it in the way he wishes. He can thus finance the purchase of a good work, a ceremony, a trip or other.
Namely, to protect the borrower, the Consumer Code provides for a withdrawal period after signing the credit contract. This period is 14 days.
2. The personal loan application
If the request for a personal loan can be made by any consumer, it nevertheless requires gathering and sending various documents to the lender.
To put the odds on your side, you must therefore provide a complete file. This must contain in particular:
- A copy of your identity document.
- A bank statement proving that the account is in your name.
- For people receiving a salary, a copy of the last three files.
- For people with a self-employed activity and for retired people, a copy of the last payments on extracts.
- In some cases, for people owning real estate, a copy of the last warning statement.
- For people who already have credits in progress and in the case of a consolidation of credits, contracts, and amortization tables.
the lending agency will be able to study your request and analyze your solvency and your repayment capacity.
Note that before applying for consumer credit, it is important that you simulate this application online. There are many simulators that will help you know your repayment capacity and therefore whether or not it is wise to apply for a personal loan.
3. The annual percentage rate of charge.
The APR helps determine the true cost of a personal loan as an annualized percentage. The interest rate alone announced with your personal loan offer will not tell you the true cost of your credit.