How to compare student loans?
A student loan is a type of personal loan, which allows you to get a Titubament to carry out projects related to your studies: purchase of goods (car, computer, books …), Titubament of a home, a semester to abroad …
Students often have limited budgets and unsurprisingly look for the most competitive credit to limit their costs. To find the cheapest and most suitable student loan, the best solution is to compare personal loans. On it’s possible! In just a few clicks, you can simulate your online student loan by filling in some information about your project.
Student loan comparison: what are the benefits?
Comparing student loans allows you to save money at the same time:
- Money: The role of a loan comparator is to indicate the offers available for your profile. So you can evaluate them against each other and find the cheapest, the one that will allow you to achieve the most savings;
- Time: With an online student loan comparison, all available offers for you are listed in the same place, on a quote page. No need to move to an agency or look for the pricing conditions of banks!
The operation of a student loan comparator
The operation of a student loan comparator is simple. It is based on two steps: at first, you fill out a form to specify your project and in a second time, you access a page of estimate with the offers of student loan available for you.
Complete the student loan comparison form
First step to compare student loans: fill out the comparison form. For this, you must indicate some simple information about your profile and the nature of your project, namely:
- The desired loan amount;
- The desired duration or monthly payments;
- Your family situation (married, single, pacsé …) and your student status;
- Your income if you have it.
Access to student loan quotes
Based on the information you have entered, the student loan simulator automatically searches for offers that may interest you. So, you just have to compare the results obtained, choose the most advantageous student loan offer for you and apply for your credit.
Note: if you apply for a student loan, the financial institution is not obliged to grant it. It is only after the study of your file by the establishment in question that you will know if your request is accepted or not.
The elements to compare for a student loan
Once the results of the student loan comparison obtained, how to choose the right? To find the best deal, be sure to watch:
- The APR of the credit, or annual percentage rate of charge. This is the interest rate of the loan, including ancillary costs. Unsurprisingly, the lower it is, the more competitive the offer;
- The nature of the credit rate (fixed rate or variable rate);
- The duration of the loan and the amount of monthly payments to be repaid;
- The possibility of benefiting from a deferred refund .
To compare, it is better to trust the annual percentage rate of charge rather than the borrowing rate! The first includes ancillary costs (excluding borrower insurance), while the second is included excluding ancillary costs.
The conditions for obtaining a student loan
Once the student loan comparison has been completed, you can apply to the appropriate institution. The bank or credit agency in question will review your loan application and evaluate your profile, your debt ratio and your repayment capacity.
Note that there are prerequisites for obtaining a student credit:
- To be of age ;
- Be between 18 and 28 years old (the age limit may vary depending on the bank, from 25 to 30 years);
- To be a student and to be able to justify this status;