Should I apply for a loan or invest with United Credit?
If you are looking for a personal or finalized loan, take a look also at the competitive proposals of the credit and savings company United Credit. It is a company that is based on a new concept of simple and transparent bank, born in France about eight years ago from the intuition of its co-founder, and which relies on the support of important shareholders such as Credit Lenders, which among others make up the community of investors who finance consumer projects and wishes without intermediaries.
United Credit is currently known in France and Spain, but for about two years it has been distributing its consumer credit also in Italy through a fast and intuitive online platform. The only Italian physical location is located in Rome, but online or telephone assistance is easily accessible and constant throughout all the phases of the request and refund.
What does it offer?
Following the signing of a loan that over time proved to be very different from what it was proposed to him at his trusted bank, They made transparency the cornerstone of the site. Through its banking platform it is possible to request personal loans, aimed at or aimed at consolidating debts from $ 1,000 to $ 50,000, to be repaid in 6/84 months with the security of the fixed rate and an installment that is always constant over time.
On the site it is often stressed that the TAN and the APR applied are lower than those proposed by the common banking institutions and the credit is given to the fact that, as everything takes place online, there is a significant cut in the costs of the company and therefore financing. In fact, the United Credit receives the loan only from the preliminary costs, never exceeding 3.5% of the amount granted. Any stamp duty or substitute taxes are charged to the bank, while all the interest paid by the consumer is collected in full by the investor.
How does it work?
To access the online loans offered by United Credit, the following requirements must be met:
- be aged between 18 and 75;
- have Italian residence;
- not have a history of serious payment defaults;
- have demonstrable income;
- be a bank account holder, as the installments will be debited from it.
It is possible to make a first personalized loan request online, to evaluate what the offer is based on the amount you want and the repayment times indicated, all without any commitment. To realize firsthand how it all works, I simulated a request for $ 5,000 to be returned in 60 months to finance a trip.
After answering a series of questions regarding my marital status, my home (whether owned or rented), my profession, the amount of my salary, and various personal data (all very quickly and intuitively) a screen appeared in which I was denied the possibility of receiving a loan from them, suggesting other lenders to turn to, and I honestly did not understand the reasons because in the simulation I entered positive data such as a permanent contract, home owned and substantial salary.
However, if they had been willing to grant me the credit, these would have been the conditions that appeared on the previous screen:
- $ 99.60 as a monthly installment (60 installments in all);
- TAN 4.25% APR 7.50% (preliminary costs $ 375.77).
The rates applied vary according to the risk category to which the applicant belongs; however, on the website we read that the maximum TAN and APR applied, in the case of payers belonging to the highest risk category, but still eligible to receive a loan, are: 13.42% and 16.43%.
As I have seen personally, the first outcome of the request is immediate. If this first result is positive, more timely is the sending of the scans of the required documentation ( tax code, valid identity card, income document and bank document certifying your IBAN ) and the digital signature of the contract, the faster the definitive confirmation (which arrives within 24 hours from the receipt of the complete documentation) and the disbursement of the loan, which will take place by bank transfer no later than 15 days after confirmation.
The installments will be charged directly to the bank account on the 4th of each month. During the financing it is not possible for any reason to renegotiate the installment amount or to change the payment day. However, you will be able to repay your debt in advance, partially or totally, without the company requesting any compensation.
Attention to punctual payments. United Credit in fact applies late payment rates and additional expenses in the event of insolvencies, as well as sending the necessary reports to the competent bodies.
Possibility to combine the loan
United Credit also offers its customers the possibility to combine the loan with insurance coverage against job loss or serious health problems and death, whose premium will be paid at the same time as the loan installment and whose subscription must necessarily take place at the same time as the request., you cannot add it later. In the request simulated by me, to obtain the basic coverage (death and serious illnesses) I was budgeted for an additional insurance premium of $ 7.50 per month, also requesting protection of the workplace to get to $ 11.25 more.
A promotion is currently underway for those who request a loan of $ 2,000 by 31 July 2019 to be repaid in 12 months: the applied APR will be only 0.01%, therefore extremely convenient for being a personal loan.
As already proudly highlighted on the bank’s official website, user reviews on Trustpilot are excellent, often emphasizing the speed of delivery and the clarity of the conditions.
United Credit offers its customers loans at affordable rates and promises transparency and clarity at all stages of the procedure. In an age in which we are all in a hurry, the possibility of carrying out the entire procedure exclusively online and in a short time is certainly a great point in favor of this company.
However, considering that my request simulation has been refused, despite being made up of good premises, the institution probably protects itself by establishing high safety parameters in selecting who is eligible or not eligible for funding. On the other hand, among the disadvantages identified by me I mention in particular the low flexibility: it is not possible to take advantage of options such as “Skip installment” or “Change installment”, now quite widespread in this type of consumer credit.