When you want to finance renovations, buy a vehicle, or start a business, the first challenge is not finding a credit organization. It’s choosing the right type of loan, suited to the exact nature of the project and its repayment duration. Credit services have diversified in recent years, with 100% digital processes and assessment methods that no longer rely solely on payslips.
Open banking scoring and project credit: what changes in file evaluation
Since 2023, several consumer credit institutions like Younited, Floa, or Oney have been using open banking scoring derived from the PSD2 directive. The principle: directly analyze the applicant’s bank account flows rather than limiting to payslips and tax notices.
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For atypical profiles (freelancers, multi-active individuals, irregular income), this method opens access to project loans that were often denied by traditional channels. Acceptance is based on the regularity of incoming flows and actual budget management, not on a permanent contract.
At the same time, neobanks and online banks (Fortuneo, Boursorama, Hello bank!) are now more widely offering consumer credits with electronic signatures and almost immediate transfers, according to the ACPR Observatory in its 2024 report. When looking to compare available offers, Terre Finance credit services help identify the right setup for each situation.
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Designated credit or personal loan: choose according to the nature of the project
The distinction seems simple on paper. In practice, it has direct consequences on cost, legal protection, and flexibility of use.
Designated credit, linked to a specific purchase
A designated credit finances a specific good or service identified in the contract: car, fitted kitchen, training. If the sale is canceled or the good is not delivered, the credit contract also falls. This is real protection for the borrower.
The trade-off: funds cannot be reallocated. If the project changes along the way, it is necessary to renegotiate or take out a new loan.
Personal loan, for flexible projects
The personal loan releases funds without proof of purchase. It is used for projects whose scope can change: work with multiple contractors, gradual adjustments, occasional cash flow.
The rate is often slightly higher than that of designated credit, because the lending institution does not have the guarantee linked to the financed good. Feedback varies on this point depending on the brands and borrower profile.
Usury rate and variability of loan offers in 2024
Since February 2023, the usury rate applicable to consumer credits and personal loans has been updated monthly (and no longer quarterly), following the decree of January 27, 2023. This change, led by the Banque de France, has a direct impact on the TAEG ceilings that institutions can offer.
In practice, this means that commercial offers on project loans evolve every month. A rate rejected in January may become acceptable in March. When preparing a financing file, it is necessary to check the applicable usury rate at the time of the request, not the one displayed on a comparator updated quarterly.
- Check the TAEG offered against the monthly usury rate published by the Banque de France before signing.
- Compare offers over a short window (two to three weeks), as pricing grids change frequently.
- Request an updated simulation if the file is delayed: a long processing time can render the initial offer obsolete.
Guarantees and credit file setup: key points to secure
The least visible part of a credit is the setup of guarantees. It is often thought that the rate does it all. In reality, the total cost also depends on borrower insurance and the required securities.
Borrower insurance and delegation
For a mortgage or long-term credit, insurance represents a significant portion of the overall cost. Since the Lemoine law, one can change borrower insurance at any time, without fees or penalties. This is a concrete lever to reduce the bill, especially when the bank’s group contract is not competitive.
Personal contribution and debt capacity
Banking institutions generally set a threshold for personal contribution for business creation projects or real estate purchases. This threshold varies according to the nature of the project and the applicant’s profile.
Regarding debt capacity, the 35% effort rate rule remains the reference for mortgage loans. For consumer credits, the remaining living expenses take precedence in the analysis of the file.
- Gather the last three bank statements, tax notices, and proof of income before any request.
- Calculate your debt ratio including all ongoing credits, including overdrafts.
- Anticipate additional costs (application fees, guarantee fees, insurance cost) to assess the real cost of credit.
A complete file from the first submission speeds up processing and avoids back-and-forth that prolongs the release of funds. In a context where rates change every month, every week gained on the setup can make a difference in the final cost of financing.