For the 3rd year in a row, the CheckmonCredit comparator has ranked the most competitive establishments in terms of personal loans. A bank stands out for its moderation, notably thanks to its co-responsible loans. Find out which one.
Which credit institutions regularly display the lowest rates on personal loans? To answer this question, the consumer credit comparator CheckmonCredit.fr observes, week after week, the rates displayed by 40 banks. The result is 3.11 million simulations carried out in 2023. It is on this basis that CheckmonCredit has classified, for the 3rd consecutive year, the different establishments according to their cumulative rankings week after week.
Crdit Agricole in force
In 2023, Crdit Agricole took the lion’s share. Four of its local banks appear in the top 5 dvoil by CheckmonCredit.fr: Aquitaine 1st place, North of France 3rd, Ile de France 4th and Center Est 5th. In 2023, Crdit Agricole d’Aquitaine’s offers were particularly effective with regard to work loans (all types of work, energy renovation or not) and co-responsible car loans, notes Sergio Monteiro, founder of the comparator.
If you do not live in these regions, the cheapest national bank in 2023 is BoursoBank. Online banking, 2nd, goes down a step, since it dominated the ranking in 2021 and 2022. However, it undoubtedly remains the most balanced player with competitive offers on all consumer projects, estimates Sergio Monteiro.
The average rate up almost 1.5 points
Two major trends have marked the personal loan market in 2023. The first is the sharp rise in interest rates, observes on all types of projects and all durations. If we put aside co-responsible loans, the APR (1) personal loans – all amounts combined – increased from 5.07% on average at the start of January 2023 to 6.55% at the end of December 2023 underlines Sergio Monteiro. That is to say a credit cost increasing by almost 400 euros, for example, for a loan of 10,000 euros repaid over 60 months.
The other trend is the generalization of co-responsible loans, subsidized rate credits intended to finance the energy transition of individuals. They are found in 4 out of 5 banks for financing electric cars, and in 3 out of 4 banks for loans intended for energy renovation.
If the rates of co-responsible loans also increased in 2023, we note that this increase is more moderate and that the promise of a bonus rate seems well and truly kept. On average, during the 2nd half of 2023, the rates for co-responsible car loans dedicated to electric/hybrid vehicles were -0.87% lower than the rates for standard car loans. Over the same period, the rates for co-responsible work loans were -0.77% (77 basis points) lower than the rates for standard work loans, analyzes Sergio Monteiro.
(1) Annual effective rate