Since Black Friday was imported to France, November has become a month of promotions on consumer credit, and therefore lower average rates. The year 2022 is an exception, with even strong increases in recent weeks.
Attention, last period of sales before Christmas! In recent years, Black Friday, imported from the United States, has succeeded in establishing itself in France as a consumption peak, in the same way as the more traditional summer and winter sales. A phenomenon that credit institutions have become accustomed to supporting by displaying, in the weeks preceding the event, promotions on the rates of their personal loans. Result: the trend curve for average consumer credit rates usually experiences a deep trough during the first half of November.
But 2022 is definitely not a year like the others. The readings carried out by our partner, the consumer credit comparator CheckmonCredit.fr, indeed, show nothing of the sort. On the contrary. Unlocked by the increase, at the beginning of October, of the usury thresholds, the average rate of personal loans, all projects, amounts and maturities combined, rose from 4.24% to 4.56% at the end of October. Over the first two weeks of November, it took another 14 basis points to settle at 4.70%. In other words, there was no Black Friday effect this year.
Each month, MoneyVox offers you, in partnership with the consumer credit comparator CheckmonCredit.fr, its rate barometer. It presents the average rates charged by some thirty banks, insurance companies and credit organisations, depending on the type of project, the amount of financing and the desired repayment period.
| Automotive (new and used) | Over 12 months | Up to 36 months | Up to 60 months | Up to 84 months |
| Up to 5000 euros | ||||
| excellent rate | 2.79% | 3.85% | 4.35% | 5.56% |
| Average rate | 7.68% | 7.77% | 7.14% | 6.75% |
| Up to 15000 euros | ||||
| excellent rate | 0.77% | 2.95% | 3.54% | 4.14% |
| Average rate | 3.43% | 4.42% | 4.67% | 5.02% |
| Up to 40000 euros | ||||
| excellent rate | 0.67% | 2.88% | 3.55% | 4.19% |
| Average rate | 3.17% | 4.22% | 4.50% | 4.86% |
| Works | Over 12 months | Up to 36 months | Up to 60 months | Up to 84 months |
| Up to 5000 euros | ||||
| excellent rate | 3.50% | 3.87% | 4.34% | 4.65% |
| Average rate | 7.82% | 7.87% | 7.24% | 6.68% |
| Up to 15000 euros | ||||
| excellent rate | 0.78% | 2.88% | 3.33% | 3.62% |
| Average rate | 3.53% | 4.46% | 4.70% | 4.94% |
| Up to 40000 euros | ||||
| excellent rate | 0.68% | 2.80% | 3.43% | 3.76% |
| Average rate | 3.18% | 4.20% | 4.48% | 4.75% |
| Other loans personal | Over 12 months | Up to 36 months | Up to 60 months | Up to 84 months |
| Up to 5000 euros | ||||
| excellent rate | 3.31% | 4.35% | 4.98% | 5.70% |
| Average rate | 8.31% | 8.34% | 7.70% | 7.43% |
| Up to 15000 euros | ||||
| excellent rate | 0.78% | 3.16% | 3.83% | 4.41% |
| Average rate | 3.79% | 4.69% | 4.93% | 5.17% |
| Up to 40000 euros | ||||
| excellent rate | 0.71% | 3.10% | 3.86% | 4.39% |
| Average rate | 3.41% | 4.45% | 4.71% | 4.99% |
Rates recorded during the week of November 14, 2022. Data provided by the consumer credit comparator CheckmonCredit.fr
Establishments maintain their margins
The explanation for this 2022 exception can be summed up in one word: caution. Banks and specialized finance companies are currently facing two sources of stress. The first is linked to the adaptation of the monetary policy of the European Central Bank (ECB), which leads to a higher loan refinancing costs that they distribute. The second is a consequence of inflation, which weakens the household budget and increases the risk of default. In this uncertain context, they are choosing to preserve their margins, analyzes Sergio Monteiro, founder of Checkmoncredit.fr, rather than embarking on a competitive outbid.
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This choice of caution is all the easier to make as the consumer credit market, moreover, is doing well. According to figures from the French Association of Financial Companies (ASF) at the end of September, demand is still there, especially for cash loans. The production of personal loans is up by 14.1% over the first 9 months of the year, compared to the same period of 2021.
the revolving credit did even better (+15.3%). Long in decline, the latter is finding a second youth. This increase in production is undoubtedly linked to the financial difficulties felt by some households due to inflation, analyzes Sergio Monteiro. Households weakened by rising prices, which may be tempted to use revolving credit as budget crutch during difficult month-ends. At the risk of further accentuating their difficulties, given the very high cost of this type of credit.