Do you have work to finance? If the total amount of the operation is less than $ 75,000 you can have recourse to a personal work loan, if on the other hand you exceed this amount, you will have to consider a work mortgage.
The cost of my work is less than $ 75,000
The personal work loan allows you to borrow from a banking establishment the amount that you consider necessary to carry out your work. Depending on the amount requested, the organization can ask you for supporting documents (estimate, construction plan, etc.) before granting you the funds.
You will repay each month part of the amount borrowed as well as interest, the amount of which varies according to the amount of your loan and the duration of your repayments. The shorter the loan term, the less interest you will have to pay.
Finally, you have a withdrawal period of 14 days to reverse your decision after signing the loan.
For more information, see our guide on personal lending.
To prepare your project with confidence, make a ready-to-work simulation to have a clear idea of your future monthly payments.
The cost of my work is more than $ 75,000
The law requires that beyond $ 75,000, the lending institution set up a mortgage rather than a consumer loan. The conditions for obtaining them will therefore be stricter: the organization will pay more attention to your income, the stability of your employment, etc. He will also ask you to better justify your work using quotes, invoice for the purchase of materials, architect’s plan in the case of an enlargement and energy performance diagnosis for ecological work. Some banks may also require that the work be carried out by a professional.
Finally, just like a conventional home loan, you will have to choose a death-disability insurance as well as a guarantee (deposit, mortgage or IPPD) to cover your operation. You will also have to respect a reflection period of 10 days upon receipt of the loan offer.
Huge advantage compared to conventional works credit: the best real estate rate is lower than the best work loan rate. Banks apply the rates charged for an acquisition, which are much lower than for consumer credit.
Find the best rate for your work, it’s easy and free!