You are reading this article on
A credit institution 2.0
Fintechs have been revolutionizing the banking world for several years. Younited Credit is one of those companies that breaks the codes through technology to improve the experience of their customers. The platform specializes in consumer credit. Families can get quick funding for their projects, such as:
– The purchase of a car or other vehicle (motorcycle, boat, etc.),
– An event like a wedding, a trip …
– The realization of works,
– Or any other type of personal loan or consumer loan.
Credit redemption request is also possible. In all cases, the credits have a maximum duration of 84 months (7 years), as is customary for this type of loan.
Although the Younited Crédit platform is 100% online, it has a banking license issued by the ACPR, the very serious regulator for the industry. In other words, it is an institution competent to offer loans to individuals in France, in the same way as any other bank.
>> READ: Real estate crowdfunding: our platform comparison
Younited Crédit was launched in 2012 under the name of Prêt d’Union. Since its creation, the platform has lent over € 3 billion and raised over € 340 million. The company is part of the Next40 and is approaching the coveted Unicorn status.
A quick answer in principle
To produce this article and give you our opinion, we simulated a € 7,000 credit request on the site for jobs on Younited-Credit.com. We have seen that the steps to apply for funding are simple and fast.
After visiting the site, people can immediately launch their practice by answering a few simple, fairly standard questions: project to finance, amount and desired duration. To get an adequate response, you must then enter your email address, which will be used to receive the financing proposal once all the steps have been completed.
The platform then proposes to answer a series of ordinary questions for this type of request: the family status, the number of dependent children, the type of accommodation, the professional situation of the borrower and spouse. The loan request then passes through the information of the amount of the salary and any other income of each of the applicants.
Like any other bank to which the loan is requested, the Younited Credit platform therefore reviews the charges of the family unit, proposing to provide information in particular on the rent, the charges relating to the custody of children as well as the amount of the monthly payments corresponding to the credits already existing. in progress.
Finally, as soon as all the personal information of the applicant and his co-borrower is entered into the software (surname, first name, date and place of birth, address and telephone number), the answer in principle is obtained immediately. Entering all information took less than 2 minutes.
If your credit application is pre-accepted, a page with proposed offers is displayed. These vary according to the duration: the subject can then select the monthly payment that suits him, knowing that the lower it is, the longer the repayment period.
On the same page, the Internet user is informed of the total cost of the loan in a highlighted box. It summarizes the total amount borrowed (including administrative fees), the amount made available at the time the funds were released, the monthly cost of the optional death insurance and the annual loan rate. Be careful, because as with any credit, this rate is different from the annual effective rate (APR).
The APR includes all costs in addition to the repayment of interest (insurance, etc.). For example, on a simulation of a loan of 5,000 euros repayable in 24 months, the annual borrowing rate is 4.56% while the fixed APR is 9.86%.
>> READ: Taxes: beware of swimming pools, verandas and other undeclared buildings!
What are the rates offered by Younited Credit?
In general, the rates relating to consumer loans are highly variable mainly depending on the project, the borrower’s profile and the repayment period. The difference between the minimum and maximum rates for the same establishment can therefore be significant depending on these parameters. The automated process of Younited Crédit and the reduction of costs associated with it allow you to obtain attractive rates compared to the market.
Complete your credit application in 24 hours
Once the dossier has been pre-accepted, the applicant can proceed with the validation of his dossier in order to get a definitive answer that Younited Crédit promises within 24 hours. This period obviously depends on the speed with which the Internet user provides the required supporting documents. To do this, it is not necessary to return the documents by post. Again, everything is done online and partly automatically.
The first step is to connect the platform to your bank. For many Internet users, this request may come as a surprise. According to Younited Crédit, the purpose of this synchronization is to allow the platform to automatically retrieve account statements. This technology is managed by plant partner Oxlin, also approved by the ACPR.
This synchronization process is not mandatory. People who wish can send it manually from the platform by uploading their documents. Conventionally, they will be able to scan or photograph the required documents.
To process the practices, Younited Credit also needs to obtain a copy of an identity document of each applicant, their pay slips, their tax return and a RIB to transfer the funds once the practice has been definitively accepted.
The case is then normally processed within 24 hours. Customers notified by SMS in case of a positive response and by e-mail in case of refusal. At all stages of the process, they can contact customer service for assistance or answers to their questions. This is also available by phone.
>> READ: Some ways to reduce taxes
Borrowers who wish to do so can make full or partial prepayment of their credit. In the latter case, they must choose between maintaining the monthly payment or the duration of the repayment of the residual amount.
The conditions, in particular the rates, are indicated in the contract. Costs are a maximum of 1% of the borrowed amount if the loan is repaid more than one year before the contract expires and 0.5% in other cases. However, no compensation is required if the amount repaid each year is less than € 10,000.
Satisfied customers according to the reviews on the Internet
During our simulation, we got an answer in principle in 3 minutes. The next step (account synchronization or manual submission) was immediately available. If all the documents are at hand, the complete credit application can be requested in less than 15 minutes. These first steps are very satisfying, especially since many aids are available if necessary on the different pages (definitions, FAQs, explanations about the purpose of the questions asked and data processing, etc.).
According to various review sites, customers seem satisfied with their Younited Credit experience. On Trustpilot the platform collects for example the evaluation of 4.8 / 5 and therefore 5 stars (more than 57,000 reviews at the time of writing these lines). Customers appreciate the speed and simplicity of the process.
>> READ: 4 solutions to help savers choose their investments