It could be said that Cetelem and Cofidis are two of the two most recognized financial institutions in the world of loans , despite having few characteristics in common with each other.
While Cofidis grants credits without the need to justify the reason . Cetelem, on the other hand, focuses mostly on financing purchases in different businesses with which it has some type of agreement.
The main advantage of the credits granted by both financial institutions is the speed of the process , since the delay time is 2 to 3 days from the request (and subsequent approval), compared to 15 days or more for a bank branch .
However, we must bear in mind that the interest is a bit high, making this not the first option for many people. The most advisable thing is that once we have applied for the loan, we put all our efforts to get out of debt as soon as possible.
Of Cofidis we must highlight the flexibility it offers us as consumers . In this entity we can request up to 6,000 euros, the money is available within 24 hours from the approval and has no commissions of any kind.
Customer service is quite fast, and efficient. He has included a section on the website that helps us with finances and the monthly budget. It is not necessary to change banks to contract the service and the service can be requested not only online, but also by phone or post.
However, this company has an offer different from any other, since in addition to having a lower maximum amount, it has a maximum term of 1 to 4 years , depending on the amount of the loan. The conditions are as follows:
- For projects, Direct Cash: from € 3,000 to € 6,000.
- Free Life Shopping: 3000 to 1500 €.
- Quick Credit: € 500 to € 1,500.
- All with an Equivalent Annual Rate of 24.51%.
It is worth mentioning that Cofidis has the least interesting personal loans . The Direct Credit charges an own interest of 22.12% TIN, a high figure if we take into account that there are loans with a TIN lower than 10%.
To begin to break down the characteristics of Cetelem, we have to be clear that this company only offers loans to those who already belong to its client list , that is, to those people who have already financed the purchase of products with them in associated stores.
Cetelem loans, being for clients, can be focused on the longer term , thus allowing a much higher amount. All can be from 3 to 8 years old and the conditions are as follows:
- Loans of € 60,000 to € 10,000, Annual Equivalent Rate of 16.53%.
- From € 6,000 to € 10,000, Annual rate of 17.93%.
- From € 0 to € 6,000, Rate of 20.07% .
- And the lowest amount of € 3,000 to € 4,000, with an Equivalent Annual Rate of 26.32%.
- They have a cancellation commission of 1%.
So what is the best option?
The answer to this question depends on what we need . If we require an amount less than € 4,000 and we are sure that we can pay it in a relatively short time, the best option is Cofidis.
On the other hand, if we are clients and the amount required is greater than € 4,000, we will do much better with Cetelem.
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