You are looking for a reserve of money to cover unforeseen expenses such as the replacement of a machine that has just broken down, an impulsive purchase, or exceptional expenses. Do you want to be able to draw on this reserve whenever you want to ensure your security? So revolving credit is the financing you need.
Flexible and easy to use, this type of credit will also be easy to take out because you will be able to apply completely online or at the counter according to your preferences. Find out on this page, how revolving credit works and how to apply online at a glance.
What is a revolving credit?
Revolving credit is financing that will allow the borrower to take advantage of a reserve of money from which he can draw to buy consumer goods. So thanks to revolving credit, you can benefit from an increase in your purchasing power.
It is funding ranging from 500 to 6,000 USD. The rates of your revolving credit will change depending on your borrower profile, the amount you will borrow and the duration of your financing. And in terms of monthly payments, you manage them according to your expenses. Indeed, the characteristic of a revolving loan is the regeneration of the capital borrowed with the repayments.
If you do not use your revolving credit you will not pay any fees on your financing apart from the fees of associated card contributions on the other hand if you use part of your money reserve you will have to pay interest on the part which you have consumed.
Regarding the repayment period it will be 36 months maximum for a revolving loan of less than 3000 USD and capped at 60 months for a credit of more than 3000 USD. As soon as the amount you wish to borrow exceeds 1000 USD, the financial institution will be obliged to offer you at the same time an offer of amortizable credit so that you can compare which financing solution is the most interesting.
A renewable credit contract will be concluded for a period of one year, and will be renewed each year by tacit agreement.
The rate of a revolving credit is a revisable rate, that is to say that it will be able to vary according to the fluctuations of the market, however the banker will be obliged to warn you 3 months in advance of the changes of your monthly payments.
The advantages of this type of offer
There are many advantages to using revolving credit. Here are a few that have won the hearts of many individuals:
1- A simple borrowing solution
Furthermore, the simplicity of an online credit revolving is rather amazing. The amount is replenished each month on your account. For withdrawals and uses in large stores to pay for your purchases, you only need to use your revolving credit card. If you prefer a transfer directly to your bank account you will only have to request it from your banker, who will release the funds within 48 hours.
2- You can choose the repayment speed
With a revolving credit, the bank will offer you when you choose your offer several repayment speeds, fast, medium or long, depending on the speed chosen you will pay more or less the total cost of your credit. We recommend that you choose the shortest repayment speed as this will save you money.
How to apply for revolving credit online?
credit online?” width=”660″ height=”446″ />
To apply for revolving credit online, you need a good connection and a minimum of knowledge on handling online navigation. It is all the same to visit online banking platforms to make your request afterwards.
Start by going to the site of the organization you have selected, then we invite you to make a simulation in order to find the amount, the duration and the monthly payments that best correspond to your repayment capacity. Then you will just have to fill out their online form with all your information, you will quickly receive a response in principle from the financial institution.
Please note that this does not mean that your request is accepted, it will then be necessary to send the signed contract and the supporting documents requested by the bank so that it can verify the accuracy of your information provided at the time of your request. So you will have to provide some documents such as proof of income, identity documents, proof of address, etc. Online revolving credits are no exception to this rule.
We recommend that you first make a comparison of the various credit organizations that exist on the market and that offer revolving credit in order to save money. For that nothing better than using an online organization comparator, in a few clicks you will be able to compare more than twenty organizations, you will only have to subsequently select the one which offers the best rate.