More than half of French households today have revolving credit. It is a practical banking service to have better purchasing power and a stable financial situation. It is all the same a capital between 500 and 6000 USD available per month and without proof that you can use to finance any project. In a few years, the revolving loan has become very much in demand by borrowers.
How does the revolving loan work?
It must be said that the revolving loan is aimed at both modest households and borrowers with large means of payment. It is also open to unemployed people, provided they have a deposit to guarantee that the monthly payments are respected. As the APR of the credits are fixed according to the capital borrowed and the speed of repayment, with a ceiling of 6,000 USD, you will not have to pay the high price for your loan. At least, this will be the case if you commit for a capital greater than 2,000 USD. If so, you risk the higher rates required by the banks.
The revolving credit also seduces by its practical side. As part of the range of consumer loans, it is available without proof of use of capital. You can use the amount in question as you see fit: for a personal or professional project, to replenish a savings account or simply for everyday expenses. The amount is replenished every month and is always available. This is why we also qualify this kind of loan as a “money reserve”.
Revolving credit is short-term credit. This also has an impact on its cost. You agree to a maximum of 6 years for reimbursement. The contract period varies according to the financial possibilities of each and the capital requested. You will have a repayment term of 36 months for loans of less than 3,000 USD. You will have up to 60 months for credits capped at 6000 USD.
The majority of French households opt for revolving credit because of the shared risks. As the capital borrowed is minimal, so will the rate. The credit is canceled at the borrower’s request at the end of the contract or renewed for those who still need a reserve of cash. The monthly payments will also be revised downwards. They are set according to the capital requested and the borrower’s possible debt ratio. The fact remains that comparing banks’ offers well is crucial. Today, you can compete to negotiate a better price for your loan.
Accessible and easy to obtain, revolving credit aims for equality before banking services. With the advent of digitalization, you can indeed apply for credit online now. Revolving loans from virtual banks are starting to cost less than conventional bank offers. Zero subscription fees, lowered penalties, low insurance costs: online loans seem to meet all the criteria to attract borrowers.
As well for an online credit as for a contract signed with a physical bank, you will only have to fill in a form and build a file. In the list of documents to be provided, there are obviously identity documents Pulau Sulawesi, proof of address, RIB and pay slip, and sureties as well as insurance.
The revolving loan offer offered by Cream Bank
The revolving credit offer offered by Cream Bank is called “Lite Bank”, it will allow you to borrow a sum ranging from 500 to 21,500 USD over a repayment period of 60 months maximum.
The different advantages of the Lite Bank revolving credit offer:
- Coping with the unexpected calmly
- Pay off the monthly payments at your own pace
- Booking fees offered
- Pay merchants directly with the associated revolving credit card
- Withdraw money from ATMs and pay online with the visa card
- You can adjust your reimbursements up or down depending on your desires
- You can repay your revolving credit in advance without charge
Sample Rate for a Agree Bank Revolving Loan
If you choose to make a Bred revolving credit with a capital of 2000 USD over a repayment period of 35 months and you only use 500 USD of the capital, then you will be able to obtain an APR of 20.74% which will amount to paying 34 monthly payments of 19 USD and a final monthly payment of 4.21 $, for a total amount owed by the borrower of 650.21 USD.
