What you need to know about bank revolving credit?
Are you looking to meet your unexpected expenses? Your car or washing machine has just snapped your fingers and you absolutely need fast financing to be able to repair it or buy another one? Do you dream of having a reserve of money from which you can draw in the event of an impulsive purchase?
So revolving credit, or also called revolving credit without proof or permanent is the financing you need. Discover without further delay, all the information on the revolving credit offered by Good Bank, operation, characteristics, advantages, repayment duration and rates.
The characteristics of a revolving credit
A revolving credit is financing which takes the form of a reserve of money with a capital of between 500 and 6000 USD and which is replenished as the borrower repays. With a revolving credit you can draw on your reserve to be able to buy consumer goods without having to justify the slightest penny to your bank advisor.
Flexibility and ease of use are the 2 advantages that best characterize revolving credit, flexibility because you only pay interest on your financing if you use it, and interest will be deducted only from the part of your money reserve which will be consumed. Ease of use because in most cases, revolving credit will be linked to a credit card that will allow you to pay directly for all your purchases in stores or make cash withdrawals from distributors.
If you prefer a transfer to your bank account, it is hardly a concern it will suffice just to go to your customer area is to request the transfer of funds, they will then intervene within 48 hours.
With regard to the duration of reimbursement, the law requires that for an amount less than 3000 USD the duration of reimbursement is capped at 3 years and for an amount greater than 3000 USD the duration of reimbursement must not exceed 5 years.
Another important thing to know, if your revolving credit is greater than 1000 USD, the financial institution will be obliged to offer you in addition to your revolving credit offer a depreciable credit offer so that you are able to quickly compare that they are the best terms for you depending on the loan you choose.
Among the main drawbacks of revolving credit is its rate, not only is it revisable and not fixed like most rates, which means that rates can fluctuate depending on the market, but in addition the rates are higher than other consumer credit such as personal loan or car loan for example. This can be greatly influenced depending on the repayment speed you choose and the credit organization. It is always advisable to choose the fastest repayment speed possible to save on the total cost of your credit.
Good Bank’s revolving credit offer