Revolving credit in detail
Revolving credit , also called permanent or revolving credit, is a sum of money made available for a renewable year, usable in whole or in part, without proof. The capital is reconstituted as and when the monthly payments are repaid.
How does revolving credit work
Each month, the borrower receives a statement of his situation and the amount outstanding. At any time, the borrower has the option of repaying all or part of the credit.
The borrower has the possibility of requesting: the reduction of his reserve, the suspension of its use or the termination of his contract.
This loan is practical, since you can use it until your reserve is exhausted for all types of expenses , released quickly on request (ideal in the event of a hard blow) but often quite expensive! It is therefore wise to play the competition and use the simulators.
Be careful though to use it in moderation!
As with any financing, the lender reserves the right to accept this credit or not, a study carried out according to your situation and acceptance criteria.
The sum that is made available to you and the monthly repayment installments are determined according to your situation and your need .
- revolving credit body list