Both online and conventional banks currently offer revolving credit. It is a loan whose capital varies between 500 and 6,000 USD and repayment between 36 and 60 months. Revolving credit falls into the category of loans without supporting documents. This means that this loan without proof can be used as much for your current expenses as for the financing of projects of all kinds.
Functioning of revolving credit
Like any other consumer loan, the amount of revolving credit is variable according to the needs and demands of each borrower. As a reminder, the capital that you will request from the bank, within the framework of a revolving credit, will be transferred every month to your account. This explains this minimal ceiling. If you therefore decide to request a revolving credit of 4,000 USD, you will be entitled to this amount each month. It will be as if the monthly payments that you pay will aim to restore the excess liquidity granted by the bank.
Choosing the right amount of your revolving credit is of crucial importance. And for good reason, not only will the capital impact the total cost of your loan, but it will also be the guarantee of the success or not of your credit application. Indeed, to set up a relationship of trust with banks, you should not ask for too much. A simulation is required in this case, and this even before starting the loan application process. On online banking platforms, you have simulation forms available free of charge and at any time. Just enter your financial data and click on “simulate”. The result of your simulation will be given to you in a few minutes. Get inspired to choose the terms of repayment of your loan. The simulation takes into account in particular the duration of the ideal loan according to your needs, your debt possibilities and the monthly payments that you can pay.
The choice of the amount of your revolving credit affects the duration of your loan. For a loan of less than 3,000 USD for example, you must respect 36 months of monthly payments on average. For a credit of 5,000 USD, you must repay the principal and the rates in 60 months. But the choice of the amount of your revolving credit depends mainly on your needs. Although banks do not ask you for proof of use to take out a revolving loan, asking for a quote for your projects may prove to be useful. Be aware that banks can negotiate the capital you ask for. So think about taking a margin. If developing your business requires 2,000 USD, ask for 3,000.
In addition, the banks can impose different ceilings if you have financial problems, in particular that you are unemployed. In this case, it will be easier to access a credit of less than 3,000 USD. For a little more, you must offer a deposit to the bank. The latter must be solvent, available and be a person of trust. It will work with you to repay the loans. If possible, avoid going into debt up to 2,000 USD. Below this sum, the banks still charge the copied rates. Given the size of the loan, they compensate for their loss of income by inflating the credit rate. In the end, the APR of a revolving credit of 2,000 USD will approach that of a loan to 3,000 USD. Reason for which borrowers opt for more than 2,000 USD in monthly payments.
Bank revolving credit offer
Agree Bank offers a revolving credit ranging from 500 to 6000 USD over a repayment period ranging from 6 to 60 months, with this financing you will be able to face exceptional expenses.
The advantages of the Agree Bank revolving credit offer
- Availability of funds within 48 hours
- As long as you don’t use capital, your credit costs you nothing
- The faster the repayment speed, the less you pay
- Modulate your maturities up or down according to your needs
- Possibility to subscribe your revolving credit online
- You can access your customer area 24 hours a day to consult your account statements
You have chosen a revolving credit offer of 5000 USD from Agree Bank, you need to buy a new computer and you therefore decide to use 1000 USD on your reserve over a repayment period of 24 months, Agree Bank offers you an APR of 14.90%, this will amount to paying 24 monthly payments of $ 48, or a total amount due of $ 1,151.95 excluding optional insurance.