In 2017, nearly 200,000 people applied for revolving credit in France. In a few years, this banking service has become a trend, completely changing the relationship of the French with credits. Indeed, both to have a reserve of money without proof as to avoid falling into the red at the end of the month, or to finance a project, revolving credit promises to be one of the best alternatives. Find out how the revolving loan offered by the Good Finance brand works, what are the characteristics of the offer, what are the conditions for joining.
How does revolving credit work?
This banking service is indeed part of the credits without supporting documents. In other words, the banks have no rights over the management and use of your loan.
As a reminder, revolving credit gives you the right to a capital of 500 to 6,000 USD. The repayment term varies from one borrower to another, depending on the individual’s request, his borrower profile and the capital requested. You do not have to provide proof to the bank. So you can use the borrowed amount as you see fit. It only remains to know how to manage it properly.
In general, families with a revolving credit use it for daily and monthly expenses: payment of bills, children’s school fees, purchase of food and provisions, financing of frequent work, etc. You can then withdraw it via your credit card or directly pay your bills with the same card. Current operations are free.
You can also use the capital that has been granted to you to finance a personal or professional project. It can be a wedding project, a family celebration, a vacation project, or even renovations or building construction, etc.
It is possible to distribute the amount in question in several parts. You can therefore use it both for current expenses and for financing the creation of an activity. In any case, you should only spend the capital granted by the bank. Because, even if you have an authorized overdraft, the agios can cost you a maximum.
You must immediately choose the optimal capital to borrow in your revolving credit. It is a question of the good management of your assets. You should not commit to a capital that you cannot repay. Over-indebtedness can expose you to financial setbacks for several years and to being listed in the red list of the Cream Bank. You should also know that the amount you ask the bank will affect the term of your loan. Generally, a revolving credit is reimbursed in 2 years.
To better manage the available capital, and in particular to avoid overdrafts, you must keep accurate accounts of your expenses. There are apps to do this. Enter all of your cash receipts, including revolving credit capital, and day-to-day expenses. The app will automatically calculate the rest of your money. What allow you to make decisions intelligently according to your financial possibilities.
If possible, leave a margin of a few hundred USD in your account at the end of each month to avoid being in the red. In addition, if you have money left in your account, you will have to pay less the following month. The monthly revolving credits consist in simply putting the ceiling of the amount borrowed back on the account.
Good Finance’s revolving credit offer
The Good Finance revolving credit offer works through the B + card and in partnership with Oney, this revolving credit card will allow you to pay cash, in installments or on credit in more than forty physical stores or in line. In addition to being accompanied by a revolving credit, the b + card will allow you to accumulate 2% of the total amount of your purchases on your loyalty account and 5% on a selection of products.
To obtain your b + revolving credit card, all you need to do is apply online on the baker’s website or apply directly in store by going to the counter with proof of identity, income, domicile and a rib.
Example of rate for a Good Finance revolving loan
If, for example, you want to buy a small computer for a value of $ 500 and have subscribed to a revolving credit for a capital of $ 3000, you can obtain an adjustable APR of 21.12% over a repayment period of 31 months. This will correspond to 30 monthly payments of 20.87 USD and a final one of 10.87 USD, for a total amount due of 636.97, or 136.97 USD of interest charges.