Online revolving credit is a small, easy-to-get loan that rarely exceeds $ 4,000. Accepted more easily on average than a repayable loan (personal loan, car loan), revolving credit is also known to display high APR rates. Let’s take a look at how to get the best revolving credit online, and when it is really worth it.
What is online revolving credit?
Online revolving credit is generally a small credit, more easily accepted than any other consumer credit (car loan, personal loan, etc.). It is systematically offered by credit organizations when demand is less than $ 4,000. Most of the time, this small loan concerns a need for cash and not a major project. Here is all you need to know about online revolving credit:
- Amount generally between 500 $ and 6000 $.
- Repayment period fixed at 36 months maximum for a credit 3000 $ or less, 60 months beyond.
- Revisable APR rate .
- Revolving credit without proof of use of money.
- The reserve of money available on the online revolving credit contract can be used at any time. Requesting “use of the available” allows you to obtain an express transfer without proof.
- The amount available in the reserve is renewed with each reimbursement.
The APR rate of a revolving credit contract is always revisable and not fixed, as is the case for all other types of loans. A revisable APR rate indicates that the rate obtained during the first use is likely to change. This is mainly the case when reusing available money. The revisable APR is also at the usury rate, which is the maximum rate applicable by credit institutions.
How to get the best revolving credit online?
The APR rate is far from the only element of online revolving credit comparison. Offered by all credit specialists (Revolving credit Bankate, Yoabank, Bankil, etc.) but also banks , revolving credit is accepted more or less easily depending on the policy of each lender. The importance of finding the best APR rate of revolving credit online goes hand in hand with receiving a favorable opinion . Any refusal can indeed lead to different loan proposals, and necessarily less advantageous. Here are our tips for getting a revolving credit agreement online at the best rate:
In which cases is online revolving credit interesting?
- Select a project whose amount is less than or equal to $ 4000 on our credit comparator, as well as a repayment period.
- Once the application form has been completed, our tool offers the best revolving credit solutions. The ranking of the best offers takes into account the level of the APR rates, but also the percentage of acceptability . In our case, that is to say a request for a credit of 2000 $, the comparator indicates that Bankil should grant us without problem (acceptability rate higher than 80%) the small loan.
- It only remains to choose its reimbursement speed on the organization’s website, before becoming aware of the conditions of the contract.
- The organization finally studies the request for revolving credit on line as quickly as possible, and brings its final agreement. Once the contract (electronic or paper version, according to specialists) signed and approved, the money can be transferred to the account from the 8th day. This is the minimum waiting period to be observed for any consumer credit. The borrower has 14 days to withdraw, in accordance with the law on consumer credit.
Online revolving credit is a relatively accessible and popular product . It is classified in the same category as credit with a card, offered directly by major brands C. The amounts are not substantial and the APR rates generally higher than those of a personal loan. This explains why the same organization can refuse a request for a personal loan of 5000 $, but give its agreement for a revolving credit at the slightly lower amount.
Online revolving credit is mainly interesting in the following cases:
- As part of a promotional offer at an unbeatable fixed APR rate.
- When the borrower is able to repay quickly, thus avoiding paying too much interest.
- In case of need of a sum of money to cover an exceptional expense (repair, decoration, exceptional invoice, etc.).
Online revolving credit is however not recommended to get out of an already difficult situation. If the first contract can be obtained at a relatively attractive APR rate, any re-use of the available money will generally be granted at a significant APR rate, of the order of 20%. It is preferable in this case to apply for a classic personal loan over a long period.